B. Riley Forecasts Lower Earnings for Alta Equipment Group

Alta Equipment Group Inc. (NYSE:ALTG) – B. Riley cut their FY2024 earnings per share (EPS) estimates for Alta Equipment Group in a research note issued to investors on Thursday, November 14th. B. Riley analyst A. Rygiel now forecasts that the company will post earnings of ($1.99) per share for the year, down from their previous estimate of ($0.98). The consensus estimate for Alta Equipment Group’s current full-year earnings is ($1.71) per share. B. Riley also issued estimates for Alta Equipment Group’s Q4 2024 earnings at ($0.38) EPS and FY2025 earnings at ($0.52) EPS.

Other equities research analysts also recently issued reports about the stock. Northland Capmk downgraded shares of Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 13th. DA Davidson decreased their target price on Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Northland Securities reaffirmed a “market perform” rating and set a $20.00 price target (down from $30.00) on shares of Alta Equipment Group in a research note on Wednesday, November 13th. Finally, Raymond James reduced their price objective on Alta Equipment Group from $10.00 to $9.00 and set a “market perform” rating for the company in a research note on Thursday, November 14th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Alta Equipment Group has an average rating of “Hold” and an average price target of $15.75.

Alta Equipment Group Stock Down 1.4 %

Alta Equipment Group stock opened at $6.89 on Monday. The company has a market capitalization of $228.01 million, a PE ratio of -4.05 and a beta of 1.67. Alta Equipment Group has a 12-month low of $5.40 and a 12-month high of $13.67. The firm’s fifty day moving average is $6.56 and its 200 day moving average is $7.77. The company has a quick ratio of 0.47, a current ratio of 1.35 and a debt-to-equity ratio of 7.45.

Alta Equipment Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a dividend of $0.057 per share. This represents a $0.23 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend is Friday, November 15th. Alta Equipment Group’s payout ratio is presently -12.94%.

Insider Activity at Alta Equipment Group

In related news, major shareholder Voss Capital, Lp sold 11,311 shares of Alta Equipment Group stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $6.31, for a total transaction of $71,372.41. Following the transaction, the insider now owns 963,689 shares of the company’s stock, valued at $6,080,877.59. The trade was a 1.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 19.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Alta Equipment Group

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Barclays PLC boosted its holdings in Alta Equipment Group by 302.8% during the 3rd quarter. Barclays PLC now owns 38,327 shares of the company’s stock worth $258,000 after acquiring an additional 28,812 shares during the last quarter. State Street Corp lifted its position in shares of Alta Equipment Group by 2.5% during the third quarter. State Street Corp now owns 485,892 shares of the company’s stock valued at $3,275,000 after purchasing an additional 11,946 shares in the last quarter. Quantinno Capital Management LP purchased a new position in Alta Equipment Group during the third quarter worth about $160,000. Mill Road Capital Management LLC grew its position in Alta Equipment Group by 18.2% in the 3rd quarter. Mill Road Capital Management LLC now owns 4,213,208 shares of the company’s stock worth $28,397,000 after purchasing an additional 650,214 shares in the last quarter. Finally, Paloma Partners Management Co purchased a new stake in Alta Equipment Group in the 3rd quarter valued at about $2,646,000. 73.58% of the stock is owned by hedge funds and other institutional investors.

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.