Mill Road Capital Iii, L.P. Purchases 58,162 Shares of Alta Equipment Group (NYSE:ALTG) Stock

Alta Equipment Group Inc. (NYSE:ALTG) major shareholder Mill Road Capital Iii, L.P. bought 58,162 shares of the stock in a transaction that occurred on Thursday, March 12th. The shares were bought at an average cost of $6.10 per share, with a total value of $354,788.20. Following the completion of the purchase, the insider directly owned 4,369,410 shares in the company, valued at $26,653,401. This represents a 1.35% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Mill Road Capital Iii, L.P. also recently made the following trade(s):

• On Friday, March 13th, Mill Road Capital Iii, L.P. purchased 3,798 shares of Alta Equipment Group stock. The stock was bought at an average cost of $5.95 per share, for a total transaction of $22,598.10.
• On Wednesday, March 11th, Mill Road Capital Iii, L.P. acquired 18,040 shares of Alta Equipment Group stock. The stock was bought at an average price of $6.36 per share, with a total value of $114,734.40.

Alta Equipment Group Stock Performance

Shares of Alta Equipment Group stock opened at $6.10 on Wednesday. Alta Equipment Group Inc. has a one year low of $3.54 and a one year high of $8.99. The company has a market cap of $196.67 million, a PE ratio of -2.38 and a beta of 1.54. The company has a debt-to-equity ratio of 257.10, a quick ratio of 0.48 and a current ratio of 1.43. The business has a 50-day simple moving average of $6.60 and a 200-day simple moving average of $6.19.

Alta Equipment Group (NYSE:ALTG) last released its earnings results on Thursday, February 26th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.10). Alta Equipment Group had a negative return on equity of 341.70% and a negative net margin of 4.37%.The firm had revenue of $509.10 million for the quarter, compared to analysts’ expectations of $489.56 million. On average, equities research analysts forecast that Alta Equipment Group Inc. will post -1.92 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ALTG. Raymond James Financial upgraded shares of Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $9.50 price objective on the stock in a report on Monday, March 9th. DA Davidson set a $7.00 target price on Alta Equipment Group in a report on Friday, March 6th. Zacks Research upgraded Alta Equipment Group from a “strong sell” rating to a “hold” rating in a research note on Monday, January 19th. Wall Street Zen raised Alta Equipment Group from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alta Equipment Group in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Alta Equipment Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.63.

Hedge Funds Weigh In On Alta Equipment Group

Hedge funds have recently added to or reduced their stakes in the stock. CIBC Bancorp USA Inc. acquired a new position in Alta Equipment Group during the third quarter worth approximately $3,435,000. JPMorgan Chase & Co. boosted its holdings in shares of Alta Equipment Group by 262.1% in the third quarter. JPMorgan Chase & Co. now owns 199,434 shares of the company’s stock valued at $1,444,000 after acquiring an additional 144,350 shares during the period. Citizens Financial Group Inc. RI boosted its holdings in shares of Alta Equipment Group by 147.3% in the second quarter. Citizens Financial Group Inc. RI now owns 230,000 shares of the company’s stock valued at $1,454,000 after acquiring an additional 137,000 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in shares of Alta Equipment Group during the third quarter worth approximately $968,000. Finally, Squarepoint Ops LLC grew its position in shares of Alta Equipment Group by 612.6% during the fourth quarter. Squarepoint Ops LLC now owns 122,822 shares of the company’s stock worth $565,000 after acquiring an additional 105,587 shares during the last quarter. 73.58% of the stock is currently owned by hedge funds and other institutional investors.

About Alta Equipment Group

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.