Alta Equipment Group Inc. (NYSE:ALTG) Short Interest Up 10.1% in November

Alta Equipment Group Inc. (NYSE:ALTG) saw a large growth in short interest during the month of November. As of November 15th, there was short interest totalling 3,060,000 shares, a growth of 10.1% from the October 31st total of 2,780,000 shares. Based on an average trading volume of 315,200 shares, the short-interest ratio is currently 9.7 days. Approximately 15.1% of the company’s shares are sold short.

Alta Equipment Group Stock Up 0.3 %

Shares of ALTG traded up $0.02 during midday trading on Wednesday, reaching $7.81. 55,124 shares of the company were exchanged, compared to its average volume of 358,012. The company has a current ratio of 1.35, a quick ratio of 0.43 and a debt-to-equity ratio of 7.45. Alta Equipment Group has a 1-year low of $5.40 and a 1-year high of $13.67. The company has a market cap of $259.76 million, a price-to-earnings ratio of -4.58 and a beta of 1.71. The stock has a 50-day moving average price of $6.86 and a 200-day moving average price of $7.61.

Alta Equipment Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a $0.057 dividend. This represents a $0.23 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date was Friday, November 15th. Alta Equipment Group’s dividend payout ratio is presently -13.53%.

Insider Buying and Selling at Alta Equipment Group

In other Alta Equipment Group news, major shareholder Voss Capital, Lp sold 11,311 shares of Alta Equipment Group stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $6.31, for a total value of $71,372.41. Following the completion of the sale, the insider now owns 963,689 shares in the company, valued at $6,080,877.59. The trade was a 1.16 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 19.90% of the stock is currently owned by insiders.

Institutional Trading of Alta Equipment Group

Large investors have recently bought and sold shares of the company. Quest Partners LLC acquired a new stake in Alta Equipment Group during the 2nd quarter valued at $80,000. The Manufacturers Life Insurance Company purchased a new position in Alta Equipment Group in the second quarter valued at about $89,000. SG Americas Securities LLC acquired a new stake in Alta Equipment Group during the 3rd quarter valued at approximately $77,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Alta Equipment Group by 37.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,795 shares of the company’s stock worth $95,000 after buying an additional 3,218 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its position in shares of Alta Equipment Group by 28.7% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 15,766 shares of the company’s stock worth $127,000 after purchasing an additional 3,518 shares during the last quarter. Institutional investors and hedge funds own 73.58% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ALTG shares. Northland Capmk downgraded shares of Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 13th. Raymond James cut their target price on Alta Equipment Group from $10.00 to $9.00 and set a “market perform” rating on the stock in a research report on Thursday, November 14th. DA Davidson dropped their price target on Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Finally, Northland Securities reissued a “market perform” rating and set a $20.00 target price (down previously from $30.00) on shares of Alta Equipment Group in a research report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $15.75.

Alta Equipment Group Company 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.