CIBC Private Wealth Group LLC Has $3.42 Million Stock Position in Alta Equipment Group Inc. $ALTG

CIBC Private Wealth Group LLC cut its stake in Alta Equipment Group Inc. (NYSE:ALTG) by 38.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 472,278 shares of the company’s stock after selling 288,886 shares during the period. CIBC Private Wealth Group LLC owned 1.46% of Alta Equipment Group worth $3,419,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. CIBC Bancorp USA Inc. acquired a new position in shares of Alta Equipment Group in the 3rd quarter worth approximately $3,435,000. JPMorgan Chase & Co. boosted its stake in shares of Alta Equipment Group by 262.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 199,434 shares of the company’s stock valued at $1,444,000 after purchasing an additional 144,350 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Alta Equipment Group during the third quarter worth $968,000. RBF Capital LLC acquired a new stake in shares of Alta Equipment Group during the second quarter worth $632,000. Finally, BNP Paribas Financial Markets raised its stake in Alta Equipment Group by 262.1% during the third quarter. BNP Paribas Financial Markets now owns 91,967 shares of the company’s stock worth $666,000 after buying an additional 66,569 shares during the last quarter. Institutional investors own 73.58% of the company’s stock.

Analyst Upgrades and Downgrades

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

Insider Transactions at Alta Equipment Group

In other news, CFO Anthony Colucci sold 8,137 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $7.05, for a total value of $57,365.85. Following the completion of the sale, the chief financial officer directly owned 240,750 shares in the company, valued at $1,697,287.50. This trade represents a 3.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ryan Greenawalt sold 27,986 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $7.05, for a total value of $197,301.30. Following the completion of the sale, the chief executive officer directly owned 5,721,710 shares of the company’s stock, valued at $40,338,055.50. The trade was a 0.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have purchased 84,000 shares of company stock valued at $519,371 in the last 90 days. 19.20% of the stock is currently owned by corporate insiders.

Alta Equipment Group Stock Down 2.7%

Alta Equipment Group stock opened at $5.39 on Friday. The company has a market capitalization of $173.81 million, a PE ratio of -2.11 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’s fifty day moving average is $6.59 and its 200 day moving average is $6.15. The company has a quick ratio of 0.48, a current ratio of 1.43 and a debt-to-equity ratio of 257.10.

Alta Equipment Group (NYSE:ALTG) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.39) EPS 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 company had revenue of $509.10 million during the quarter, compared to analyst estimates of $489.56 million. As a group, sell-side analysts predict that Alta Equipment Group Inc. will post -1.92 EPS for the current fiscal year.

Alta Equipment Group Profile

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.