Alta Equipment Group (NYSE:ALTG) Major Shareholder Mill Road Capital Iii, L.P. Purchases 58,162 Shares of Stock

Alta Equipment Group Inc. (NYSE:ALTG) major shareholder Mill Road Capital Iii, L.P. acquired 58,162 shares of the stock in a transaction dated Thursday, March 12th. The shares were bought at an average cost of $6.10 per share, for a total transaction of $354,788.20. Following the completion of the transaction, the insider owned 4,369,410 shares in the company, valued at approximately $26,653,401. This represents a 1.35% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Mill Road Capital Iii, L.P. also recently made the following trade(s):

• On Friday, March 13th, Mill Road Capital Iii, L.P. bought 3,798 shares of Alta Equipment Group stock. The stock was purchased at an average cost of $5.95 per share, with a total value of $22,598.10.
• On Wednesday, March 11th, Mill Road Capital Iii, L.P. bought 18,040 shares of Alta Equipment Group stock. The shares were purchased at an average price of $6.36 per share, for a total transaction of $114,734.40.

Alta Equipment Group Price Performance

Shares of NYSE:ALTG opened at $6.02 on Tuesday. The company has a market capitalization of $194.02 million, a P/E ratio of -2.35 and a beta of 1.54. Alta Equipment Group Inc. has a 1-year low of $3.54 and a 1-year high of $8.99. The firm’s 50 day simple moving average is $6.59 and its two-hundred day simple moving average is $6.21. The company has a debt-to-equity ratio of 257.10, a current ratio of 1.43 and a quick ratio of 0.48.

Alta Equipment Group (NYSE:ALTG) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.10). The firm had revenue of $509.10 million during the quarter, compared to analysts’ expectations of $489.56 million. Alta Equipment Group had a negative return on equity of 341.70% and a negative net margin of 4.37%. Research analysts expect that Alta Equipment Group Inc. will post -1.92 EPS for the current fiscal year.

Institutional Trading of Alta Equipment Group

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

Wall Street Analyst Weigh In

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

About Alta Equipment Group

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.