SkyView Investment Advisors LLC Grows Stake in Alta Equipment Group Inc. (NYSE:ALTG)

SkyView Investment Advisors LLC increased its holdings in Alta Equipment Group Inc. (NYSE:ALTG) by 5.2% during the third quarter, Holdings Channel reports. The firm owned 47,576 shares of the company’s stock after acquiring an additional 2,351 shares during the quarter. SkyView Investment Advisors LLC’s holdings in Alta Equipment Group were worth $321,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its holdings in shares of Alta Equipment Group by 14.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 237,275 shares of the company’s stock valued at $1,908,000 after acquiring an additional 29,604 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Alta Equipment Group by 37.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,795 shares of the company’s stock valued at $95,000 after acquiring an additional 3,218 shares during the period. Rhumbline Advisers raised its stake in shares of Alta Equipment Group by 13.7% during the 2nd quarter. Rhumbline Advisers now owns 31,462 shares of the company’s stock worth $253,000 after acquiring an additional 3,803 shares in the last quarter. Foundry Partners LLC boosted its holdings in Alta Equipment Group by 17.8% in the second quarter. Foundry Partners LLC now owns 346,170 shares of the company’s stock worth $2,783,000 after acquiring an additional 52,255 shares in the last quarter. Finally, Quest Partners LLC acquired a new position in Alta Equipment Group during the 2nd quarter valued at approximately $80,000. 73.58% of the stock is currently owned by institutional investors.

Insider Activity

In other Alta Equipment Group news, major shareholder Voss Capital, Lp sold 11,311 shares of Alta Equipment Group stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $6.31, for a total transaction of $71,372.41. Following the completion of the sale, the insider now directly owns 963,689 shares in the company, valued at $6,080,877.59. This trade represents a 1.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 19.90% of the company’s stock.

Alta Equipment Group Stock Performance

NYSE ALTG opened at $7.47 on Friday. The stock’s fifty day moving average is $7.06 and its two-hundred day moving average is $7.58. 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 firm has a market capitalization of $248.42 million, a P/E ratio of -4.39 and a beta of 1.71. Alta Equipment Group Inc. has a fifty-two week low of $5.40 and a fifty-two week high of $13.67.

Alta Equipment Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a $0.057 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.23 annualized dividend and a yield of 3.05%. Alta Equipment Group’s payout ratio is -12.94%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ALTG shares. Northland Capmk downgraded shares of Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 13th. Raymond James reduced their price target on Alta Equipment Group from $10.00 to $9.00 and set a “market perform” rating for the company in a report on Thursday, November 14th. Finally, Northland Securities reaffirmed a “market perform” rating and issued a $20.00 price target (down from $30.00) on shares of Alta Equipment Group in a research note on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $15.75.

Alta Equipment Group 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.