Alta Equipment Group Inc. (NYSE:ALTG – Get Rating) was the recipient of a significant decrease in short interest in August. As of August 31st, there was short interest totalling 222,400 shares, a decrease of 12.2% from the August 15th total of 253,200 shares. Based on an average daily volume of 73,800 shares, the short-interest ratio is presently 3.0 days. Currently, 0.9% of the shares of the stock are short sold.
Insider Transactions at Alta Equipment Group
In other news, major shareholder B. Riley Financial, Inc. acquired 2,936 shares of Alta Equipment Group stock in a transaction dated Tuesday, July 26th. The stock was purchased at an average cost of $10.50 per share, with a total value of $30,828.00. Following the completion of the purchase, the insider now directly owns 2,021,134 shares in the company, valued at approximately $21,221,907. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders bought a total of 111,058 shares of company stock valued at $1,038,632 over the last three months. Corporate insiders own 19.00% of the company’s stock.
Hedge Funds Weigh In On Alta Equipment Group
Institutional investors have recently bought and sold shares of the business. Acadian Asset Management LLC bought a new position in Alta Equipment Group during the fourth quarter valued at $27,000. Amalgamated Bank bought a new position in Alta Equipment Group during the first quarter valued at $30,000. Dorsey Wright & Associates bought a new position in Alta Equipment Group during the first quarter valued at $40,000. Center for Financial Planning Inc. lifted its holdings in shares of Alta Equipment Group by 40.0% in the 1st quarter. Center for Financial Planning Inc. now owns 3,500 shares of the company’s stock worth $43,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Gladius Capital Management LP bought a new stake in shares of Alta Equipment Group in the 2nd quarter worth about $38,000. Institutional investors own 63.90% of the company’s stock.
Alta Equipment Group Stock Performance
ALTG opened at $12.15 on Friday. The stock has a market capitalization of $394.27 million, a price-to-earnings ratio of 303.83 and a beta of 1.74. The company has a fifty day moving average of $11.77 and a 200 day moving average of $11.35. Alta Equipment Group has a fifty-two week low of $8.65 and a fifty-two week high of $17.38. The company has a debt-to-equity ratio of 2.32, a quick ratio of 0.48 and a current ratio of 1.06.
Alta Equipment Group (NYSE:ALTG – Get Rating) last released its quarterly earnings data on Tuesday, August 9th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.03 by $0.15. Alta Equipment Group had a net margin of 0.32% and a return on equity of 7.00%. The business had revenue of $406.50 million during the quarter, compared to analyst estimates of $350.60 million. During the same quarter last year, the business earned ($0.11) earnings per share. As a group, sell-side analysts forecast that Alta Equipment Group will post 0.47 earnings per share for the current fiscal year.
Alta Equipment Group Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 31st. Shareholders of record on Monday, August 15th were given a dividend of $0.057 per share. The ex-dividend date of this dividend was Friday, August 12th. This represents a $0.23 annualized dividend and a yield of 1.88%. Alta Equipment Group’s dividend payout ratio (DPR) is currently 575.14%.
Analysts Set New Price Targets
Several research firms recently weighed in on ALTG. Raymond James raised their target price on shares of Alta Equipment Group from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Wednesday, August 10th. DA Davidson raised their target price on shares of Alta Equipment Group to $22.00 in a research note on Monday, August 15th.
Alta Equipment Group Company Profile
Alta Equipment Group Inc owns and operates integrated equipment dealership platforms in the United States. It operates in two segments, Material Handling and Construction Equipment. 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 aerial work platforms, earthmoving equipment, cranes, paving and asphalt equipment, and other material handling and construction equipment.
Further Reading
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