Alta Equipment Group (NYSE:ALTG) Cut to Hold at Raymond James

Raymond James downgraded shares of Alta Equipment Group (NYSE:ALTG) from a moderate buy rating to a hold rating in a research report report published on Thursday, Zacks.com reports.

Separately, DA Davidson lowered their price target on shares of Alta Equipment Group from $22.00 to $20.00 and set a buy rating on the stock in a report on Tuesday, May 21st.

Alta Equipment Group Stock Down 6.2 %

Shares of NYSE:ALTG traded down $0.40 during midday trading on Thursday, hitting $6.01. The stock had a trading volume of 910,509 shares, compared to its average volume of 371,839. Alta Equipment Group has a 12 month low of $5.77 and a 12 month high of $16.20. The company has a quick ratio of 0.43, a current ratio of 1.30 and a debt-to-equity ratio of 4.93. The business’s 50-day simple moving average is $8.97 and its 200-day simple moving average is $10.44. The company has a market cap of $199.21 million, a P/E ratio of -29.81 and a beta of 1.69.

Alta Equipment Group (NYSE:ALTG) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.34). Alta Equipment Group had a negative return on equity of 0.35% and a negative net margin of 0.21%. The company had revenue of $488.10 million for the quarter, compared to the consensus estimate of $497.57 million. During the same period last year, the firm earned $0.16 earnings per share. On average, sell-side analysts forecast that Alta Equipment Group will post -0.23 earnings per share for the current fiscal year.

Alta Equipment Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Thursday, August 15th will be given a dividend of $0.057 per share. The ex-dividend date is Thursday, August 15th. This represents a $0.23 annualized dividend and a yield of 3.79%. Alta Equipment Group’s dividend payout ratio (DPR) is presently -104.76%.

Insiders Place Their Bets

In related news, insider Jeffrey Alan Hoover acquired 4,000 shares of the business’s stock in a transaction on Friday, June 7th. The stock was purchased at an average cost of $8.17 per share, for a total transaction of $32,680.00. Following the completion of the transaction, the insider now directly owns 11,601 shares of the company’s stock, valued at approximately $94,780.17. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Jeffrey Alan Hoover bought 4,000 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was purchased at an average cost of $8.17 per share, for a total transaction of $32,680.00. Following the transaction, the insider now owns 11,601 shares in the company, valued at approximately $94,780.17. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Mill Road Capital Iii, L.P. purchased 179,414 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The stock was bought at an average price of $8.05 per share, for a total transaction of $1,444,282.70. Following the transaction, the insider now directly owns 3,894,008 shares of the company’s stock, valued at approximately $31,346,764.40. The disclosure for this purchase can be found here. Insiders purchased 313,100 shares of company stock worth $2,753,631 over the last three months. Insiders own 19.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quadrant Capital Group LLC boosted its stake in shares of Alta Equipment Group by 1,997.9% in the 4th quarter. Quadrant Capital Group LLC now owns 3,063 shares of the company’s stock valued at $38,000 after purchasing an additional 2,917 shares in the last quarter. AJOVista LLC acquired a new position in Alta Equipment Group during the 4th quarter worth approximately $59,000. Quest Partners LLC bought a new stake in Alta Equipment Group during the 2nd quarter worth approximately $80,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Alta Equipment Group by 37.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,795 shares of the company’s stock worth $95,000 after acquiring an additional 3,218 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Alta Equipment Group by 77.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,577 shares of the company’s stock worth $106,000 after acquiring an additional 3,740 shares during the last quarter. Institutional investors own 73.58% of the company’s stock.

Alta Equipment Group Company Profile

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.