Alta Equipment Group Inc. (NYSE:ALTG) Receives $11.00 Average PT from Brokerages

Shares of Alta Equipment Group Inc. (NYSE:ALTG) have earned a consensus rating of “Hold” from the seven ratings firms that are presently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, two have given a hold recommendation, one has issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $11.00.

ALTG has been the topic of a number of recent analyst reports. DA Davidson decreased their target price on 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. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alta Equipment Group in a report on Monday, December 29th. Wall Street Zen cut shares of Alta Equipment Group from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Finally, Zacks Research downgraded shares of Alta Equipment Group from a “hold” rating to a “strong sell” rating in a research note on Friday, November 14th.

Alta Equipment Group Stock Down 6.6%

NYSE ALTG opened at $6.05 on Friday. The business has a fifty day moving average price of $5.11 and a two-hundred day moving average price of $6.52. The stock has a market capitalization of $194.89 million, a PE ratio of -2.41 and a beta of 1.56. Alta Equipment Group has a fifty-two week low of $3.54 and a fifty-two week high of $8.99. 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 (NYSE:ALTG) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($1.04). Alta Equipment Group had a negative net margin of 4.34% and a negative return on equity of 175.61%. The business had revenue of $422.60 million during the quarter, compared to the consensus estimate of $456.68 million. Equities analysts expect that Alta Equipment Group will post -1.92 earnings per share for the current fiscal year.

Insider Activity at Alta Equipment Group

In other news, Director Daniel Shribman acquired 40,000 shares of the business’s stock in a transaction that occurred on Monday, December 8th. The shares were bought at an average price of $5.07 per share, with a total value of $202,800.00. Following the acquisition, the director directly owned 131,393 shares in the company, valued at $666,162.51. The trade was a 43.77% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 19.90% of the company’s stock.

Institutional Trading of Alta Equipment Group

Hedge funds have recently made changes to their positions in the company. First Eagle Investment Management LLC grew its holdings in shares of Alta Equipment Group by 16.2% during the second quarter. First Eagle Investment Management LLC now owns 792,103 shares of the company’s stock worth $5,006,000 after purchasing an additional 110,444 shares during the last quarter. Citizens Financial Group Inc. RI boosted its position 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. Farther Finance Advisors LLC grew its holdings in Alta Equipment Group by 1,279.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 5,806 shares of the company’s stock worth $37,000 after acquiring an additional 5,385 shares during the last quarter. RBF Capital LLC bought a new stake in Alta Equipment Group during the 2nd quarter worth approximately $632,000. Finally, Los Angeles Capital Management LLC increased 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 acquiring an additional 8,105 shares during the period. 73.58% of the stock is owned by institutional investors and hedge funds.

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.