Insider Selling: Alta Equipment Group (NYSE:ALTG) CFO Sells $57,365.85 in Stock

Alta Equipment Group Inc. (NYSE:ALTG) CFO Anthony Colucci sold 8,137 shares of the business’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $7.05, for a total value of $57,365.85. Following the transaction, the chief financial officer owned 240,750 shares in the company, valued at approximately $1,697,287.50. This trade represents a 3.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Alta Equipment Group Trading Down 1.6%

Alta Equipment Group stock opened at $6.98 on Friday. The stock has a 50-day moving average price of $6.38 and a 200 day moving average price of $6.31. The company has a market capitalization of $225.04 million, a price-to-earnings ratio of -2.73 and a beta of 1.54. Alta Equipment Group Inc. has a 52 week low of $3.54 and a 52 week high of $8.99. 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 the consensus estimate of ($0.29) by ($0.10). The business had revenue of $509.10 million during the quarter, compared to analysts’ expectations of $489.56 million. Alta Equipment Group had a negative net margin of 4.37% and a negative return on equity of 341.70%. Sell-side analysts anticipate that Alta Equipment Group Inc. will post -1.92 EPS for the current year.

Institutional Investors Weigh In On Alta Equipment Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tudor Investment Corp ET AL grew its holdings in shares of Alta Equipment Group by 11.9% during the 4th quarter. Tudor Investment Corp ET AL now owns 100,885 shares of the company’s stock worth $464,000 after purchasing an additional 10,768 shares during the period. Occudo Quantitative Strategies LP boosted its stake in Alta Equipment Group by 7.1% during the fourth quarter. Occudo Quantitative Strategies LP now owns 23,423 shares of the company’s stock worth $108,000 after buying an additional 1,558 shares during the period. Millennium Management LLC raised its stake in shares of Alta Equipment Group by 45.4% in the 4th quarter. Millennium Management LLC now owns 76,587 shares of the company’s stock valued at $352,000 after acquiring an additional 23,926 shares during the period. Engineers Gate Manager LP lifted its holdings in shares of Alta Equipment Group by 18.1% in the 4th quarter. Engineers Gate Manager LP now owns 14,940 shares of the company’s stock worth $69,000 after acquiring an additional 2,289 shares during the last quarter. Finally, CastleKnight Management LP boosted its position in shares of Alta Equipment Group by 11.4% during the 4th quarter. CastleKnight Management LP now owns 870,128 shares of the company’s stock worth $4,003,000 after purchasing an additional 89,068 shares during the period. Institutional investors and hedge funds own 73.58% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on ALTG. Zacks Research raised Alta Equipment Group from a “strong sell” rating to a “hold” rating in a report on Monday, January 19th. DA Davidson reduced their target price on shares of Alta Equipment Group from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, November 12th. Weiss Ratings restated a “sell (e+)” rating on shares of Alta Equipment Group in a research report on Monday, December 29th. Finally, Wall Street Zen raised shares of Alta Equipment Group from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Alta Equipment Group presently has a consensus rating of “Hold” and a consensus target price of $11.00.

Alta Equipment Group Company 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.