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

Shares of Alta Equipment Group Inc. (NYSE:ALTG) have been given an average rating of “Hold” by the five research firms that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $12.1667.

A number of brokerages have commented on ALTG. Raymond James Financial upgraded shares of Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $9.50 price target on the stock in a research report on Monday, March 9th. Wall Street Zen raised Alta Equipment Group from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Finally, DA Davidson raised Alta Equipment Group to a “hold” rating in a research note on Wednesday, May 6th.

Insider Activity

In other news, CEO Ryan Greenawalt sold 27,986 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $7.05, for a total transaction of $197,301.30. Following the completion of the sale, the chief executive officer owned 5,721,710 shares of the company’s stock, valued at approximately $40,338,055.50. This represents a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Mill Road Capital Iii, L.P. acquired 58,162 shares of the company’s stock in a transaction dated Thursday, March 12th. The shares were bought at an average cost of $6.10 per share, with a total value of $354,788.20. Following the purchase, the insider owned 4,369,410 shares of the company’s stock, valued at approximately $26,653,401. This trade represents a 1.35% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders purchased 84,000 shares of company stock valued at $519,371. 20.50% of the stock is currently owned by company insiders.

Institutional Trading of Alta Equipment Group

Institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada boosted its stake in shares of Alta Equipment Group by 55.1% during the fourth quarter. Royal Bank of Canada now owns 6,153 shares of the company’s stock valued at $28,000 after purchasing an additional 2,186 shares during the period. Public Employees Retirement System of Ohio boosted its stake in shares of Alta Equipment Group by 221.1% during the fourth quarter. Public Employees Retirement System of Ohio now owns 6,100 shares of the company’s stock valued at $28,000 after purchasing an additional 4,200 shares during the period. Quarry LP boosted its stake in shares of Alta Equipment Group by 150.9% during the fourth quarter. Quarry LP now owns 6,676 shares of the company’s stock valued at $31,000 after purchasing an additional 4,015 shares during the period. Raymond James Financial Inc. purchased a new stake in Alta Equipment Group in the second quarter worth $35,000. Finally, Inscription Capital LLC purchased a new stake in Alta Equipment Group in the fourth quarter worth $56,000. Hedge funds and other institutional investors own 73.58% of the company’s stock.

Alta Equipment Group Stock Up 8.6%

Shares of NYSE ALTG opened at $5.48 on Friday. Alta Equipment Group has a one year low of $4.16 and a one year high of $8.99. The company has a debt-to-equity ratio of 257.10, a current ratio of 1.37 and a quick ratio of 0.47. The firm’s 50 day simple moving average is $6.28 and its two-hundred day simple moving average is $5.97. The stock has a market capitalization of $178.16 million, a P/E ratio of -2.16 and a beta of 1.82.

Alta Equipment Group (NYSE:ALTG) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.03). Alta Equipment Group had a negative net margin of 4.33% and a negative return on equity of 3,253.61%. The business had revenue of $410.50 million for the quarter, compared to the consensus estimate of $424.18 million. As a group, analysts expect that Alta Equipment Group will post -1.3 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.