B. Riley Asset Management LLC bought a new position in shares of Alta Equipment Group Inc. (NYSE:ALTG – Get Rating) during the 4th quarter, HoldingsChannel.com reports. The fund bought 759,778 shares of the company’s stock, valued at approximately $11,123,000. Alta Equipment Group makes up 4.8% of B. Riley Asset Management LLC’s investment portfolio, making the stock its 4th largest position.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Royal Bank of Canada increased its stake in Alta Equipment Group by 71.4% during the 3rd quarter. Royal Bank of Canada now owns 2,387 shares of the company’s stock worth $33,000 after buying an additional 994 shares during the period. Citigroup Inc. grew its holdings in Alta Equipment Group by 135.4% during the 3rd quarter. Citigroup Inc. now owns 2,121 shares of the company’s stock worth $29,000 after acquiring an additional 1,220 shares in the last quarter. Acadian Asset Management LLC acquired a new position in Alta Equipment Group during the 4th quarter worth approximately $27,000. Commonwealth Equity Services LLC grew its holdings in Alta Equipment Group by 20.0% during the 3rd quarter. Commonwealth Equity Services LLC now owns 12,000 shares of the company’s stock worth $164,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Alta Equipment Group by 6.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 57,893 shares of the company’s stock worth $795,000 after acquiring an additional 3,550 shares in the last quarter. 66.17% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Alta Equipment Group stock traded up $0.34 during trading hours on Friday, hitting $10.34. The company had a trading volume of 140,832 shares, compared to its average volume of 95,426. The company’s 50-day moving average is $11.89 and its two-hundred day moving average is $13.47. Alta Equipment Group Inc. has a twelve month low of $9.73 and a twelve month high of $17.38. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.07 and a quick ratio of 0.50. The company has a market cap of $334.60 million, a P/E ratio of -16.95 and a beta of 1.71.
In related news, major shareholder B. Riley Financial, Inc. purchased 18,589 shares of the stock in a transaction that occurred on Thursday, March 24th. The shares were purchased at an average price of $12.28 per share, with a total value of $228,272.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders have purchased 223,687 shares of company stock valued at $2,501,333. 23.90% of the stock is owned by company insiders.
Several research firms have commented on ALTG. Zacks Investment Research upgraded shares of Alta Equipment Group from a “sell” rating to a “hold” rating in a report on Monday, March 28th. Raymond James set a $19.00 price target on shares of Alta Equipment Group and gave the stock an “outperform” rating in a report on Thursday. Finally, B. Riley lowered their target price on shares of Alta Equipment Group from $22.00 to $16.00 in a report on Wednesday.
Alta Equipment Group Profile (Get Rating)
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.
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