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

Shares of Alta Equipment Group Inc. (NYSE:ALTG) have earned a consensus recommendation of “Buy” from the five brokerages that are covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating, one has given a buy rating and two have given a strong buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $11.25.

Several brokerages have issued reports on ALTG. Northland Securities raised shares of Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $20.00 price target on the stock in a report on Tuesday, July 8th. DA Davidson reissued a “neutral” rating and issued a $8.00 price target on shares of Alta Equipment Group in a report on Monday, August 18th. Wall Street Zen raised shares of Alta Equipment Group from a “sell” rating to a “hold” rating in a report on Friday, June 6th. Northland Capmk raised shares of Alta Equipment Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 8th. Finally, Raymond James Financial lowered their price target on shares of Alta Equipment Group from $8.50 to $7.00 and set a “market perform” rating on the stock in a report on Friday, May 16th.

Institutional Investors Weigh In On Alta Equipment Group

Several institutional investors and hedge funds have recently bought and sold shares of ALTG. Raymond James Financial Inc. bought a new stake in Alta Equipment Group in the 2nd quarter valued at $35,000. Farther Finance Advisors LLC boosted its stake in shares of Alta Equipment Group by 1,279.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 5,806 shares of the company’s stock valued at $37,000 after purchasing an additional 5,385 shares in the last quarter. Price T Rowe Associates Inc. MD acquired a new stake in shares of Alta Equipment Group in the 4th quarter valued at $69,000. Lido Advisors LLC acquired a new stake in shares of Alta Equipment Group in the 2nd quarter valued at $74,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of Alta Equipment Group in the 2nd quarter valued at $81,000. Institutional investors own 73.58% of the company’s stock.

Alta Equipment Group Trading Down 1.5%

Shares of ALTG stock opened at $8.36 on Thursday. Alta Equipment Group has a 1 year low of $3.54 and a 1 year high of $8.99. The firm’s fifty day simple moving average is $7.55 and its 200 day simple moving average is $6.01. The firm has a market capitalization of $267.78 million, a P/E ratio of -4.06 and a beta of 1.60. The company has a current ratio of 1.39, a quick ratio of 0.48 and a debt-to-equity ratio of 16.69.

Alta Equipment Group (NYSE:ALTG) last announced its earnings results on Thursday, August 7th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.06. Alta Equipment Group had a negative net margin of 3.53% and a negative return on equity of 95.61%. The business had revenue of $481.20 million for the quarter, compared to analyst estimates of $478.63 million. As a group, sell-side analysts predict that Alta Equipment Group will post -1.92 EPS for the current year.

About Alta Equipment Group

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.