Andrew P. Studdert Buys 3,257 Shares of Alta Equipment Group Inc. (NYSE:ALTG) Stock

Alta Equipment Group Inc. (NYSE:ALTG) Director Andrew P. Studdert purchased 3,257 shares of the firm’s stock in a transaction on Friday, May 30th. The shares were purchased at an average cost of $4.80 per share, for a total transaction of $15,633.60. Following the completion of the purchase, the director now directly owns 96,591 shares in the company, valued at $463,636.80. The trade was a 3.49% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Alta Equipment Group Trading Up 17.4%

NYSE ALTG opened at $5.54 on Wednesday. The company has a market cap of $182.04 million, a P/E ratio of -3.26 and a beta of 1.53. Alta Equipment Group Inc. has a 12 month low of $3.54 and a 12 month high of $11.39. The company has a debt-to-equity ratio of 7.45, a current ratio of 1.35 and a quick ratio of 0.43. The company has a 50-day moving average of $4.61 and a 200-day moving average of $5.97.

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

Alta Equipment Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Thursday, May 15th were issued a dividend of $0.057 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $0.23 dividend on an annualized basis and a dividend yield of 4.12%. Alta Equipment Group’s payout ratio is -9.87%.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD acquired a new stake in Alta Equipment Group during the fourth quarter worth about $69,000. Intech Investment Management LLC purchased a new position in Alta Equipment Group in the fourth quarter valued at approximately $79,000. Wells Fargo & Company MN grew its stake in Alta Equipment Group by 51.7% during the fourth 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 increased its position in shares of Alta Equipment Group by 20.8% in the fourth quarter. SG Americas Securities LLC now owns 13,784 shares of the company’s stock worth $90,000 after acquiring an additional 2,375 shares in the last quarter. Finally, MetLife Investment Management LLC raised its stake in shares of 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 acquiring an additional 6,716 shares during the period. 73.58% of the stock is owned by hedge funds and other institutional investors.

Alta Equipment Group Company Profile

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.