Alta Equipment Group Inc. (NYSE:ALTG) Short Interest Down 9.6% in May

Alta Equipment Group Inc. (NYSE:ALTGGet Free Report) was the recipient of a significant decline in short interest during the month of May. As of May 31st, there was short interest totalling 1,510,000 shares, a decline of 9.6% from the May 15th total of 1,670,000 shares. Based on an average trading volume of 372,600 shares, the days-to-cover ratio is currently 4.1 days. Currently, 7.3% of the shares of the company are short sold.

Insider Buying and Selling at Alta Equipment Group

In related news, insider Jeffrey Alan Hoover bought 4,000 shares of the company’s stock in a transaction on Friday, June 7th. The shares were purchased at an average cost of $8.17 per share, for a total transaction of $32,680.00. Following the completion of the purchase, the insider now directly owns 11,601 shares in the company, valued at $94,780.17. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 19.90% of the company’s stock.

Institutional Trading of Alta Equipment Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Voss Capital LLC increased its holdings in shares of Alta Equipment Group by 20.1% in the 4th quarter. Voss Capital LLC now owns 3,245,000 shares of the company’s stock worth $40,141,000 after buying an additional 543,500 shares during the last quarter. Mill Road Capital Management LLC increased its holdings in shares of Alta Equipment Group by 23.5% in the 4th quarter. Mill Road Capital Management LLC now owns 2,361,002 shares of the company’s stock worth $29,206,000 after buying an additional 450,023 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Alta Equipment Group by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 1,250,154 shares of the company’s stock worth $16,189,000 after buying an additional 8,962 shares during the last quarter. Granahan Investment Management LLC increased its holdings in shares of Alta Equipment Group by 11.4% in the 4th quarter. Granahan Investment Management LLC now owns 1,030,942 shares of the company’s stock worth $12,753,000 after buying an additional 105,783 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. bought a new position in shares of Alta Equipment Group in the 3rd quarter worth $4,558,000. Institutional investors own 73.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ALTG. DA Davidson dropped their price target on shares of Alta Equipment Group from $22.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, May 21st. B. Riley restated a “buy” rating and set a $22.00 price target (down from $25.00) on shares of Alta Equipment Group in a research note on Friday, March 15th.

Read Our Latest Research Report on Alta Equipment Group

Alta Equipment Group Price Performance

Alta Equipment Group stock traded up $0.16 during midday trading on Tuesday, reaching $8.61. 260,280 shares of the stock were exchanged, compared to its average volume of 345,833. The company’s fifty day moving average is $10.04 and its 200-day moving average is $11.07. The company has a debt-to-equity ratio of 4.93, a quick ratio of 0.43 and a current ratio of 1.30. The firm has a market cap of $285.42 million, a PE ratio of -41.00 and a beta of 1.67. Alta Equipment Group has a 52 week low of $7.64 and a 52 week high of $17.98.

Alta Equipment Group (NYSE:ALTGGet Free Report) last posted its earnings results on Wednesday, May 8th. The company reported ($0.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.17). The firm had revenue of $441.60 million for the quarter, compared to the consensus estimate of $416.35 million. Alta Equipment Group had a negative return on equity of 0.35% and a negative net margin of 0.21%. On average, sell-side analysts forecast that Alta Equipment Group will post -0.37 EPS for the current year.

Alta Equipment Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Wednesday, May 15th were issued a dividend of $0.057 per share. This represents a $0.23 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date was Tuesday, May 14th. Alta Equipment Group’s dividend payout ratio (DPR) is presently -109.52%.

Alta Equipment Group Company Profile

(Get Free Report)

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.

Featured Articles

Receive News & Ratings for Alta Equipment Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alta Equipment Group and related companies with MarketBeat.com's FREE daily email newsletter.