Alta Equipment Group Inc. (NYSE:ALTG) Short Interest Update

Alta Equipment Group Inc. (NYSE:ALTG) was the recipient of a large decline in short interest in the month of July. As of July 31st, there was short interest totalling 2,070,000 shares, a decline of 5.9% from the July 15th total of 2,200,000 shares. Based on an average trading volume of 467,200 shares, the short-interest ratio is presently 4.4 days. Currently, 10.2% of the company’s shares are sold short.

Alta Equipment Group Stock Up 1.2 %

ALTG stock opened at $6.06 on Wednesday. The business has a 50-day moving average of $8.59 and a 200-day moving average of $10.14. Alta Equipment Group has a fifty-two week low of $5.40 and a fifty-two week high of $14.73. The stock has a market capitalization of $200.87 million, a P/E ratio of -28.86 and a beta of 1.69. The company has a debt-to-equity ratio of 4.93, a current ratio of 1.30 and a quick ratio of 0.43.

Alta Equipment Group (NYSE:ALTG) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.34). The firm had revenue of $488.10 million for the quarter, compared to analyst estimates of $497.57 million. Alta Equipment Group had a negative return on equity of 0.35% and a negative net margin of 0.21%. During the same period last year, the company earned $0.16 EPS. On average, sell-side analysts anticipate that Alta Equipment Group will post -0.23 earnings per share for the current fiscal year.

Alta Equipment Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Thursday, August 15th will be given a dividend of $0.057 per share. The ex-dividend date is Thursday, August 15th. This represents a $0.23 annualized dividend and a yield of 3.76%. Alta Equipment Group’s dividend payout ratio (DPR) is presently -104.76%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ALTG shares. DA Davidson reduced their target price on Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Raymond James reissued a “market perform” rating and set a $10.00 target price (down from $14.00) on shares of Alta Equipment Group in a research note on Friday, August 9th.

Insiders Place Their Bets

In related news, Director Andrew P. Studdert purchased 10,000 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were bought at an average price of $5.65 per share, with a total value of $56,500.00. Following the purchase, the director now directly owns 86,591 shares in the company, valued at approximately $489,239.15. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, major shareholder Mill Road Capital Iii, L.P. acquired 75,486 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The stock was purchased at an average price of $10.35 per share, for a total transaction of $781,280.10. Following the completion of the acquisition, the insider now owns 3,969,494 shares in the company, valued at $41,084,262.90. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Andrew P. Studdert bought 10,000 shares of the business’s stock in a transaction on Monday, August 12th. The stock was purchased at an average price of $5.65 per share, for a total transaction of $56,500.00. Following the completion of the acquisition, the director now owns 86,591 shares of the company’s stock, valued at approximately $489,239.15. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 323,100 shares of company stock valued at $2,810,131. Company insiders own 19.90% of the company’s stock.

Hedge Funds Weigh In On Alta Equipment Group

Hedge funds have recently modified their holdings of the stock. Mill Road Capital Management LLC raised its holdings in Alta Equipment Group by 23.5% during the fourth quarter. Mill Road Capital Management LLC now owns 2,361,002 shares of the company’s stock worth $29,206,000 after acquiring an additional 450,023 shares in the last quarter. Nantahala Capital Management LLC raised its stake in shares of Alta Equipment Group by 108.2% during the 2nd quarter. Nantahala Capital Management LLC now owns 838,222 shares of the company’s stock worth $6,739,000 after purchasing an additional 435,713 shares in the last quarter. ABS Direct Equity Fund LLC acquired a new stake in shares of Alta Equipment Group in the 4th quarter valued at approximately $2,721,000. CIBC Private Wealth Group LLC grew its stake in shares of Alta Equipment Group by 152.0% in the fourth quarter. CIBC Private Wealth Group LLC now owns 347,746 shares of the company’s stock valued at $4,302,000 after buying an additional 209,759 shares in the last quarter. Finally, American Century Companies Inc. increased its holdings in Alta Equipment Group by 460.1% during the second quarter. American Century Companies Inc. now owns 211,585 shares of the company’s stock worth $1,701,000 after buying an additional 173,810 shares during the last quarter. Institutional investors own 73.58% of the company’s stock.

About Alta Equipment Group

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.