Bank of New York Mellon Corp Increases Stock Position in Alta Equipment Group Inc. (NYSE:ALTG)

Bank of New York Mellon Corp boosted its stake in Alta Equipment Group Inc. (NYSE:ALTG) by 10.6% during the fourth quarter, HoldingsChannel reports. The firm owned 238,827 shares of the company’s stock after buying an additional 22,800 shares during the period. Bank of New York Mellon Corp’s holdings in Alta Equipment Group were worth $1,562,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of ALTG. SG Americas Securities LLC raised its stake in Alta Equipment Group by 20.8% in the fourth quarter. SG Americas Securities LLC now owns 13,784 shares of the company’s stock valued at $90,000 after purchasing an additional 2,375 shares in the last quarter. Quantinno Capital Management LP purchased a new stake in Alta Equipment Group in the third quarter valued at approximately $160,000. Meixler Investment Management Ltd. raised its stake in Alta Equipment Group by 25.4% in the fourth quarter. Meixler Investment Management Ltd. now owns 33,192 shares of the company’s stock valued at $217,000 after purchasing an additional 6,717 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Alta Equipment Group by 5.7% during the fourth quarter. Rhumbline Advisers now owns 33,968 shares of the company’s stock worth $222,000 after acquiring an additional 1,827 shares in the last quarter. Finally, Barclays PLC raised its stake in shares of Alta Equipment Group by 302.8% during the third quarter. Barclays PLC now owns 38,327 shares of the company’s stock worth $258,000 after acquiring an additional 28,812 shares in the last quarter. 73.58% of the stock is owned by hedge funds and other institutional investors.

Alta Equipment Group Trading Down 4.0 %

ALTG stock opened at $5.12 on Friday. The company has a market capitalization of $168.08 million, a PE ratio of -3.01 and a beta of 1.81. Alta Equipment Group Inc. has a one year low of $4.45 and a one year high of $13.67. The company’s 50 day moving average price is $6.42 and its two-hundred day moving average price is $6.68. The company has a debt-to-equity ratio of 7.45, a quick ratio of 0.43 and a current ratio of 1.35.

Alta Equipment Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Saturday, February 15th were paid a dividend of $0.057 per share. This represents a $0.23 annualized dividend and a dividend yield of 4.46%. The ex-dividend date of this dividend was Friday, February 14th. Alta Equipment Group’s dividend payout ratio (DPR) is presently -11.22%.

Insiders Place Their Bets

In other news, COO Craig Brubaker sold 5,294 shares of the firm’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $5.00, for a total value of $26,470.00. Following the transaction, the chief operating officer now owns 98,640 shares in the company, valued at approximately $493,200. This trade represents a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 19.90% of the company’s stock.

Analysts Set New Price Targets

Separately, Raymond James decreased their price target on shares of Alta Equipment Group from $9.00 to $8.50 and set a “market perform” rating on the stock in a research note on Monday, March 10th.

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.