JPMorgan Chase & Co. Increases Position in Alta Equipment Group Inc. (NYSE:ALTG)

JPMorgan Chase & Co. increased its position in Alta Equipment Group Inc. (NYSE:ALTG) by 167.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,418 shares of the company’s stock after acquiring an additional 32,218 shares during the period. JPMorgan Chase & Co. owned approximately 0.15% of Alta Equipment Group worth $347,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. SkyView Investment Advisors LLC lifted its holdings in shares of Alta Equipment Group by 5.2% during the third quarter. SkyView Investment Advisors LLC now owns 47,576 shares of the company’s stock worth $321,000 after purchasing an additional 2,351 shares during the period. Harbor Capital Advisors Inc. boosted its holdings 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 purchasing an additional 2,777 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Alta Equipment Group by 6.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 78,454 shares of the company’s stock valued at $529,000 after buying an additional 4,747 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Alta Equipment Group during the second quarter worth about $89,000. Finally, SG Americas Securities LLC acquired a new position in Alta Equipment Group in the third quarter valued at approximately $77,000. Hedge funds and other institutional investors own 73.58% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on ALTG. Northland Securities restated a “market perform” rating and set a $20.00 price target (down previously from $30.00) on shares of Alta Equipment Group in a research report on Wednesday, November 13th. Northland Capmk lowered Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 13th. Finally, Raymond James decreased 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. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $15.75.

Alta Equipment Group Stock Performance

ALTG opened at $7.03 on Thursday. The firm has a market capitalization of $233.82 million, a PE ratio of -4.14 and a beta of 1.75. 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 Inc. has a twelve month low of $5.40 and a twelve month high of $13.67. The firm’s 50-day moving average price is $7.20 and its 200 day moving average price is $7.21.

Alta Equipment Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were given a $0.057 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.23 dividend on an annualized basis and a dividend yield of 3.24%. Alta Equipment Group’s dividend payout ratio (DPR) is presently -12.94%.

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.