Alta Equipment Group Inc. (NYSE:ALTG) Receives $11.00 Average PT from Analysts

Shares of Alta Equipment Group Inc. (NYSE:ALTG) have received an average rating of “Hold” from the six brokerages that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, three have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $11.00.

A number of brokerages have weighed in on ALTG. Zacks Research upgraded Alta Equipment Group from a “strong sell” rating to a “hold” rating in a report on Monday, January 19th. Wall Street Zen lowered Alta Equipment Group from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Alta Equipment Group in a report on Monday, December 29th. Finally, DA Davidson cut their price target on Alta Equipment Group from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, November 12th.

Insider Buying and Selling

In related news, Director Daniel Shribman acquired 40,000 shares of the business’s stock in a transaction dated Monday, December 8th. The shares were bought at an average price of $5.07 per share, with a total value of $202,800.00. Following 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 SEC, which can be accessed through the SEC website. Insiders own 19.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALTG. CIBC Bancorp USA Inc. bought a new stake in shares of Alta Equipment Group during the third quarter valued at approximately $3,435,000. JPMorgan Chase & Co. grew its position in Alta Equipment Group by 262.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 199,434 shares of the company’s stock valued at $1,444,000 after purchasing an additional 144,350 shares during the period. Citizens Financial Group Inc. RI raised its holdings in Alta Equipment Group by 147.3% during the second quarter. Citizens Financial Group Inc. RI now owns 230,000 shares of the company’s stock worth $1,454,000 after buying an additional 137,000 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of Alta Equipment Group in the third quarter valued at $968,000. Finally, First Eagle Investment Management LLC grew its holdings in shares of Alta Equipment Group by 16.2% during the second quarter. First Eagle Investment Management LLC now owns 792,103 shares of the company’s stock valued at $5,006,000 after buying an additional 110,444 shares during the last quarter. Institutional investors own 73.58% of the company’s stock.

Alta Equipment Group Stock Up 0.5%

Alta Equipment Group stock opened at $6.65 on Thursday. The firm has a market cap of $214.23 million, a price-to-earnings ratio of -2.65 and a beta of 1.56. Alta Equipment Group has a 52-week low of $3.54 and a 52-week high of $8.99. The company has a debt-to-equity ratio of 257.10, a quick ratio of 0.49 and a current ratio of 1.42. The firm has a 50 day moving average price of $5.88 and a two-hundred day moving average price of $6.36.

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.