Bank of New York Mellon Corp Buys 22,800 Shares of Alta Equipment Group Inc. (NYSE:ALTG)

Bank of New York Mellon Corp boosted its stake in shares of Alta Equipment Group Inc. (NYSE:ALTG) by 10.6% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 238,827 shares of the company’s stock after buying an additional 22,800 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.72% of Alta Equipment Group worth $1,562,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in ALTG. SG Americas Securities LLC grew its position in Alta Equipment Group by 20.8% during the fourth quarter. SG Americas Securities LLC now owns 13,784 shares of the company’s stock valued at $90,000 after buying an additional 2,375 shares during the period. Quantinno Capital Management LP bought a new position in Alta Equipment Group during the third quarter worth about $160,000. Meixler Investment Management Ltd. boosted its position in Alta Equipment Group by 25.4% during the fourth quarter. Meixler Investment Management Ltd. now owns 33,192 shares of the company’s stock worth $217,000 after purchasing an additional 6,717 shares during the period. Rhumbline Advisers boosted its position in Alta Equipment Group by 5.7% during the fourth quarter. Rhumbline Advisers now owns 33,968 shares of the company’s stock worth $222,000 after purchasing an additional 1,827 shares during the period. Finally, Barclays PLC boosted its position in Alta Equipment Group by 302.8% during the third quarter. Barclays PLC now owns 38,327 shares of the company’s stock worth $258,000 after purchasing an additional 28,812 shares during the period. Institutional investors own 73.58% of the company’s stock.

Insider Transactions at Alta Equipment Group

In other news, COO Craig Brubaker sold 5,294 shares of the stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $5.00, for a total value of $26,470.00. Following the sale, the chief operating officer now directly owns 98,640 shares of the company’s stock, valued at approximately $493,200. This represents a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 19.90% of the company’s stock.

Analysts Set New Price Targets

Separately, Raymond James cut their target price on shares of Alta Equipment Group from $9.00 to $8.50 and set a “market perform” rating for the company in a research report on Monday, March 10th.

Alta Equipment Group Price Performance

Shares of NYSE:ALTG opened at $5.12 on Friday. 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 firm has a market capitalization of $168.08 million, a PE ratio of -3.01 and a beta of 1.81. Alta Equipment Group Inc. has a twelve month low of $4.45 and a twelve month high of $13.67. The company has a 50-day moving average price of $6.42 and a two-hundred day moving average price of $6.68.

Alta Equipment Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Saturday, February 15th were issued a $0.057 dividend. This represents a $0.23 dividend on an annualized basis and a dividend yield of 4.46%. The ex-dividend date was Friday, February 14th. Alta Equipment Group’s payout ratio is -11.22%.

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.