B. Riley Asset Management LLC Takes Position in Alta Equipment Group Inc. (NYSE:ALTG)

B. Riley Asset Management LLC purchased a new stake in Alta Equipment Group Inc. (NYSE:ALTGGet Rating) during the fourth quarter, Holdings Channel reports. The fund purchased 759,778 shares of the company’s stock, valued at approximately $11,123,000. Alta Equipment Group comprises 4.8% of B. Riley Asset Management LLC’s portfolio, making the stock its 4th largest position.

Several other institutional investors also recently added to or reduced their stakes in the company. 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. increased its stake 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 buying an additional 1,220 shares during the period. 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 institutional investors and hedge funds.

In related news, major shareholder B. Riley Financial, Inc. bought 35,841 shares of the stock in a transaction dated Wednesday, May 11th. The stock was acquired at an average price of $9.75 per share, for a total transaction of $349,449.75. Following the acquisition, the insider now owns 5,856,713 shares in the company, valued at approximately $57,102,951.75. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last 90 days, insiders bought 223,687 shares of company stock valued at $2,501,333. Company insiders own 23.90% of the company’s stock.

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.

Alta Equipment Group (NYSE:ALTGGet Rating) last issued its earnings results on Thursday, March 31st. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.02). Alta Equipment Group had a negative net margin of 1.28% and a positive return on equity of 0.22%. The company had revenue of $356.30 million during the quarter, compared to analyst estimates of $300.20 million. During the same quarter in the previous year, the company posted ($0.09) EPS. Sell-side analysts expect that Alta Equipment Group Inc. will post 0.5 EPS for the current year.

Several research firms have commented on ALTG. B. Riley lowered their price target on shares of Alta Equipment Group from $22.00 to $16.00 in a report on Wednesday. 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, Zacks Investment Research upgraded shares of Alta Equipment Group from a “sell” rating to a “hold” rating in a report on Monday, March 28th.

Alta Equipment Group Company 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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Institutional Ownership by Quarter for Alta Equipment Group (NYSE:ALTG)

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