Alta Equipment Group (NYSE:ALTG) Given New $20.00 Price Target at DA Davidson

Alta Equipment Group (NYSE:ALTG) had its target price trimmed by DA Davidson from $22.00 to $20.00 in a research report sent to investors on Tuesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Separately, B. Riley reaffirmed a buy rating and set a $22.00 price objective (down from $25.00) on shares of Alta Equipment Group in a report on Friday, March 15th.

Alta Equipment Group Price Performance

ALTG opened at $8.80 on Tuesday. The firm has a market cap of $291.69 million, a P/E ratio of -41.90 and a beta of 1.67. The firm has a 50-day moving average of $11.38 and a 200 day moving average of $11.26. The company has a debt-to-equity ratio of 4.93, a quick ratio of 0.43 and a current ratio of 1.30. Alta Equipment Group has a fifty-two week low of $8.31 and a fifty-two week high of $17.98.

Alta Equipment Group (NYSE:ALTG) last posted its quarterly earnings results on Thursday, March 14th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.03). The company had revenue of $521.50 million for the quarter, compared to the consensus estimate of $478.68 million. Alta Equipment Group had a negative net margin of 0.21% and a negative return on equity of 0.35%. On average, research analysts expect that Alta Equipment Group will post -0.37 EPS for the current year.

Alta Equipment Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Wednesday, May 15th will be issued a $0.057 dividend. This represents a $0.23 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date is Tuesday, May 14th. Alta Equipment Group’s payout ratio is -104.76%.

Insider Transactions at Alta Equipment Group

In other Alta Equipment Group news, CFO Anthony Colucci sold 17,222 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $11.45, for a total transaction of $197,191.90. Following the transaction, the chief financial officer now directly owns 156,609 shares in the company, valued at $1,793,173.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Ryan Greenawalt sold 34,951 shares of Alta Equipment Group stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $11.36, for a total value of $397,043.36. Following the completion of the transaction, the chief executive officer now owns 5,842,625 shares of the company’s stock, valued at approximately $66,372,220. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Anthony Colucci sold 17,222 shares of Alta Equipment Group stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $11.45, for a total value of $197,191.90. Following the completion of the sale, the chief financial officer now owns 156,609 shares of the company’s stock, valued at $1,793,173.05. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 59,578 shares of company stock valued at $681,392. 20.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Alta Equipment Group

A number of large investors have recently made changes to their positions in ALTG. Voss Capital LLC increased its holdings in Alta Equipment Group by 20.1% in the 4th quarter. Voss Capital LLC now owns 3,245,000 shares of the company’s stock worth $40,141,000 after acquiring an additional 543,500 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Alta Equipment Group by 52.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 245,468 shares of the company’s stock valued at $2,960,000 after acquiring an additional 84,678 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new position in shares of Alta Equipment Group during the 3rd quarter valued at approximately $4,558,000. Millrace Asset Group Inc. boosted its position in shares of Alta Equipment Group by 62.3% during the 3rd quarter. Millrace Asset Group Inc. now owns 136,735 shares of the company’s stock valued at $1,649,000 after acquiring an additional 52,493 shares during the last quarter. Finally, ABS Direct Equity Fund LLC bought a new stake in Alta Equipment Group in the fourth quarter worth $2,721,000. 73.58% of the stock is currently owned by institutional investors.

About Alta Equipment Group

Alta Equipment Group Inc owns and operates integrated equipment dealership platforms in the United States. It operates through three segments: Material Handling, Construction Equipment, and Master Distribution. The company operates a branch network that sells, rents, and provides parts and service support for various categories of specialized equipment, including lift trucks and other material handling equipment, heavy and compact earthmoving equipment, crushing and screening equipment, environmental processing equipment, cranes and aerial work platforms, paving and asphalt equipment, and other construction equipment and related products.