The Manufacturers Life Insurance Company Invests $89,000 in Alta Equipment Group Inc. (NYSE:ALTG)

The Manufacturers Life Insurance Company purchased a new stake in Alta Equipment Group Inc. (NYSE:ALTG) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 11,093 shares of the company’s stock, valued at approximately $89,000.

Several other hedge funds have also recently bought and sold shares of the stock. EntryPoint Capital LLC increased its stake in shares of Alta Equipment Group by 88.0% during the first quarter. EntryPoint Capital LLC now owns 8,419 shares of the company’s stock worth $109,000 after purchasing an additional 3,940 shares during the period. Quest Partners LLC acquired a new stake in shares of Alta Equipment Group during the second quarter worth $80,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Alta Equipment Group by 37.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,795 shares of the company’s stock worth $95,000 after buying an additional 3,218 shares in the last quarter. Quadrature Capital Ltd boosted its position in shares of Alta Equipment Group by 42.8% in the fourth quarter. Quadrature Capital Ltd now owns 15,062 shares of the company’s stock valued at $186,000 after acquiring an additional 4,517 shares during the period. Finally, B. Riley Wealth Advisors Inc. acquired a new position in shares of Alta Equipment Group in the fourth quarter valued at about $190,000. 73.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ALTG. DA Davidson dropped their price objective on shares of Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Raymond James reiterated a “market perform” rating and issued a $10.00 price target (down from $14.00) on shares of Alta Equipment Group in a research report on Friday, August 9th.

Alta Equipment Group Stock Up 1.8 %

ALTG stock opened at $6.25 on Monday. Alta Equipment Group Inc. has a 52 week low of $5.40 and a 52 week high of $13.67. The business has a 50-day simple moving average of $6.32 and a 200 day simple moving average of $8.52. The company has a quick ratio of 0.47, a current ratio of 1.37 and a debt-to-equity ratio of 5.81. The company has a market cap of $207.17 million, a PE ratio of -29.76 and a beta of 1.67.

Alta Equipment Group (NYSE:ALTG) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.34). The firm had revenue of $488.10 million for the quarter, compared to the consensus estimate of $497.57 million. Alta Equipment Group had a negative return on equity of 13.09% and a negative net margin of 0.95%. During the same period last year, the company posted $0.16 EPS. Sell-side analysts anticipate that Alta Equipment Group Inc. will post -1.08 EPS for the current fiscal year.

Alta Equipment Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Thursday, August 15th were paid a $0.057 dividend. The ex-dividend date was Thursday, August 15th. This represents a $0.23 annualized dividend and a dividend yield of 3.65%. Alta Equipment Group’s payout ratio is -104.76%.

Insider Activity

In other Alta Equipment Group news, major shareholder Mill Road Capital Iii, L.P. bought 75,486 shares of the stock in a transaction on Wednesday, July 31st. The stock was purchased at an average price of $10.35 per share, with a total value of $781,280.10. Following the completion of the purchase, the insider now owns 3,969,494 shares in the company, valued at $41,084,262.90. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Andrew P. Studdert acquired 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were bought at an average price of $5.65 per share, with a total value of $56,500.00. Following the acquisition, the director now directly owns 86,591 shares in the company, valued at $489,239.15. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Mill Road Capital Iii, L.P. bought 75,486 shares of the stock in a transaction on Wednesday, July 31st. The stock was purchased at an average cost of $10.35 per share, with a total value of $781,280.10. Following the acquisition, the insider now owns 3,969,494 shares in the company, valued at approximately $41,084,262.90. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 139,686 shares of company stock worth $1,333,168. Insiders own 19.90% of the company’s stock.

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.