Short Interest in Alta Equipment Group Inc. (NYSE:ALTG) Rises By 19.8%

Alta Equipment Group Inc. (NYSE:ALTG) was the recipient of a significant increase in short interest in the month of August. As of August 15th, there was short interest totalling 2,480,000 shares, an increase of 19.8% from the July 31st total of 2,070,000 shares. Approximately 12.3% of the shares of the stock are short sold. Based on an average trading volume of 454,700 shares, the short-interest ratio is presently 5.5 days.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Raymond James reiterated a “market perform” rating and issued a $10.00 target price (down from $14.00) on shares of Alta Equipment Group in a research report on Friday, August 9th. DA Davidson decreased their price objective 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.

Alta Equipment Group Stock Performance

Shares of NYSE:ALTG opened at $6.74 on Monday. The firm has a fifty day simple moving average of $8.26 and a two-hundred day simple moving average of $9.89. Alta Equipment Group has a 52 week low of $5.40 and a 52 week high of $14.67. The company has a quick ratio of 0.47, a current ratio of 1.37 and a debt-to-equity ratio of 5.81. The stock has a market capitalization of $223.03 million, a P/E ratio of -32.10 and a beta of 1.69.

Alta Equipment Group (NYSE:ALTG) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.34). Alta Equipment Group had a negative return on equity of 13.09% and a negative net margin of 0.95%. The company had revenue of $488.10 million during the quarter, compared to analysts’ expectations of $497.57 million. During the same quarter in the prior year, the business posted $0.16 EPS. On average, analysts expect that Alta Equipment Group will post -1 earnings per share for the current fiscal year.

Alta Equipment Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Thursday, August 15th were issued a dividend of $0.057 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $0.23 annualized dividend and a yield of 3.38%. Alta Equipment Group’s payout ratio is presently -109.52%.

Insider Transactions at Alta Equipment Group

In other Alta Equipment Group news, major shareholder Mill Road Capital Iii, L.P. bought 179,414 shares of the business’s stock in a transaction that occurred on Wednesday, July 10th. The stock was purchased at an average price of $8.05 per share, for a total transaction of $1,444,282.70. Following the completion of the transaction, the insider now owns 3,894,008 shares of the company’s stock, valued at approximately $31,346,764.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Andrew P. Studdert purchased 10,000 shares of Alta Equipment Group stock in a transaction on Monday, August 12th. The shares were bought at an average cost of $5.65 per share, for a total transaction of $56,500.00. Following the acquisition, the director now owns 86,591 shares in the company, valued at approximately $489,239.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Mill Road Capital Iii, L.P. purchased 179,414 shares of the firm’s stock in a transaction on Wednesday, July 10th. The stock was bought at an average price of $8.05 per share, for a total transaction of $1,444,282.70. Following the purchase, the insider now owns 3,894,008 shares in the company, valued at $31,346,764.40. The disclosure for this purchase can be found here. Insiders acquired a total of 323,100 shares of company stock valued at $2,810,131 over the last 90 days. Company insiders own 19.90% of the company’s stock.

Institutional Trading of Alta Equipment Group

A number of institutional investors have recently bought and sold shares of the stock. Mill Road Capital Management LLC raised its stake in shares of Alta Equipment Group by 23.5% in the fourth quarter. Mill Road Capital Management LLC now owns 2,361,002 shares of the company’s stock valued at $29,206,000 after acquiring an additional 450,023 shares during the period. Foundry Partners LLC lifted its stake in Alta Equipment Group by 24.3% in the first quarter. Foundry Partners LLC now owns 293,915 shares of the company’s stock worth $3,806,000 after purchasing an additional 57,515 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of Alta Equipment Group by 38.3% during the first quarter. Russell Investments Group Ltd. now owns 191,063 shares of the company’s stock valued at $2,474,000 after buying an additional 52,896 shares during the period. Granahan Investment Management LLC grew its stake in shares of Alta Equipment Group by 11.4% during the fourth quarter. Granahan Investment Management LLC now owns 1,030,942 shares of the company’s stock valued at $12,753,000 after buying an additional 105,783 shares during the last quarter. Finally, ABS Direct Equity Fund LLC purchased a new stake in shares of Alta Equipment Group in the fourth quarter worth approximately $2,721,000. 73.58% of the stock is currently owned by 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.