Ironwood Investment Management LLC Invests $158,000 in Alta Equipment Group Inc. (NYSE:ALTG)

Ironwood Investment Management LLC purchased a new position in shares of Alta Equipment Group Inc. (NYSE:ALTG) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 19,641 shares of the company’s stock, valued at approximately $158,000. Ironwood Investment Management LLC owned 0.06% of Alta Equipment Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ALTG. Quest Partners LLC acquired a new stake in shares of Alta Equipment Group during the 2nd quarter valued at $80,000. The Manufacturers Life Insurance Company bought a new stake in Alta Equipment Group in the second quarter worth approximately $89,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Alta Equipment Group by 37.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,795 shares of the company’s stock worth $95,000 after purchasing an additional 3,218 shares during the last quarter. EntryPoint Capital LLC raised its holdings in shares of Alta Equipment Group by 88.0% during the 1st quarter. EntryPoint Capital LLC now owns 8,419 shares of the company’s stock valued at $109,000 after purchasing an additional 3,940 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its position in Alta Equipment Group by 28.7% during the second quarter. Harbor Capital Advisors Inc. now owns 15,766 shares of the company’s stock worth $127,000 after buying an additional 3,518 shares during the last quarter. 73.58% of the stock is owned by hedge funds and other institutional investors.

Alta Equipment Group Stock Performance

Shares of ALTG opened at $6.51 on Monday. The company has a debt-to-equity ratio of 5.81, a current ratio of 1.37 and a quick ratio of 0.47. Alta Equipment Group Inc. has a one year low of $5.40 and a one year high of $13.67. The company’s fifty day moving average price is $7.32 and its 200 day moving average price is $9.17. The company has a market capitalization of $215.79 million, a PE ratio of -31.00 and a beta of 1.67.

Alta Equipment Group (NYSE:ALTG) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.34). The business 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 13.09% and a negative net margin of 0.95%. During the same period in the prior year, the firm posted $0.16 EPS. As a group, analysts expect that Alta Equipment Group Inc. will post -1.04 earnings per share for the current year.

Alta Equipment Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Thursday, August 15th were given a dividend of $0.057 per share. This represents a $0.23 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date of this dividend was Thursday, August 15th. Alta Equipment Group’s dividend payout ratio (DPR) is presently -104.76%.

Analysts Set New Price Targets

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

Insider Activity at Alta Equipment Group

In related news, major shareholder Mill Road Capital Iii, L.P. acquired 179,414 shares of the business’s stock in a transaction on Wednesday, July 10th. The stock was bought at an average cost of $8.05 per share, with a total value of $1,444,282.70. Following the completion of the acquisition, the insider now owns 3,894,008 shares in the company, valued at $31,346,764.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Alta Equipment Group news, Director Andrew P. Studdert purchased 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average cost of $5.65 per share, for a total transaction of $56,500.00. Following the transaction, the director now directly owns 86,591 shares in the company, valued at $489,239.15. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Mill Road Capital Iii, L.P. purchased 179,414 shares of the company’s stock in a transaction that occurred on Wednesday, July 10th. The shares were acquired at an average cost of $8.05 per share, with a total value of $1,444,282.70. Following the completion of the acquisition, the insider now directly owns 3,894,008 shares in the company, valued at $31,346,764.40. The disclosure for this purchase can be found here. Insiders have bought 319,100 shares of company stock worth $2,777,451 over the last three months. Company insiders own 19.90% of the company’s stock.

Alta Equipment Group 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.