Harbor Capital Advisors Inc. cut its stake in shares of Alta Equipment Group Inc. (NYSE:ALTG – Free Report) by 48.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,539 shares of the company’s stock after selling 9,004 shares during the period. Harbor Capital Advisors Inc.’s holdings in Alta Equipment Group were worth $62,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Mill Road Capital Management LLC raised its holdings in shares of Alta Equipment Group by 18.2% in the 3rd quarter. Mill Road Capital Management LLC now owns 4,213,208 shares of the company’s stock valued at $28,397,000 after buying an additional 650,214 shares during the period. Nantahala Capital Management LLC increased its stake in Alta Equipment Group by 108.2% during the second quarter. Nantahala Capital Management LLC now owns 838,222 shares of the company’s stock worth $6,739,000 after purchasing an additional 435,713 shares during the period. Paloma Partners Management Co acquired a new stake in shares of Alta Equipment Group during the third quarter worth about $2,646,000. American Century Companies Inc. boosted its stake in shares of Alta Equipment Group by 460.1% in the second quarter. American Century Companies Inc. now owns 211,585 shares of the company’s stock valued at $1,701,000 after purchasing an additional 173,810 shares during the period. Finally, JCP Investment Management LLC acquired a new position in shares of Alta Equipment Group in the second quarter valued at approximately $721,000. 73.58% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of research firms have issued reports on ALTG. Northland Capmk lowered shares of Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 13th. Northland Securities reiterated 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. Finally, Raymond James decreased their target price on Alta Equipment Group from $10.00 to $9.00 and set a “market perform” rating for the company in a report on Thursday, November 14th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $15.75.
Alta Equipment Group Stock Up 5.5 %
Shares of Alta Equipment Group stock opened at $7.24 on Thursday. Alta Equipment Group Inc. has a 52-week low of $5.40 and a 52-week high of $13.67. The company has a 50 day moving average of $7.27 and a 200 day moving average of $7.28. The company has a quick ratio of 0.43, a current ratio of 1.35 and a debt-to-equity ratio of 7.45. The company has a market capitalization of $240.77 million, a P/E ratio of -4.26 and a beta of 1.74.
Alta Equipment Group Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a dividend of $0.057 per share. 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 3.15%. Alta Equipment Group’s payout ratio is currently -12.94%.
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.
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