Millennium Management LLC Takes $937,000 Position in Alta Equipment Group Inc. (NYSE:ALTG)

Millennium Management LLC bought a new stake in Alta Equipment Group Inc. (NYSE:ALTG) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 143,218 shares of the company’s stock, valued at approximately $937,000. Millennium Management LLC owned approximately 0.43% of Alta Equipment Group as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of ALTG. SG Americas Securities LLC lifted its holdings in shares of Alta Equipment Group by 20.8% in the fourth quarter. SG Americas Securities LLC now owns 13,784 shares of the company’s stock valued at $90,000 after purchasing an additional 2,375 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Alta Equipment Group by 5.7% in the fourth quarter. Rhumbline Advisers now owns 33,968 shares of the company’s stock valued at $222,000 after purchasing an additional 1,827 shares in the last quarter. Quantum Private Wealth LLC lifted its holdings in shares of Alta Equipment Group by 12.4% in the fourth quarter. Quantum Private Wealth LLC now owns 89,240 shares of the company’s stock valued at $584,000 after purchasing an additional 9,860 shares in the last quarter. Meixler Investment Management Ltd. lifted its holdings in 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 acquiring an additional 6,717 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Alta Equipment Group by 10.6% during the fourth quarter. Bank of New York Mellon Corp now owns 238,827 shares of the company’s stock worth $1,562,000 after acquiring an additional 22,800 shares during the period. Institutional investors own 73.58% of the company’s stock.

Insider Buying and Selling

In other news, Director Andrew P. Studdert acquired 6,743 shares of the firm’s stock in a transaction that occurred on Thursday, May 29th. The stock was bought at an average price of $4.80 per share, with a total value of $32,366.40. Following the acquisition, the director now owns 93,334 shares in the company, valued at $448,003.20. The trade was a 7.79% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 19.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

ALTG has been the subject of several research analyst reports. DA Davidson decreased their target price on Alta Equipment Group from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Monday, May 19th. B. Riley assumed coverage on Alta Equipment Group in a research note on Thursday, March 27th. They set a “buy” rating and a $10.00 target price on the stock. Finally, Raymond James lowered their target price on Alta Equipment Group from $8.50 to $7.00 and set a “market perform” rating on the stock in a research note on Friday, May 16th. Three equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.25.

Alta Equipment Group Trading Up 6.2%

NYSE ALTG opened at $5.78 on Friday. The stock has a market capitalization of $189.77 million, a price-to-earnings ratio of -3.40 and a beta of 1.53. Alta Equipment Group Inc. has a one year low of $3.54 and a one year high of $11.39. The company has a debt-to-equity ratio of 7.45, a current ratio of 1.35 and a quick ratio of 0.43. The business’s fifty day moving average is $4.65 and its 200-day moving average is $5.96.

Alta Equipment Group (NYSE:ALTG) last released its earnings results on Wednesday, May 7th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.05). The business had revenue of $423.00 million for the quarter, compared to the consensus estimate of $436.15 million. Alta Equipment Group had a negative return on equity of 42.09% and a negative net margin of 2.81%. Equities research analysts predict that Alta Equipment Group Inc. will post -1.92 EPS for the current year.

Alta Equipment Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Thursday, May 15th were issued a $0.057 dividend. This represents a $0.23 annualized dividend and a yield of 3.95%. The ex-dividend date of this dividend was Thursday, May 15th. Alta Equipment Group’s dividend payout ratio (DPR) is currently -9.87%.

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.