Short Interest in Alta Equipment Group Inc. (NYSE:ALTG) Rises By 28.7%

Alta Equipment Group Inc. (NYSE:ALTG) saw a significant increase in short interest in the month of July. As of July 15th, there was short interest totalling 2,200,000 shares, an increase of 28.7% from the June 30th total of 1,710,000 shares. Currently, 10.8% of the company’s shares are short sold. Based on an average daily volume of 403,700 shares, the short-interest ratio is presently 5.4 days.

Insider Transactions at Alta Equipment Group

In other Alta Equipment Group news, insider Jeffrey Alan Hoover purchased 4,000 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were bought at an average price of $8.17 per share, for a total transaction of $32,680.00. Following the completion of the acquisition, the insider now owns 11,601 shares in the company, valued at $94,780.17. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, major shareholder Mill Road Capital Iii, L.P. bought 179,414 shares of the company’s stock in a transaction that occurred on Wednesday, July 10th. The shares were acquired at an average price of $8.05 per share, for a total transaction of $1,444,282.70. Following the completion of the acquisition, the insider now directly owns 3,894,008 shares in the company, valued at $31,346,764.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeffrey Alan Hoover bought 4,000 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was purchased at an average price of $8.17 per share, for a total transaction of $32,680.00. Following the acquisition, the insider now owns 11,601 shares of the company’s stock, valued at $94,780.17. The disclosure for this purchase can be found here. 19.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Voss Capital LLC boosted its stake in Alta Equipment Group by 20.1% during the 4th quarter. Voss Capital LLC now owns 3,245,000 shares of the company’s stock valued at $40,141,000 after purchasing an additional 543,500 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Alta Equipment Group by 77.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,577 shares of the company’s stock worth $106,000 after purchasing an additional 3,740 shares during the last quarter. Quantum Private Wealth LLC raised its stake in shares of Alta Equipment Group by 17.0% in the fourth quarter. Quantum Private Wealth LLC now owns 74,580 shares of the company’s stock worth $923,000 after purchasing an additional 10,830 shares during the last quarter. Foundry Partners LLC raised its stake in shares of Alta Equipment Group by 15.4% in the fourth quarter. Foundry Partners LLC now owns 236,400 shares of the company’s stock worth $2,924,000 after purchasing an additional 31,490 shares during the last quarter. Finally, New York State Common Retirement Fund raised its stake in shares of Alta Equipment Group by 11.8% in the fourth quarter. New York State Common Retirement Fund now owns 90,839 shares of the company’s stock worth $1,124,000 after purchasing an additional 9,622 shares during the last quarter. Institutional investors own 73.58% of the company’s stock.

Analyst Ratings Changes

Separately, DA Davidson decreased their target price on Alta Equipment Group from $22.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, May 21st.

Alta Equipment Group Stock Performance

NYSE ALTG opened at $10.85 on Friday. The business has a 50 day simple moving average of $8.88 and a 200 day simple moving average of $10.55. Alta Equipment Group has a one year low of $7.62 and a one year high of $17.96. The company has a quick ratio of 0.43, a current ratio of 1.30 and a debt-to-equity ratio of 4.93.

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

Alta Equipment Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Wednesday, May 15th were issued a $0.057 dividend. The ex-dividend date was Tuesday, May 14th. This represents a $0.23 annualized dividend and a yield of 2.10%. Alta Equipment Group’s payout ratio is currently -109.52%.

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.