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

Alta Equipment Group Inc. (NYSE:ALTG) has received an average rating of “Hold” from the five analysts that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $12.1667.

ALTG has been the subject of several recent analyst reports. Raymond James Financial raised shares of Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $9.50 target price for the company in a report on Monday, March 9th. Wall Street Zen raised Alta Equipment Group from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Weiss Ratings reissued a “sell (e+)” rating on shares of Alta Equipment Group in a report on Monday, December 29th. DA Davidson set a $7.00 price target on Alta Equipment Group in a report on Friday, March 6th. Finally, Zacks Research upgraded Alta Equipment Group from a “strong sell” rating to a “hold” rating in a report on Monday, January 19th.

Insider Activity at Alta Equipment Group

In related news, CFO Anthony Colucci sold 8,137 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $7.05, for a total value of $57,365.85. Following the sale, the chief financial officer owned 240,750 shares in the company, valued at approximately $1,697,287.50. This trade represents a 3.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Mill Road Capital Iii, L.P. bought 58,162 shares of the firm’s stock in a transaction on Thursday, March 12th. The shares were bought at an average price of $6.10 per share, with a total value of $354,788.20. Following the completion of the purchase, the insider owned 4,369,410 shares in the company, valued at approximately $26,653,401. The trade was a 1.35% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 84,000 shares of company stock worth $519,371 over the last quarter. Company insiders own 19.20% of the company’s stock.

Hedge Funds Weigh In On Alta Equipment Group

Several institutional investors have recently made changes to their positions in the business. RBF Capital LLC bought a new stake in shares of Alta Equipment Group during the 2nd quarter valued at $632,000. Lido Advisors LLC bought a new position in Alta Equipment Group in the 2nd quarter worth $74,000. ABS Direct Equity Fund LLC increased its stake in Alta Equipment Group by 5.7% in the 4th quarter. ABS Direct Equity Fund LLC now owns 185,000 shares of the company’s stock worth $851,000 after buying an additional 10,000 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Alta Equipment Group by 262.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 199,434 shares of the company’s stock worth $1,444,000 after buying an additional 144,350 shares in the last quarter. Finally, Tudor Investment Corp ET AL bought a new stake in Alta Equipment Group during the third quarter valued at about $652,000. Institutional investors own 73.58% of the company’s stock.

Alta Equipment Group Price Performance

Shares of NYSE:ALTG opened at $5.20 on Friday. The business has a fifty day moving average price of $6.43 and a 200-day moving average price of $6.00. The company has a debt-to-equity ratio of 257.10, a current ratio of 1.43 and a quick ratio of 0.48. The company has a market capitalization of $167.64 million, a PE ratio of -2.03 and a beta of 1.57. Alta Equipment Group has a 1-year low of $3.54 and a 1-year high of $8.99.

Alta Equipment Group (NYSE:ALTG) last announced its quarterly earnings results on Thursday, February 26th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.10). Alta Equipment Group had a negative return on equity of 341.70% and a negative net margin of 4.37%.The firm had revenue of $509.10 million during the quarter, compared to the consensus estimate of $489.56 million. As a group, equities analysts expect that Alta Equipment Group will post -1.92 EPS 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.