Deerfield Management Company L.P. Series C Reduces Stock Position in Alta Equipment Group Inc. (NYSE:ALTG)

Deerfield Management Company L.P. Series C reduced its stake in Alta Equipment Group Inc. (NYSE:ALTG) by 50.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,909 shares of the company’s stock after selling 16,917 shares during the period. Deerfield Management Company L.P. Series C owned approximately 0.05% of Alta Equipment Group worth $136,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in ALTG. Mill Road Capital Management LLC boosted its stake in Alta Equipment Group by 23.5% in the 4th quarter. Mill Road Capital Management LLC now owns 2,361,002 shares of the company’s stock worth $29,206,000 after purchasing an additional 450,023 shares during the period. Vanguard Group Inc. grew its stake in Alta Equipment Group by 0.7% during the first quarter. Vanguard Group Inc. now owns 1,250,154 shares of the company’s stock valued at $16,189,000 after acquiring an additional 8,962 shares in the last quarter. Granahan Investment Management LLC increased its holdings in Alta Equipment Group by 11.4% during the 4th quarter. Granahan Investment Management LLC now owns 1,030,942 shares of the company’s stock worth $12,753,000 after acquiring an additional 105,783 shares during the period. Dimensional Fund Advisors LP lifted its stake in Alta Equipment Group by 3.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 567,974 shares of the company’s stock worth $4,567,000 after purchasing an additional 18,343 shares in the last quarter. Finally, CIBC Private Wealth Group LLC boosted its holdings in Alta Equipment Group by 152.0% in the 4th quarter. CIBC Private Wealth Group LLC now owns 347,746 shares of the company’s stock valued at $4,302,000 after purchasing an additional 209,759 shares during the period. 73.58% of the stock is currently owned by hedge funds and other institutional investors.

Alta Equipment Group Price Performance

Shares of NYSE:ALTG opened at $6.51 on Friday. Alta Equipment Group Inc. has a one year low of $5.40 and a one year high of $13.67. The company has a debt-to-equity ratio of 5.81, a current ratio of 1.37 and a quick ratio of 0.47. The firm has a market capitalization of $215.79 million, a price-to-earnings ratio of -31.00 and a beta of 1.67. The company’s fifty day moving average price is $7.32 and its 200-day moving average price is $9.18.

Alta Equipment Group (NYSE:ALTG) last released 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). Alta Equipment Group had a negative net margin of 0.95% and a negative return on equity of 13.09%. The firm had revenue of $488.10 million for the quarter, compared to analysts’ expectations of $497.57 million. During the same quarter in the previous year, the business earned $0.16 EPS. On average, equities research analysts anticipate that Alta Equipment Group Inc. will post -1.04 earnings per share for the current fiscal year.

Alta Equipment Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Thursday, August 15th were paid a $0.057 dividend. This represents a $0.23 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend was Thursday, August 15th. Alta Equipment Group’s dividend payout ratio is currently -104.76%.

Insider Buying and Selling at Alta Equipment Group

In other Alta Equipment Group news, major shareholder Mill Road Capital Iii, L.P. acquired 179,414 shares of the stock in a transaction dated Wednesday, July 10th. The stock was purchased at an average cost of $8.05 per share, for a total transaction of $1,444,282.70. Following the acquisition, the insider now owns 3,894,008 shares in the company, valued at approximately $31,346,764.40. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, major shareholder Mill Road Capital Iii, L.P. acquired 179,414 shares of Alta Equipment Group stock in a transaction dated Wednesday, July 10th. The shares were purchased at an average cost of $8.05 per share, with a total value of $1,444,282.70. Following the completion of the purchase, the insider now owns 3,894,008 shares of the company’s stock, valued at $31,346,764.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Andrew P. Studdert bought 10,000 shares of the stock in a transaction dated Monday, August 12th. The stock was bought at an average cost of $5.65 per share, with a total value of $56,500.00. Following the purchase, the director now owns 86,591 shares in the company, valued at approximately $489,239.15. The disclosure for this purchase can be found here. Insiders have acquired 319,100 shares of company stock worth $2,777,451 over the last ninety days. Insiders own 19.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ALTG shares. DA Davidson lowered their price objective on Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Raymond James reaffirmed a “market perform” rating and issued a $10.00 price target (down previously from $14.00) on shares of Alta Equipment Group in a report on Friday, August 9th.

Alta Equipment Group 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.