ABS Direct Equity Fund LLC Has $523,000 Stake in Alta Equipment Group Inc. $ALTG

ABS Direct Equity Fund LLC reduced its position in shares of Alta Equipment Group Inc. (NYSE:ALTG) by 47.3% during the 1st quarter, HoldingsChannel.com reports. The fund owned 97,425 shares of the company’s stock after selling 87,575 shares during the quarter. ABS Direct Equity Fund LLC’s holdings in Alta Equipment Group were worth $523,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. CIBC Bancorp USA Inc. bought a new position in shares of Alta Equipment Group in the 3rd quarter valued at about $3,435,000. JPMorgan Chase & Co. lifted its stake in Alta Equipment Group by 262.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 199,434 shares of the company’s stock valued at $1,444,000 after purchasing an additional 144,350 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in Alta Equipment Group in the 3rd quarter valued at about $968,000. Squarepoint Ops LLC grew its holdings in Alta Equipment Group by 612.6% during the fourth quarter. Squarepoint Ops LLC now owns 122,822 shares of the company’s stock worth $565,000 after purchasing an additional 105,587 shares during the period. Finally, Tudor Investment Corp ET AL acquired a new position in Alta Equipment Group during the third quarter worth approximately $652,000. Institutional investors and hedge funds own 73.58% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on ALTG shares. Wall Street Zen lowered Alta Equipment Group from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. DA Davidson restated a “neutral” rating and issued a $8.00 price target on shares of Alta Equipment Group in a research note on Wednesday, June 24th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Alta Equipment Group in a report on Friday, May 29th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $8.75.

Alta Equipment Group Stock Performance

ALTG stock opened at $6.45 on Monday. Alta Equipment Group Inc. has a 52 week low of $4.16 and a 52 week high of $8.88. The company has a market capitalization of $209.85 million, a PE ratio of -2.55 and a beta of 1.73. The company’s 50-day simple moving average is $6.51 and its 200 day simple moving average is $6.50.

Alta Equipment Group (NYSE:ALTG) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.03). The business had revenue of $410.50 million during the quarter, compared to analyst estimates of $424.18 million. Alta Equipment Group had a negative return on equity of 3,253.61% and a negative net margin of 4.33%. On average, analysts forecast that Alta Equipment Group Inc. will post -1.2 EPS for the current year.

Alta Equipment Group 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.