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

Shares of Alta Equipment Group Inc. (NYSE:ALTG) have earned an average recommendation of “Hold” from the seven ratings firms that are currently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, one has given a buy rating and two have issued a strong buy rating on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $11.00.

A number of equities analysts recently commented on ALTG shares. 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. Wall Street Zen cut Alta Equipment Group from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Zacks Research lowered Alta Equipment Group from a “hold” rating to a “strong sell” rating in a research note on Friday, November 14th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Alta Equipment Group in a report on Monday, December 22nd.

Alta Equipment Group Stock Performance

NYSE:ALTG opened at $4.73 on Wednesday. The company has a market capitalization of $152.33 million, a price-to-earnings ratio of -1.88 and a beta of 1.57. The business has a 50 day moving average of $5.23 and a 200 day moving average of $6.62. 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.

Alta Equipment Group (NYSE:ALTG) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($1.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($1.04). The business had revenue of $422.60 million for the quarter, compared to the consensus estimate of $456.68 million. Alta Equipment Group had a negative net margin of 4.34% and a negative return on equity of 175.61%. On average, sell-side analysts predict that Alta Equipment Group will post -1.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Alta Equipment Group

In related news, Director Daniel Shribman acquired 40,000 shares of the company’s stock in a transaction dated 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 completion of the purchase, the director owned 131,393 shares in the company, valued at $666,162.51. This trade represents a 43.77% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 19.90% of the company’s stock.

Institutional Investors Weigh In On Alta Equipment Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ALTG. CIBC Bancorp USA Inc. bought a new stake in Alta Equipment Group in the 3rd quarter worth $3,435,000. Nantahala Capital Management LLC grew its stake in shares of Alta Equipment Group by 23.4% in the first quarter. Nantahala Capital Management LLC now owns 1,042,769 shares of the company’s stock worth $4,891,000 after purchasing an additional 197,654 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Alta Equipment Group by 262.1% in the third quarter. JPMorgan Chase & Co. now owns 199,434 shares of the company’s stock worth $1,444,000 after purchasing an additional 144,350 shares during the last quarter. Citizens Financial Group Inc. RI increased its holdings 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 valued at $1,454,000 after purchasing an additional 137,000 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new position in Alta Equipment Group during the 3rd quarter valued at approximately $968,000. 73.58% of the stock is currently owned by institutional investors.

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.