Alta Equipment Group Inc. (NYSE:ALTG) Sees Large Growth in Short Interest

Alta Equipment Group Inc. (NYSE:ALTG) saw a large 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. Based on an average daily trading volume, of 315,200 shares, the days-to-cover ratio is currently 9.7 days. Currently, 15.1% of the shares of the stock are sold short.

Analyst Ratings Changes

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

Alta Equipment Group Price Performance

Shares of ALTG stock traded up $0.13 during trading on Monday, hitting $8.04. The company had a trading volume of 235,463 shares, compared to its average volume of 359,603. The stock has a market capitalization of $267.38 million, a price-to-earnings ratio of -4.66 and a beta of 1.67. The company has a quick ratio of 0.43, a current ratio of 1.35 and a debt-to-equity ratio of 7.45. Alta Equipment Group has a 52 week low of $5.40 and a 52 week high of $13.67. The stock’s 50-day moving average is $6.80 and its two-hundred day moving average is $7.62.

Alta Equipment Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a $0.057 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.23 annualized dividend and a yield of 2.84%. Alta Equipment Group’s payout ratio is -12.94%.

Insider Activity

In related news, major shareholder Voss Capital, Lp sold 11,311 shares of Alta Equipment Group stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $6.31, for a total value of $71,372.41. Following the completion of the transaction, the insider now directly owns 963,689 shares of the company’s stock, valued at $6,080,877.59. The trade was a 1.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 19.90% of the company’s stock.

Hedge Funds Weigh In On Alta Equipment Group

Hedge funds have recently added to or reduced their stakes in the company. Mill Road Capital Management LLC grew its holdings in Alta Equipment Group by 18.2% during the 3rd quarter. Mill Road Capital Management LLC now owns 4,213,208 shares of the company’s stock valued at $28,397,000 after buying an additional 650,214 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Alta Equipment Group by 0.7% during the first quarter. Vanguard Group Inc. now owns 1,250,154 shares of the company’s stock valued at $16,189,000 after buying an additional 8,962 shares during the last quarter. Nantahala Capital Management LLC raised its holdings in shares of Alta Equipment Group by 108.2% during the second 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 during the last quarter. Dimensional Fund Advisors LP grew its position in Alta Equipment Group by 3.3% during the second quarter. Dimensional Fund Advisors LP now owns 567,974 shares of the company’s stock valued at $4,567,000 after buying an additional 18,343 shares during the period. Finally, State Street Corp raised its position in Alta Equipment Group by 2.5% during the third quarter. State Street Corp now owns 485,892 shares of the company’s stock worth $3,275,000 after acquiring an additional 11,946 shares during the period. 73.58% of the stock is currently owned by hedge funds and other institutional investors.

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.