Alta Equipment Group Inc. (NYSE:ALTG) Director Andrew P. Studdert Acquires 6,743 Shares

Alta Equipment Group Inc. (NYSE:ALTG) Director Andrew P. Studdert bought 6,743 shares of the firm’s stock in a transaction that occurred on Thursday, May 29th. The shares were purchased at an average cost of $4.80 per share, with a total value of $32,366.40. Following the acquisition, the director now directly owns 93,334 shares of the company’s stock, valued at approximately $448,003.20. This trade represents a 7.79% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Alta Equipment Group Trading Down 2.2%

Shares of NYSE:ALTG opened at $5.43 on Thursday. Alta Equipment Group Inc. has a 12-month low of $3.54 and a 12-month high of $11.39. The company has a market capitalization of $178.43 million, a PE ratio of -3.19 and a beta of 1.53. The business has a 50 day moving average of $4.63 and a two-hundred day moving average of $5.96. The company has a current ratio of 1.35, a quick ratio of 0.43 and a debt-to-equity ratio of 7.45.

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

Alta Equipment Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Thursday, May 15th were paid a dividend of $0.057 per share. This represents a $0.23 annualized dividend and a dividend yield of 4.20%. The ex-dividend date of this dividend was Thursday, May 15th. Alta Equipment Group’s payout ratio is -9.87%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ALTG. Price T Rowe Associates Inc. MD acquired a new position in shares of Alta Equipment Group during the 4th quarter worth approximately $69,000. Intech Investment Management LLC acquired a new position in shares of Alta Equipment Group during the 4th quarter worth approximately $79,000. Wells Fargo & Company MN raised its stake in shares of Alta Equipment Group by 51.7% during the 4th quarter. Wells Fargo & Company MN now owns 12,533 shares of the company’s stock worth $82,000 after buying an additional 4,272 shares during the period. SG Americas Securities LLC raised its stake in Alta Equipment Group by 20.8% in the 4th 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 during the last quarter. Finally, MetLife Investment Management LLC raised its stake in Alta Equipment Group by 49.4% in the 4th quarter. MetLife Investment Management LLC now owns 20,313 shares of the company’s stock valued at $133,000 after purchasing an additional 6,716 shares during the last quarter. 73.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Raymond James decreased their target price on Alta Equipment Group from $8.50 to $7.00 and set a “market perform” rating for the company in a report on Friday, May 16th. B. Riley assumed coverage on Alta Equipment Group in a report on Thursday, March 27th. They set a “buy” rating and a $10.00 target price for the company. Finally, 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 report on Monday, May 19th. Three analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $11.25.

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.