Alta Equipment Group Inc. (NYSE:ALTG) Given Average Recommendation of “Hold” by Brokerages

Alta Equipment Group Inc. (NYSE:ALTG) has received an average rating of “Hold” from the seven brokerages that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, two have issued a hold rating, one has given a buy rating and two have given a strong buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $11.00.

Several analysts recently weighed in on ALTG shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Alta Equipment Group in a research report on Monday, December 29th. Wall Street Zen cut Alta Equipment Group from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. DA Davidson cut their target price on 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. Finally, Zacks Research downgraded shares of Alta Equipment Group from a “hold” rating to a “strong sell” rating in a research note on Friday, November 14th.

Insider Buying and Selling at Alta Equipment Group

In related news, Director Daniel Shribman purchased 40,000 shares of Alta Equipment Group stock in a transaction dated Monday, December 8th. The stock was acquired at an average cost of $5.07 per share, with a total value of $202,800.00. Following the completion of the transaction, the director directly owned 131,393 shares of the company’s stock, valued at $666,162.51. This trade represents a 43.77% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 19.20% of the stock is owned by corporate insiders.

Institutional Trading of Alta Equipment Group

Institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. increased its holdings in Alta Equipment Group by 4.5% in the third quarter. Russell Investments Group Ltd. now owns 52,502 shares of the company’s stock worth $380,000 after buying an additional 2,242 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in Alta Equipment Group by 10.7% in the 3rd quarter. Alliancebernstein L.P. now owns 38,270 shares of the company’s stock worth $277,000 after purchasing an additional 3,700 shares during the last quarter. Brooklyn Investment Group boosted its position in Alta Equipment Group by 21.3% during the third quarter. Brooklyn Investment Group now owns 24,417 shares of the company’s stock worth $177,000 after purchasing an additional 4,288 shares during the period. Farther Finance Advisors LLC boosted its position in Alta Equipment Group by 1,279.1% during the second quarter. Farther Finance Advisors LLC now owns 5,806 shares of the company’s stock worth $37,000 after purchasing an additional 5,385 shares during the period. Finally, Rhumbline Advisers grew its holdings in Alta Equipment Group by 15.9% during the first quarter. Rhumbline Advisers now owns 39,374 shares of the company’s stock valued at $185,000 after purchasing an additional 5,406 shares during the last quarter. Institutional investors and hedge funds own 73.58% of the company’s stock.

Alta Equipment Group Stock Up 2.3%

Shares of NYSE:ALTG opened at $6.46 on Friday. Alta Equipment Group has a 52-week low of $3.54 and a 52-week high of $8.99. The company has a 50 day moving average of $5.06 and a two-hundred day moving average of $6.55. The company has a quick ratio of 0.49, a current ratio of 1.42 and a debt-to-equity ratio of 257.10. The company has a market capitalization of $208.11 million, a price-to-earnings ratio of -2.57 and a beta of 1.56.

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 the consensus estimate of ($0.27) by ($1.04). Alta Equipment Group had a negative return on equity of 175.61% and a negative net margin of 4.34%.The company had revenue of $422.60 million for the quarter, compared to the consensus estimate of $456.68 million. As a group, analysts forecast that Alta Equipment Group will post -1.92 earnings per share for the current fiscal year.

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.