B. Riley Reaffirms “Buy” Rating for Alta Equipment Group (NYSE:ALTG)

B. Riley restated their buy rating on shares of Alta Equipment Group (NYSE:ALTG) in a research note published on Friday, Benzinga reports. B. Riley currently has a $22.00 price target on the stock, down from their previous price target of $25.00.

Alta Equipment Group Stock Performance

ALTG traded up $0.17 during trading hours on Friday, hitting $11.22. The stock had a trading volume of 579,282 shares, compared to its average volume of 328,296. The company’s fifty day simple moving average is $11.28 and its 200 day simple moving average is $11.39. Alta Equipment Group has a 1 year low of $8.76 and a 1 year high of $17.98. The stock has a market cap of $363.19 million, a PE ratio of 61.67 and a beta of 1.64. The company has a quick ratio of 0.51, a current ratio of 1.38 and a debt-to-equity ratio of 4.35.

Alta Equipment Group Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 29th. Stockholders of record on Thursday, February 15th were given a dividend of $0.057 per share. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $0.23 dividend on an annualized basis and a dividend yield of 2.03%. Alta Equipment Group’s dividend payout ratio (DPR) is presently 127.78%.

Insider Buying and Selling

In related news, CEO Ryan Greenawalt sold 34,951 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $11.36, for a total value of $397,043.36. Following the completion of the sale, the chief executive officer now owns 5,842,625 shares in the company, valued at approximately $66,372,220. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Alta Equipment Group news, major shareholder Voss Capital, Llc bought 25,000 shares of Alta Equipment Group stock in a transaction dated Wednesday, January 17th. The shares were purchased at an average cost of $10.87 per share, with a total value of $271,750.00. Following the completion of the purchase, the insider now owns 950,000 shares of the company’s stock, valued at $10,326,500. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Ryan Greenawalt sold 34,951 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $11.36, for a total value of $397,043.36. Following the transaction, the chief executive officer now directly owns 5,842,625 shares in the company, valued at $66,372,220. The disclosure for this sale can be found here. In the last quarter, insiders bought 41,108 shares of company stock worth $445,000 and sold 2,816,886 shares worth $31,011,780. 20.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Alta Equipment Group

Several hedge funds have recently made changes to their positions in the business. B. Riley Wealth Advisors Inc. purchased a new stake in Alta Equipment Group in the fourth quarter worth $190,000. Vanguard Group Inc. grew its stake in Alta Equipment Group by 5.1% in the fourth quarter. Vanguard Group Inc. now owns 1,241,192 shares of the company’s stock worth $15,354,000 after purchasing an additional 60,679 shares during the period. Sierra Summit Advisors LLC purchased a new stake in Alta Equipment Group in the fourth quarter worth $339,000. Spouting Rock Asset Management LLC grew its stake in Alta Equipment Group by 30.7% in the fourth quarter. Spouting Rock Asset Management LLC now owns 112,445 shares of the company’s stock worth $1,391,000 after purchasing an additional 26,392 shares during the period. Finally, Barclays PLC grew its stake in Alta Equipment Group by 365.1% in the fourth quarter. Barclays PLC now owns 36,323 shares of the company’s stock worth $450,000 after purchasing an additional 28,513 shares during the period. 70.94% of the stock is owned by hedge funds and other institutional investors.

Alta Equipment Group Company Profile

Alta Equipment Group Inc owns and operates integrated equipment dealership platforms in the United States. It operates in two segments, Material Handling and Construction Equipment. 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 aerial work platforms, earthmoving equipment, environmental processing equipment, and other material handling and construction equipment.