Paloma Partners Management Co Makes New Investment in Alta Equipment Group Inc. (NYSE:ALTG)

Paloma Partners Management Co bought a new stake in Alta Equipment Group Inc. (NYSE:ALTG) in the 3rd quarter, Holdings Channel reports. The institutional investor bought 392,633 shares of the company’s stock, valued at approximately $2,646,000.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Alta Equipment Group by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 1,250,154 shares of the company’s stock valued at $16,189,000 after buying an additional 8,962 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Alta Equipment Group by 237.0% during the first quarter. Janus Henderson Group PLC now owns 50,957 shares of the company’s stock valued at $660,000 after acquiring an additional 35,838 shares during the last quarter. Harbor Capital Advisors Inc. lifted its holdings in shares of Alta Equipment Group by 28.7% during the second quarter. Harbor Capital Advisors Inc. now owns 15,766 shares of the company’s stock worth $127,000 after purchasing an additional 3,518 shares during the period. Register Financial Advisors LLC grew its stake in shares of Alta Equipment Group by 44.3% in the second quarter. Register Financial Advisors LLC now owns 335,702 shares of the company’s stock worth $2,699,000 after purchasing an additional 103,071 shares during the last quarter. Finally, Quantum Private Wealth LLC increased its holdings in Alta Equipment Group by 21.7% in the second quarter. Quantum Private Wealth LLC now owns 107,180 shares of the company’s stock valued at $862,000 after purchasing an additional 19,100 shares during the period. 73.58% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, major shareholder Voss Capital, Lp sold 11,311 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $6.31, for a total value of $71,372.41. Following the sale, the insider now owns 963,689 shares in the company, valued at $6,080,877.59. This represents a 1.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 19.90% of the stock is currently owned by company insiders.

Alta Equipment Group Stock Performance

Shares of Alta Equipment Group stock opened at $7.91 on Monday. The business has a 50-day moving average price of $6.80 and a two-hundred day moving average price of $7.62. Alta Equipment Group Inc. has a 1-year low of $5.40 and a 1-year high of $13.67. The company has a current ratio of 1.35, a quick ratio of 0.43 and a debt-to-equity ratio of 7.45. The company has a market cap of $263.05 million, a P/E ratio of -4.65 and a beta of 1.67.

Alta Equipment Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a $0.057 dividend. This represents a $0.23 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date of this dividend was Friday, November 15th. Alta Equipment Group’s payout ratio is -12.94%.

Analyst Upgrades and Downgrades

Several research analysts have commented on ALTG shares. Northland Securities reaffirmed a “market perform” rating and set a $20.00 target price (down from $30.00) on shares of Alta Equipment Group in a report on Wednesday, November 13th. Northland Capmk downgraded Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 13th. Raymond James reduced their target price on Alta Equipment Group from $10.00 to $9.00 and set a “market perform” rating on the stock in a report on Thursday, November 14th. Finally, DA Davidson lowered their price target on shares of Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Alta Equipment Group presently has an average rating of “Hold” and an average target price of $15.75.

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.