Northland Securities Reaffirms Market Perform Rating for Alta Equipment Group (NYSE:ALTG)

Northland Securities reaffirmed their market perform rating on shares of Alta Equipment Group (NYSE:ALTG) in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports. The brokerage currently has a $20.00 price objective on the stock, down from their prior price objective of $30.00.

ALTG has been the topic of a number of other reports. DA Davidson decreased their price target on shares of Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Raymond James reaffirmed a “market perform” rating and issued a $10.00 price target (down from $14.00) on shares of Alta Equipment Group in a research note on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $15.75.

Alta Equipment Group Trading Down 2.1 %

ALTG stock opened at $6.99 on Wednesday. The company’s 50-day simple moving average is $6.55 and its 200-day simple moving average is $7.83. 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 has a 52-week low of $5.40 and a 52-week high of $13.67. The firm has a market cap of $231.30 million, a P/E ratio of -4.11 and a beta of 1.67.

Alta Equipment Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a $0.057 dividend. This represents a $0.23 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date is Friday, November 15th. Alta Equipment Group’s dividend payout ratio (DPR) is -13.53%.

Insiders Place Their Bets

In other Alta Equipment Group news, major shareholder Voss Capital, Lp sold 11,311 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $6.31, for a total value of $71,372.41. Following the transaction, the insider now directly owns 963,689 shares of the company’s stock, valued at $6,080,877.59. This trade represents a 1.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 19.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ALTG. SG Americas Securities LLC acquired a new stake in shares of Alta Equipment Group during the 3rd quarter worth approximately $77,000. Quest Partners LLC acquired a new stake in shares of Alta Equipment Group during the 2nd quarter worth approximately $80,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Alta Equipment Group during the 2nd quarter worth approximately $89,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Alta Equipment Group by 37.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,795 shares of the company’s stock worth $95,000 after buying an additional 3,218 shares during the last quarter. Finally, EntryPoint Capital LLC increased its holdings in shares of Alta Equipment Group by 88.0% during the 1st quarter. EntryPoint Capital LLC now owns 8,419 shares of the company’s stock worth $109,000 after buying an additional 3,940 shares during the last quarter. 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.