Geode Capital Management LLC Sells 28,222 Shares of Alta Equipment Group Inc. (NYSE:ALTG)

Geode Capital Management LLC reduced its holdings in Alta Equipment Group Inc. (NYSE:ALTG) by 5.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 535,915 shares of the company’s stock after selling 28,222 shares during the quarter. Geode Capital Management LLC owned about 1.62% of Alta Equipment Group worth $3,613,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Quest Partners LLC acquired a new position in shares of Alta Equipment Group during the second quarter valued at about $80,000. The Manufacturers Life Insurance Company acquired a new position in Alta Equipment Group during the 2nd quarter worth approximately $89,000. SG Americas Securities LLC bought a new position in Alta Equipment Group in the third quarter worth approximately $77,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Alta Equipment Group by 37.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,795 shares of the company’s stock worth $95,000 after acquiring an additional 3,218 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its stake in Alta Equipment Group by 17.6% in the third quarter. Harbor Capital Advisors Inc. now owns 18,543 shares of the company’s stock valued at $125,000 after acquiring an additional 2,777 shares during the period. 73.58% of the stock is currently owned by institutional investors.

Alta Equipment Group Price Performance

ALTG opened at $6.85 on Tuesday. The firm has a market cap of $227.80 million, a P/E ratio of -4.03 and a beta of 1.74. The company has a debt-to-equity ratio of 7.45, a quick ratio of 0.43 and a current ratio of 1.35. Alta Equipment Group Inc. has a fifty-two week low of $5.40 and a fifty-two week high of $13.67. The firm has a 50-day moving average of $7.27 and a 200 day moving average of $7.35.

Alta Equipment Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were issued a $0.057 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.23 dividend on an annualized basis and a dividend yield of 3.33%. Alta Equipment Group’s dividend payout ratio (DPR) is presently -12.94%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on ALTG shares. Northland Capmk lowered Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 13th. Raymond James lowered their price objective on shares of 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, Northland Securities reaffirmed a “market perform” rating and issued a $20.00 price objective (down from $30.00) on shares of Alta Equipment Group in a research note on Wednesday, November 13th. Three 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, the stock currently has an average rating of “Hold” and an average price target of $15.75.

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.