Key Points
- Mill Road Capital III, L.P. bought 18,040 shares of Alta Equipment Group at an average price of $6.36 on March 11, increasing its stake to 4,311,248 shares in a $114,734 transaction disclosed to the SEC.
- Alta recently reported a quarterly EPS miss (loss of $0.39 vs. -$0.29 expected) despite revenue beating estimates, and shows stretched leverage with a debt-to-equity ratio of 257.1 and negative net margin and return on equity.
- Analyst coverage is mixed but leans positive overall—the consensus is a "Moderate Buy" with an average target price of $11.63, and institutional investors own about 73.6% of the stock.
Alta Equipment Group Inc. (NYSE:ALTG - Get Free Report) major shareholder Mill Road Capital Iii, L.P. bought 18,040 shares of the company's stock in a transaction that occurred on Wednesday, March 11th. The stock was acquired at an average price of $6.36 per share, for a total transaction of $114,734.40. Following the completion of the acquisition, the insider directly owned 4,311,248 shares in the company, valued at approximately $27,419,537.28. This represents a 0.42% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own 10% or more of a company's stock are required to disclose their sales and purchases with the SEC.
Alta Equipment Group Stock Up 1.0%
ALTG stock opened at $6.13 on Friday. The company has a debt-to-equity ratio of 257.10, a current ratio of 1.43 and a quick ratio of 0.48. The firm has a market cap of $197.57 million, a PE ratio of -2.39 and a beta of 1.54. Alta Equipment Group Inc. has a 12 month low of $3.54 and a 12 month high of $8.99. The firm has a 50 day simple moving average of $6.58 and a 200 day simple moving average of $6.26.
Alta Equipment Group (NYSE:ALTG - Get Free Report) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.10). The company had revenue of $509.10 million during the quarter, compared to the consensus estimate of $489.56 million. Alta Equipment Group had a negative net margin of 4.37% and a negative return on equity of 341.70%. Equities research analysts forecast that Alta Equipment Group Inc. will post -1.92 earnings per share for the current fiscal year.
Institutional Trading of Alta Equipment Group
Institutional investors have recently made changes to their positions in the stock. CIBC Bancorp USA Inc. purchased a new position in Alta Equipment Group in the third quarter valued at about $3,435,000. JPMorgan Chase & Co. raised its stake in shares of Alta Equipment Group by 262.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 199,434 shares of the company's stock worth $1,444,000 after purchasing an additional 144,350 shares in the last quarter. Citizens Financial Group Inc. RI lifted its holdings in shares of Alta Equipment Group by 147.3% during the 2nd quarter. Citizens Financial Group Inc. RI now owns 230,000 shares of the company's stock valued at $1,454,000 after buying an additional 137,000 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Alta Equipment Group in the 3rd quarter valued at approximately $968,000. Finally, Squarepoint Ops LLC increased its holdings in Alta Equipment Group by 612.6% in the fourth quarter. Squarepoint Ops LLC now owns 122,822 shares of the company's stock worth $565,000 after buying an additional 105,587 shares during the last quarter. 73.58% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
ALTG has been the topic of a number of analyst reports. Wall Street Zen raised Alta Equipment Group from a "sell" rating to a "hold" rating in a research note on Saturday, February 28th. Raymond James Financial upgraded shares of Alta Equipment Group from a "market perform" rating to an "outperform" rating and set a $9.50 target price for the company in a report on Monday, March 9th. DA Davidson set a $7.00 target price on shares of Alta Equipment Group in a research report on Friday, March 6th. Weiss Ratings restated a "sell (e+)" rating on shares of Alta Equipment Group in a report on Monday, December 29th. Finally, Zacks Research upgraded shares of Alta Equipment Group from a "strong sell" rating to a "hold" rating in a research report on Monday, January 19th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $11.63.
Read Our Latest Stock Analysis on ALTG
About Alta Equipment Group
(
Get Free Report)
Alta Equipment Group, Inc (NYSE: ALTG) is a North American distributor of material handling and logistics equipment. The company offers a broad lineup of forklifts, lift trucks, aerial work platforms, tow motors, pallet jacks and related attachments, serving manufacturing, warehousing, distribution and industrial facilities. Through its network of branch locations, Alta Equipment provides customers with new and used sales, short- and long-term rentals, and integrated fleet management solutions designed to support operational efficiency.
In addition to equipment sales, Alta Equipment supports customers with comprehensive after-sales services.
Further Reading
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