Alta Equipment Group Inc. (NYSE:ALTG) Short Interest Up 6.3% in September

Alta Equipment Group Inc. (NYSE:ALTG) was the recipient of a large increase in short interest in the month of September. As of September 30th, there was short interest totalling 2,530,000 shares, an increase of 6.3% from the September 15th total of 2,380,000 shares. Based on an average daily volume of 395,000 shares, the short-interest ratio is presently 6.4 days. Currently, 12.6% of the company’s stock are short sold.

Analysts Set New Price Targets

ALTG has been the topic of a number of analyst reports. Raymond James restated a “market perform” rating and set a $10.00 target price (down previously from $14.00) on shares of Alta Equipment Group in a research report on Friday, August 9th. DA Davidson reduced their price target on shares of Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th.

Insider Buying and Selling

In related news, Director Andrew P. Studdert bought 10,000 shares of Alta Equipment Group stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average cost of $5.65 per share, with a total value of $56,500.00. Following the purchase, the director now owns 86,591 shares in the company, valued at approximately $489,239.15. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Alta Equipment Group news, Director Andrew P. Studdert purchased 10,000 shares of the business’s stock in a transaction on Monday, August 12th. The shares were purchased at an average cost of $5.65 per share, with a total value of $56,500.00. Following the transaction, the director now directly owns 86,591 shares of the company’s stock, valued at $489,239.15. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Mill Road Capital Iii, L.P. purchased 54,200 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were acquired at an average cost of $9.14 per share, for a total transaction of $495,388.00. Following the completion of the transaction, the insider now directly owns 4,063,708 shares in the company, valued at approximately $37,142,291.12. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 139,686 shares of company stock valued at $1,333,168. Company insiders own 19.90% of the company’s stock.

Hedge Funds Weigh In On Alta Equipment Group

Large investors have recently modified their holdings of the business. SG Americas Securities LLC bought a new position in Alta Equipment Group during the third quarter worth $77,000. Quest Partners LLC bought a new position in Alta Equipment Group during the second quarter worth $80,000. The Manufacturers Life Insurance Company bought a new position in Alta Equipment Group during the second quarter worth $89,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Alta Equipment Group by 37.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,795 shares of the company’s stock worth $95,000 after buying an additional 3,218 shares during the last quarter. Finally, EntryPoint Capital LLC raised its stake in Alta Equipment Group by 88.0% during the first quarter. EntryPoint Capital LLC now owns 8,419 shares of the company’s stock worth $109,000 after buying an additional 3,940 shares during the last quarter. Institutional investors own 73.58% of the company’s stock.

Alta Equipment Group Price Performance

Shares of NYSE ALTG traded up $0.06 during trading hours on Thursday, hitting $6.24. 46,963 shares of the stock were exchanged, compared to its average volume of 360,370. The company has a debt-to-equity ratio of 5.81, a quick ratio of 0.47 and a current ratio of 1.37. The company has a market cap of $206.84 million, a PE ratio of -29.29 and a beta of 1.67. The company’s fifty day simple moving average is $6.32 and its two-hundred day simple moving average is $8.64. Alta Equipment Group has a 1-year low of $5.40 and a 1-year high of $13.67.

Alta Equipment Group (NYSE:ALTG) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.34). The firm 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 quarter in the prior year, the business posted $0.16 EPS. On average, sell-side analysts predict that Alta Equipment Group will post -1.08 EPS for the current year.

Alta Equipment Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Thursday, August 15th were paid a dividend of $0.057 per share. This represents a $0.23 annualized dividend and a dividend yield of 3.65%. The ex-dividend date was Thursday, August 15th. Alta Equipment Group’s payout ratio is currently -104.76%.

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.