JPMorgan Chase & Co. Grows Stock Position in Alta Equipment Group Inc. (NYSE:ALTG)

JPMorgan Chase & Co. grew its position in shares of Alta Equipment Group Inc. (NYSE:ALTG) by 31.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 67,722 shares of the company’s stock after purchasing an additional 16,304 shares during the period. JPMorgan Chase & Co. owned approximately 0.20% of Alta Equipment Group worth $443,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. LPL Financial LLC raised its position in shares of Alta Equipment Group by 1.5% in the 4th quarter. LPL Financial LLC now owns 118,942 shares of the company’s stock valued at $778,000 after purchasing an additional 1,774 shares in the last quarter. Rhumbline Advisers increased its position in shares of Alta Equipment Group by 5.7% in the 4th quarter. Rhumbline Advisers now owns 33,968 shares of the company’s stock worth $222,000 after purchasing an additional 1,827 shares during the last quarter. SkyView Investment Advisors LLC raised its stake in shares of Alta Equipment Group by 5.2% in the 3rd quarter. SkyView Investment Advisors LLC now owns 47,576 shares of the company’s stock valued at $321,000 after purchasing an additional 2,351 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Alta Equipment Group by 20.8% during the fourth quarter. SG Americas Securities LLC now owns 13,784 shares of the company’s stock worth $90,000 after purchasing an additional 2,375 shares during the last quarter. Finally, Meixler Investment Management Ltd. lifted its position in shares of Alta Equipment Group by 25.4% during the fourth quarter. Meixler Investment Management Ltd. now owns 33,192 shares of the company’s stock worth $217,000 after purchasing an additional 6,717 shares during the last quarter. 73.58% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ALTG has been the topic of several research analyst reports. B. Riley began coverage on Alta Equipment Group in a research note on Thursday, March 27th. They set a “buy” rating and a $10.00 price objective on the stock. Raymond James reduced their price target on shares of Alta Equipment Group from $9.00 to $8.50 and set a “market perform” rating on the stock in a research report on Monday, March 10th. Three equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Alta Equipment Group has an average rating of “Moderate Buy” and an average target price of $12.63.

Insider Activity

In related news, COO Craig Brubaker sold 5,294 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $5.00, for a total transaction of $26,470.00. Following the completion of the sale, the chief operating officer now directly owns 98,640 shares in the company, valued at approximately $493,200. This trade represents a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 19.90% of the company’s stock.

Alta Equipment Group Stock Performance

ALTG stock opened at $4.48 on Friday. Alta Equipment Group Inc. has a 1 year low of $3.54 and a 1 year high of $12.09. The company has a debt-to-equity ratio of 7.45, a quick ratio of 0.43 and a current ratio of 1.35. The stock has a market capitalization of $147.05 million, a price-to-earnings ratio of -2.63 and a beta of 1.55. The stock’s fifty day moving average is $4.69 and its two-hundred day moving average is $6.27.

Alta Equipment Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Saturday, February 15th were given a $0.057 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $0.23 dividend on an annualized basis and a yield of 5.09%. Alta Equipment Group’s dividend payout ratio (DPR) is -11.22%.

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.