Mill Road Capital Iii, L.P. Purchases 3,798 Shares of Alta Equipment Group (NYSE:ALTG) Stock

Alta Equipment Group Inc. (NYSE:ALTG) major shareholder Mill Road Capital Iii, L.P. purchased 3,798 shares of the business’s stock in a transaction dated Friday, March 13th. The shares were purchased at an average price of $5.95 per share, for a total transaction of $22,598.10. Following the acquisition, the insider directly owned 4,373,208 shares of the company’s stock, valued at $26,020,587.60. This trade represents a 0.09% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Thursday, March 12th, Mill Road Capital Iii, L.P. acquired 58,162 shares of Alta Equipment Group stock. The stock was purchased at an average cost of $6.10 per share, with a total value of $354,788.20.
• On Wednesday, March 11th, Mill Road Capital Iii, L.P. acquired 18,040 shares of Alta Equipment Group stock. The stock was purchased at an average cost of $6.36 per share, with a total value of $114,734.40.

Alta Equipment Group Trading Up 1.7%

NYSE ALTG opened at $6.10 on Wednesday. The firm’s 50 day moving average price is $6.60 and its two-hundred day moving average price is $6.19. The company has a debt-to-equity ratio of 257.10, a quick ratio of 0.48 and a current ratio of 1.43. Alta Equipment Group Inc. has a twelve month low of $3.54 and a twelve month high of $8.99. The stock has a market cap of $196.67 million, a price-to-earnings ratio of -2.38 and a beta of 1.54.

Alta Equipment Group (NYSE:ALTG) last released its earnings results 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 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%. Equities analysts anticipate that Alta Equipment Group Inc. will post -1.92 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ALTG. Weiss Ratings restated a “sell (e+)” rating on shares of Alta Equipment Group in a research report 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 on the stock in a report on Monday, March 9th. Wall Street Zen raised shares of Alta Equipment Group from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Zacks Research upgraded shares of Alta Equipment Group from a “strong sell” rating to a “hold” rating in a report on Monday, January 19th. Finally, DA Davidson set a $7.00 price objective on shares of Alta Equipment Group in a research report on Friday, March 6th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $11.63.

Institutional Trading of Alta Equipment Group

Several hedge funds and other institutional investors have recently modified their holdings of ALTG. Royal Bank of Canada increased its position in Alta Equipment Group by 55.1% in the 4th quarter. Royal Bank of Canada now owns 6,153 shares of the company’s stock worth $28,000 after purchasing an additional 2,186 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in Alta Equipment Group by 221.1% in the 4th quarter. Public Employees Retirement System of Ohio now owns 6,100 shares of the company’s stock worth $28,000 after purchasing an additional 4,200 shares during the last quarter. Quarry LP raised its stake in shares of Alta Equipment Group by 150.9% during the 4th quarter. Quarry LP now owns 6,676 shares of the company’s stock worth $31,000 after purchasing an additional 4,015 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Alta Equipment Group during the 2nd quarter worth about $35,000. Finally, Inscription Capital LLC acquired a new stake in shares of Alta Equipment Group during the 4th quarter valued at about $56,000. 73.58% of the stock is currently owned by hedge funds and other institutional investors.

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.