Alta Equipment Group Inc. (NYSE:ALTG) Receives $12.17 Average PT from Brokerages

Alta Equipment Group Inc. (NYSE:ALTG) has earned a consensus rating of “Hold” from the five analysts that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $12.1667.

Several research analysts have weighed in on ALTG shares. Raymond James Financial raised Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $9.50 price objective on the stock in a research report on Monday, March 9th. DA Davidson upgraded Alta Equipment Group to a “hold” rating in a research note on Wednesday, May 6th. Finally, Wall Street Zen raised shares of Alta Equipment Group from a “sell” rating to a “hold” rating in a report on Saturday, February 28th.

Alta Equipment Group Trading Down 1.9%

NYSE:ALTG opened at $6.14 on Friday. Alta Equipment Group has a 52 week low of $4.16 and a 52 week high of $8.99. The firm has a 50-day moving average price of $6.28 and a two-hundred day moving average price of $5.97. The company has a debt-to-equity ratio of 257.10, a quick ratio of 0.47 and a current ratio of 1.37. The firm has a market cap of $199.77 million, a price-to-earnings ratio of -2.43 and a beta of 1.82.

Alta Equipment Group (NYSE:ALTG) last announced its earnings results on Thursday, May 7th. The company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.03). The business had revenue of $410.50 million during the quarter, compared to analysts’ expectations of $424.18 million. Alta Equipment Group had a negative return on equity of 3,253.61% and a negative net margin of 4.33%. On average, equities analysts expect that Alta Equipment Group will post -1.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Mill Road Capital Iii, L.P. bought 58,162 shares of Alta Equipment Group stock in a transaction dated Thursday, March 12th. The stock was purchased at an average cost of $6.10 per share, with a total value of $354,788.20. Following the transaction, the insider directly owned 4,369,410 shares of the company’s stock, valued at approximately $26,653,401. The trade was a 1.35% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ryan Greenawalt sold 27,986 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $7.05, for a total transaction of $197,301.30. Following the sale, the chief executive officer owned 5,721,710 shares of the company’s stock, valued at approximately $40,338,055.50. The trade was a 0.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have purchased 84,000 shares of company stock valued at $519,371. Company insiders own 20.50% of the company’s stock.

Hedge Funds Weigh In On Alta Equipment Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Royal Bank of Canada increased its position in Alta Equipment Group by 55.1% in the fourth quarter. Royal Bank of Canada now owns 6,153 shares of the company’s stock worth $28,000 after buying an additional 2,186 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of Alta Equipment Group by 221.1% during the 4th quarter. Public Employees Retirement System of Ohio now owns 6,100 shares of the company’s stock valued at $28,000 after buying an additional 4,200 shares during the last quarter. Quarry LP grew its stake in shares of Alta Equipment Group by 150.9% during the 4th quarter. Quarry LP now owns 6,676 shares of the company’s stock worth $31,000 after acquiring an additional 4,015 shares during the period. Raymond James Financial Inc. bought a new position in shares of Alta Equipment Group during the 2nd quarter worth $35,000. Finally, Inscription Capital LLC purchased a new stake in Alta Equipment Group in the 4th quarter worth about $56,000. 73.58% of the stock is owned by institutional investors.

Alta Equipment Group Company Profile

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.