CIBC Private Wealth Group LLC Has $3.42 Million Stake in Alta Equipment Group Inc. $ALTG

CIBC Private Wealth Group LLC reduced its position in Alta Equipment Group Inc. (NYSE:ALTG) by 38.0% during the third quarter, Holdings Channel.com reports. The firm owned 472,278 shares of the company’s stock after selling 288,886 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Alta Equipment Group were worth $3,419,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. Raymond James Financial Inc. bought a new stake in Alta Equipment Group during the 2nd quarter valued at $35,000. R Squared Ltd bought a new position in shares of Alta Equipment Group in the third quarter valued at $79,000. Centiva Capital LP bought a new position in shares of Alta Equipment Group in the third quarter valued at $83,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of Alta Equipment Group during the third quarter valued at about $83,000. Finally, Lido Advisors LLC acquired a new position in shares of Alta Equipment Group during the second quarter valued at about $74,000. Institutional investors and hedge funds own 73.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on ALTG shares. DA Davidson set a $7.00 target price on shares of Alta Equipment Group in a report on Friday, March 6th. Zacks Research upgraded Alta Equipment Group from a “strong sell” rating to a “hold” rating in a research note on Monday, January 19th. Raymond James Financial raised Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $9.50 price objective for the company in a report on Monday, March 9th. Wall Street Zen raised Alta Equipment Group from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Alta Equipment Group in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Alta Equipment Group has an average rating of “Moderate Buy” and a consensus price target of $11.63.

Insiders Place Their Bets

In other Alta Equipment Group news, CEO Ryan Greenawalt sold 27,986 shares of Alta Equipment Group stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $7.05, for a total transaction of $197,301.30. Following the transaction, the chief executive officer owned 5,721,710 shares of the company’s stock, valued at $40,338,055.50. This trade represents a 0.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Mill Road Capital Iii, L.P. bought 58,162 shares of the business’s stock in a transaction dated Thursday, March 12th. The stock was acquired at an average price of $6.10 per share, for a total transaction of $354,788.20. Following the purchase, the insider directly owned 4,369,410 shares in the company, valued at approximately $26,653,401. The trade was a 1.35% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders bought 84,000 shares of company stock valued at $519,371. Corporate insiders own 19.20% of the company’s stock.

Alta Equipment Group Price Performance

ALTG opened at $5.39 on Friday. Alta Equipment Group Inc. has a 1 year low of $3.54 and a 1 year high of $8.99. The company has a debt-to-equity ratio of 257.10, a current ratio of 1.43 and a quick ratio of 0.48. The company has a market capitalization of $173.81 million, a price-to-earnings ratio of -2.11 and a beta of 1.54. The firm’s fifty day moving average price is $6.59 and its two-hundred day moving average price is $6.15.

Alta Equipment Group (NYSE:ALTG) last announced its earnings results on Thursday, February 26th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.10). Alta Equipment Group had a negative net margin of 4.37% and a negative return on equity of 341.70%. The firm had revenue of $509.10 million during the quarter, compared to analysts’ expectations of $489.56 million. As a group, analysts anticipate that Alta Equipment Group Inc. will post -1.92 earnings per share for the current fiscal year.

Alta Equipment Group Company Profile

Alta Equipment Group, Inc (NYSE: ALTG) is a North American distributor of material handling and logistics equipment. The company offers a broad lineup of forklifts, lift trucks, aerial work platforms, tow motors, pallet jacks and related attachments, serving manufacturing, warehousing, distribution and industrial facilities. Through its network of branch locations, Alta Equipment provides customers with new and used sales, short- and long-term rentals, and integrated fleet management solutions designed to support operational efficiency.

In addition to equipment sales, Alta Equipment supports customers with comprehensive after-sales services.