Alta Equipment Group (NYSE:ALTG) Cut to Sell at Wall Street Zen

Alta Equipment Group (NYSE:ALTG) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday.

Several other equities analysts also recently weighed in on the company. Raymond James Financial raised Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $9.50 target price for the company in a research report on Monday, March 9th. DA Davidson upgraded Alta Equipment Group to a “hold” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Alta Equipment Group in a report on Friday, May 29th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $12.17.

Alta Equipment Group Stock Up 4.4%

Shares of NYSE:ALTG opened at $7.05 on Friday. The business has a 50-day moving average price of $6.51 and a 200 day moving average price of $6.11. The company has a current ratio of 1.37, a quick ratio of 0.47 and a debt-to-equity ratio of 257.10. The company has a market capitalization of $229.31 million, a price-to-earnings ratio of -2.79 and a beta of 1.73. Alta Equipment Group has a 12-month low of $4.16 and a 12-month high of $8.99.

Alta Equipment Group (NYSE:ALTG) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.03). Alta Equipment Group had a negative return on equity of 3,253.61% and a negative net margin of 4.33%.The business had revenue of $410.50 million for the quarter, compared to analyst estimates of $424.18 million. Sell-side analysts expect that Alta Equipment Group will post -1.2 EPS for the current year.

Institutional Trading of Alta Equipment Group

Several institutional investors and hedge funds have recently made changes to their positions in ALTG. Strs Ohio purchased a new stake in shares of Alta Equipment Group in the first quarter valued at $138,000. Rhumbline Advisers grew its stake in shares of Alta Equipment Group by 15.9% in the first quarter. Rhumbline Advisers now owns 39,374 shares of the company’s stock valued at $185,000 after buying an additional 5,406 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Alta Equipment Group by 71.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 55,084 shares of the company’s stock valued at $348,000 after purchasing an additional 23,047 shares in the last quarter. Quantinno Capital Management LP grew its stake in Alta Equipment Group by 72.4% during the 2nd quarter. Quantinno Capital Management LP now owns 62,314 shares of the company’s stock valued at $394,000 after purchasing an additional 26,176 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Alta Equipment Group during the 2nd quarter worth approximately $35,000. 73.58% of the stock is currently owned by hedge funds and other institutional investors.

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.