Millrace Asset Group Inc. Sells 14,741 Shares of Alta Equipment Group Inc. (NYSE:ALTG)

Millrace Asset Group Inc. trimmed its holdings in shares of Alta Equipment Group Inc. (NYSE:ALTG) by 6.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 229,596 shares of the company’s stock after selling 14,741 shares during the quarter. Alta Equipment Group accounts for approximately 1.6% of Millrace Asset Group Inc.’s investment portfolio, making the stock its 21st largest holding. Millrace Asset Group Inc. owned approximately 0.71% of Alta Equipment Group worth $3,051,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in ALTG. BlackRock Inc. grew its stake in Alta Equipment Group by 9.8% in the second quarter. BlackRock Inc. now owns 1,337,743 shares of the company’s stock valued at $17,779,000 after purchasing an additional 119,207 shares during the last quarter. Deutsche Bank AG lifted its holdings in shares of Alta Equipment Group by 659.7% during the second quarter. Deutsche Bank AG now owns 83,813 shares of the company’s stock worth $1,114,000 after purchasing an additional 72,780 shares during the period. Rock Creek Group LP lifted its holdings in shares of Alta Equipment Group by 33.3% during the second quarter. Rock Creek Group LP now owns 200,000 shares of the company’s stock worth $2,658,000 after purchasing an additional 50,000 shares during the period. Rockefeller Capital Management L.P. acquired a new stake in shares of Alta Equipment Group during the second quarter worth about $107,000. Finally, Advisor Group Holdings Inc. lifted its holdings in Alta Equipment Group by 104.1% in the second quarter. Advisor Group Holdings Inc. now owns 7,562 shares of the company’s stock valued at $101,000 after acquiring an additional 3,857 shares during the period. Hedge funds and other institutional investors own 65.44% of the company’s stock.

A number of research analysts have issued reports on ALTG shares. Zacks Investment Research downgraded Alta Equipment Group from a “hold” rating to a “sell” rating in a report on Thursday, August 12th. Colliers Securities restated a “buy” rating on shares of Alta Equipment Group in a research report on Thursday, July 1st. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $16.33.

In related news, CFO Anthony Colucci sold 3,300 shares of the firm’s stock in a transaction that occurred on Friday, July 2nd. The stock was sold at an average price of $14.00, for a total transaction of $46,200.00. Following the transaction, the chief financial officer now owns 42,989 shares in the company, valued at approximately $601,846. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder B. Riley Financial, Inc. purchased 3,480 shares of the company’s stock in a transaction that occurred on Wednesday, September 8th. The shares were purchased at an average price of $12.80 per share, for a total transaction of $44,544.00. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 24,642 shares of company stock worth $315,439. Corporate insiders own 23.90% of the company’s stock.

NYSE:ALTG traded up $0.55 during trading hours on Tuesday, hitting $14.01. The company had a trading volume of 636 shares, compared to its average volume of 87,728. The company has a current ratio of 1.26, a quick ratio of 0.56 and a debt-to-equity ratio of 2.28. The company has a 50-day moving average of $12.88 and a 200 day moving average of $13.18. The company has a market cap of $453.41 million, a P/E ratio of -18.33 and a beta of 2.01. Alta Equipment Group Inc. has a 1 year low of $7.26 and a 1 year high of $15.33.

Alta Equipment Group (NYSE:ALTG) last announced its quarterly earnings results on Thursday, August 12th. The company reported ($0.11) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.05). Alta Equipment Group had a negative net margin of 2.18% and a negative return on equity of 8.08%. The business had revenue of $292.70 million during the quarter, compared to analyst estimates of $269.10 million. On average, analysts forecast that Alta Equipment Group Inc. will post -0.1 earnings per share for the current year.

Alta Equipment Group Profile

Alta Equipment Group, Inc engages in the operation of equipment dealership platforms. It operates through the following segments: Material Handling; Construction Equipment; and Corporate. The Material Handling segment include sale, service, and rental of lift trucks and other material handling equipment in Michigan, Illinois, Indiana and New York.

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Institutional Ownership by Quarter for Alta Equipment Group (NYSE:ALTG)

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