Short Interest in Alta Equipment Group Inc. (NYSE:ALTG) Increases By 10.1%

Alta Equipment Group Inc. (NYSE:ALTG) was the recipient of a significant increase in short interest in November. As of November 15th, there was short interest totalling 3,060,000 shares, an increase of 10.1% from the October 31st total of 2,780,000 shares. Currently, 15.1% of the company’s stock are short sold. Based on an average trading volume of 315,200 shares, the days-to-cover ratio is presently 9.7 days.

Alta Equipment Group Stock Performance

NYSE ALTG traded up $0.02 during trading hours on Wednesday, hitting $7.81. 55,124 shares of the stock were exchanged, compared to its average volume of 358,012. The company has a quick ratio of 0.43, a current ratio of 1.35 and a debt-to-equity ratio of 7.45. The company has a market cap of $259.76 million, a price-to-earnings ratio of -4.58 and a beta of 1.71. Alta Equipment Group has a 12-month low of $5.40 and a 12-month high of $13.67. The stock has a 50-day moving average of $6.86 and a 200 day moving average of $7.61.

Alta Equipment Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a $0.057 dividend. This represents a $0.23 annualized dividend and a yield of 2.92%. The ex-dividend date was Friday, November 15th. Alta Equipment Group’s dividend payout ratio (DPR) is -13.53%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ALTG. DA Davidson lowered their target price on shares of Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Northland Securities reissued a “market perform” rating and set a $20.00 price objective (down from $30.00) on shares of Alta Equipment Group in a research report on Wednesday, November 13th. Northland Capmk downgraded shares of Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 13th. Finally, Raymond James lowered their price target on Alta Equipment Group from $10.00 to $9.00 and set a “market perform” rating on the stock in a report on Thursday, November 14th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $15.75.

Insider Activity at Alta Equipment Group

In other Alta Equipment Group news, major shareholder Voss Capital, Lp sold 11,311 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $6.31, for a total value of $71,372.41. Following the transaction, the insider now directly owns 963,689 shares in the company, valued at $6,080,877.59. This represents a 1.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 19.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Alta Equipment Group by 0.7% during the first quarter. Vanguard Group Inc. now owns 1,250,154 shares of the company’s stock worth $16,189,000 after acquiring an additional 8,962 shares during the last quarter. Janus Henderson Group PLC lifted its stake in Alta Equipment Group by 237.0% in the 1st quarter. Janus Henderson Group PLC now owns 50,957 shares of the company’s stock valued at $660,000 after buying an additional 35,838 shares in the last quarter. Harbor Capital Advisors Inc. grew its holdings in Alta Equipment Group by 28.7% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 15,766 shares of the company’s stock valued at $127,000 after buying an additional 3,518 shares during the last quarter. Register Financial Advisors LLC increased its position in Alta Equipment Group by 44.3% during the second quarter. Register Financial Advisors LLC now owns 335,702 shares of the company’s stock worth $2,699,000 after buying an additional 103,071 shares in the last quarter. Finally, Quantum Private Wealth LLC raised its holdings in shares of Alta Equipment Group by 21.7% in the second quarter. Quantum Private Wealth LLC now owns 107,180 shares of the company’s stock worth $862,000 after acquiring an additional 19,100 shares during the last quarter. Institutional investors and hedge funds own 73.58% of the company’s stock.

Alta Equipment Group Company Profile

Alta Equipment Group Inc owns and operates integrated equipment dealership platforms in the United States. It operates through three segments: Material Handling, Construction Equipment, and Master Distribution. The company operates a branch network that sells, rents, and provides parts and service support for various categories of specialized equipment, including lift trucks and other material handling equipment, heavy and compact earthmoving equipment, crushing and screening equipment, environmental processing equipment, cranes and aerial work platforms, paving and asphalt equipment, and other construction equipment and related products.