Short Interest in Alta Equipment Group Inc. (NYSE:ALTG) Decreases By 27.0%

Alta Equipment Group Inc. (NYSE:ALTG) was the target of a significant decrease in short interest during the month of March. As of March 31st, there was short interest totalling 1,540,000 shares, a decrease of 27.0% from the March 15th total of 2,110,000 shares. Based on an average daily trading volume, of 220,000 shares, the short-interest ratio is presently 7.0 days. Approximately 7.8% of the shares of the company are sold short.

Insider Activity

In other Alta Equipment Group news, COO Craig Brubaker sold 5,294 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $5.00, for a total transaction of $26,470.00. Following the completion of the transaction, the chief operating officer now owns 98,640 shares in the company, valued at approximately $493,200. This represents a 5.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 19.90% of the company’s stock.

Institutional Trading of Alta Equipment Group

A number of institutional investors have recently bought and sold shares of the company. Rhumbline Advisers raised its stake in shares of Alta Equipment Group by 15.9% during the 1st quarter. Rhumbline Advisers now owns 39,374 shares of the company’s stock worth $185,000 after buying an additional 5,406 shares during the last quarter. Millennium Management LLC purchased a new position in Alta Equipment Group during the 4th quarter valued at about $937,000. Janus Henderson Group PLC raised its position in Alta Equipment Group by 12.8% during the fourth quarter. Janus Henderson Group PLC now owns 51,469 shares of the company’s stock worth $337,000 after acquiring an additional 5,828 shares during the last quarter. CastleKnight Management LP lifted its holdings in shares of Alta Equipment Group by 70.2% in the fourth quarter. CastleKnight Management LP now owns 540,986 shares of the company’s stock valued at $3,538,000 after purchasing an additional 223,072 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its position in shares of Alta Equipment Group by 26.0% in the fourth quarter. Bridgeway Capital Management LLC now owns 81,900 shares of the company’s stock valued at $536,000 after purchasing an additional 16,900 shares during the last quarter. 73.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ALTG has been the subject of several analyst reports. B. Riley initiated coverage on shares of Alta Equipment Group in a report on Thursday, March 27th. They set a “buy” rating and a $10.00 price target for the company. Raymond James decreased their price target on Alta Equipment Group from $9.00 to $8.50 and set a “market perform” rating on the stock in a research note on Monday, March 10th. Three investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $12.63.

Alta Equipment Group Trading Up 3.6 %

Shares of Alta Equipment Group stock opened at $4.19 on Friday. The company has a 50-day moving average of $5.24 and a two-hundred day moving average of $6.39. The stock has a market cap of $137.52 million, a PE ratio of -2.46 and a beta of 1.55. The company has a current ratio of 1.35, a quick ratio of 0.43 and a debt-to-equity ratio of 7.45. Alta Equipment Group has a 12-month low of $3.54 and a 12-month high of $12.09.

Alta Equipment Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Saturday, February 15th were issued a dividend of $0.057 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $0.23 annualized dividend and a yield of 5.45%. Alta Equipment Group’s dividend payout ratio is presently -11.22%.

About Alta Equipment Group

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.