Alta Equipment Group Inc. (NYSE:ALTG) Receives Average Rating of “Hold” from Analysts

Alta Equipment Group Inc. (NYSE:ALTG) has been assigned a consensus rating of “Hold” from the six ratings firms that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $11.00.

Several equities research analysts have issued reports on ALTG shares. Zacks Research raised Alta Equipment Group from a “strong sell” rating to a “hold” rating in a research note on Monday, January 19th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Alta Equipment Group in a report on Monday, December 29th. Wall Street Zen lowered shares of Alta Equipment Group from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Finally, DA Davidson decreased their target price on shares of Alta Equipment Group from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 12th.

Insider Activity at Alta Equipment Group

In related news, Director Daniel Shribman acquired 40,000 shares of the stock in a transaction that occurred on Monday, December 8th. The stock was purchased at an average price of $5.07 per share, with a total value of $202,800.00. Following the transaction, the director owned 131,393 shares of the company’s stock, valued at approximately $666,162.51. This trade represents a 43.77% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 19.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ALTG. First Eagle Investment Management LLC boosted its stake in shares of Alta Equipment Group by 16.2% in the second quarter. First Eagle Investment Management LLC now owns 792,103 shares of the company’s stock valued at $5,006,000 after purchasing an additional 110,444 shares during the period. Citizens Financial Group Inc. RI increased its stake in Alta Equipment Group by 147.3% during the 2nd quarter. Citizens Financial Group Inc. RI now owns 230,000 shares of the company’s stock worth $1,454,000 after buying an additional 137,000 shares during the period. RBF Capital LLC acquired a new stake in Alta Equipment Group during the 2nd quarter worth approximately $632,000. Lido Advisors LLC acquired a new stake in Alta Equipment Group during the 2nd quarter worth approximately $74,000. Finally, Los Angeles Capital Management LLC boosted its position in Alta Equipment Group by 23.4% in the 2nd quarter. Los Angeles Capital Management LLC now owns 42,705 shares of the company’s stock valued at $270,000 after buying an additional 8,105 shares during the period. 73.58% of the stock is currently owned by hedge funds and other institutional investors.

Alta Equipment Group Stock Performance

Alta Equipment Group stock opened at $6.94 on Thursday. The firm has a 50 day simple moving average of $5.78 and a 200-day simple moving average of $6.41. The stock has a market cap of $223.55 million, a price-to-earnings ratio of -2.76 and a beta of 1.56. The company has a debt-to-equity ratio of 257.10, a current ratio of 1.42 and a quick ratio of 0.49. Alta Equipment Group has a 1-year low of $3.54 and a 1-year high of $8.99.

About Alta Equipment Group

Alta Equipment Group, Inc (NYSE: ALTG) is a North American distributor of material handling and logistics equipment. The company offers a broad lineup of forklifts, lift trucks, aerial work platforms, tow motors, pallet jacks and related attachments, serving manufacturing, warehousing, distribution and industrial facilities. Through its network of branch locations, Alta Equipment provides customers with new and used sales, short- and long-term rentals, and integrated fleet management solutions designed to support operational efficiency.

In addition to equipment sales, Alta Equipment supports customers with comprehensive after-sales services.