First Eagle Investment Management LLC Makes New $2.59 Million Investment in Alta Equipment Group Inc. (NYSE:ALTG)

First Eagle Investment Management LLC acquired a new position in shares of Alta Equipment Group Inc. (NYSE:ALTG - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 395,855 shares of the company's stock, valued at approximately $2,589,000. First Eagle Investment Management LLC owned approximately 1.19% of Alta Equipment Group at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ALTG. SG Americas Securities LLC increased its position in shares of 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 buying an additional 2,375 shares in the last quarter. Quantinno Capital Management LP purchased a new position in Alta Equipment Group during the 3rd quarter valued at about $160,000. Meixler Investment Management Ltd. increased its holdings in Alta Equipment Group by 25.4% during the 4th quarter. Meixler Investment Management Ltd. now owns 33,192 shares of the company's stock valued at $217,000 after acquiring an additional 6,717 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Alta Equipment Group by 5.7% in the fourth quarter. Rhumbline Advisers now owns 33,968 shares of the company's stock valued at $222,000 after purchasing an additional 1,827 shares in the last quarter. Finally, Barclays PLC lifted its holdings in shares of Alta Equipment Group by 302.8% in the third quarter. Barclays PLC now owns 38,327 shares of the company's stock valued at $258,000 after purchasing an additional 28,812 shares in the last quarter. 73.58% of the stock is currently owned by institutional investors and hedge funds.

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Insiders Place Their Bets

In related news, COO Craig Brubaker sold 5,294 shares of the stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $5.00, for a total transaction of $26,470.00. Following the transaction, the chief operating officer now directly owns 98,640 shares in the company, valued at approximately $493,200. This represents a 5.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 19.90% of the stock is owned by corporate insiders.

Alta Equipment Group Price Performance

Alta Equipment Group stock traded down $0.35 during midday trading on Thursday, reaching $5.32. 335,422 shares of the company were exchanged, compared to its average volume of 313,042. The firm's 50-day simple moving average is $6.47 and its 200-day simple moving average is $6.70. Alta Equipment Group Inc. has a 1 year low of $4.45 and a 1 year high of $13.67. The company has a market capitalization of $174.65 million, a price-to-earnings ratio of -3.13 and a beta of 1.81. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Saturday, February 15th were given a dividend of $0.057 per share. The ex-dividend date was Friday, February 14th. This represents a $0.23 dividend on an annualized basis and a yield of 4.29%. Alta Equipment Group's dividend payout ratio (DPR) is currently -11.22%.

Wall Street Analyst Weigh In

Separately, Raymond James cut their price objective on Alta Equipment Group from $9.00 to $8.50 and set a "market perform" rating for the company in a research report on Monday, March 10th.

About Alta Equipment Group

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.