JPMorgan Chase & Co. Boosts Stake in Alta Equipment Group Inc. (NYSE:ALTG)

JPMorgan Chase & Co. boosted its stake in Alta Equipment Group Inc. (NYSE:ALTG) by 167.8% in the 3rd quarter, Holdings Channel reports. The firm owned 51,418 shares of the company’s stock after purchasing an additional 32,218 shares during the period. JPMorgan Chase & Co.’s holdings in Alta Equipment Group were worth $347,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company acquired a new position in Alta Equipment Group in the 2nd quarter valued at about $89,000. SG Americas Securities LLC purchased a new position in Alta Equipment Group in the 3rd quarter valued at approximately $77,000. Harbor Capital Advisors Inc. grew its stake in Alta Equipment Group by 17.6% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 18,543 shares of the company’s stock worth $125,000 after purchasing an additional 2,777 shares in the last quarter. Quantinno Capital Management LP acquired a new stake in Alta Equipment Group in the 3rd quarter valued at about $160,000. Finally, Meixler Investment Management Ltd. acquired a new stake in Alta Equipment Group in the third quarter valued at approximately $178,000. Hedge funds and other institutional investors own 73.58% of the company’s stock.

Analyst Ratings Changes

ALTG has been the topic of a number of recent analyst reports. Raymond James dropped their price objective on shares of 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. Northland Capmk lowered Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 13th. Finally, Northland Securities reaffirmed a “market perform” rating and set a $20.00 price objective (down from $30.00) on shares of Alta Equipment Group in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Alta Equipment Group has a consensus rating of “Hold” and a consensus target price of $15.75.

Alta Equipment Group Stock Performance

NYSE:ALTG opened at $7.03 on Thursday. The stock has a market cap of $233.82 million, a PE ratio of -4.14 and a beta of 1.75. Alta Equipment Group Inc. has a fifty-two week low of $5.40 and a fifty-two week high of $13.67. The firm’s fifty day simple moving average is $7.20 and its 200-day simple moving average is $7.21. The company has a quick ratio of 0.43, a current ratio of 1.35 and a debt-to-equity ratio of 7.45.

Alta Equipment Group Announces Dividend

The firm 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 annualized dividend and a dividend yield of 3.24%. The ex-dividend date was Friday, November 15th. Alta Equipment Group’s dividend payout ratio (DPR) is presently -12.94%.

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.