Alta Equipment Group Inc. (NYSE:ALTG) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Alta Equipment Group Inc. (NYSE:ALTG) have been given an average recommendation of “Moderate Buy” by the six ratings firms that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $11.6250.

Several equities analysts have recently commented on the stock. Zacks Research upgraded shares of Alta Equipment Group from a “strong sell” rating to a “hold” rating in a report on Monday, January 19th. DA Davidson set a $7.00 price objective on Alta Equipment Group in a research report on Friday, March 6th. Raymond James Financial upgraded Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $9.50 target price on the stock in a research note on Monday, March 9th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alta Equipment Group in a research report on Monday, December 29th. Finally, Wall Street Zen raised Alta Equipment Group from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th.

Alta Equipment Group Stock Performance

ALTG stock opened at $6.13 on Monday. The firm has a 50 day simple moving average of $6.58 and a 200 day simple moving average of $6.23. Alta Equipment Group has a 52 week low of $3.54 and a 52 week high of $8.99. The stock has a market cap of $197.57 million, a P/E ratio of -2.39 and a beta of 1.54. The company has a debt-to-equity ratio of 257.10, a quick ratio of 0.48 and a current ratio of 1.43.

Alta Equipment Group (NYSE:ALTG) last released its quarterly earnings data on Thursday, February 26th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.10). Alta Equipment Group had a negative net margin of 4.37% and a negative return on equity of 341.70%. The company had revenue of $509.10 million during the quarter, compared to analyst estimates of $489.56 million. Research analysts anticipate that Alta Equipment Group will post -1.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Alta Equipment Group news, CEO Ryan Greenawalt sold 27,986 shares of Alta Equipment Group 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 $197,301.30. Following the completion of the sale, the chief executive officer directly owned 5,721,710 shares in the company, valued at $40,338,055.50. The trade was a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Anthony Colucci sold 8,137 shares of the business’s 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 $57,365.85. Following the completion of the sale, the chief financial officer directly owned 240,750 shares of the company’s stock, valued at $1,697,287.50. This represents a 3.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 19.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ALTG. Strs Ohio bought a new stake in Alta Equipment Group in the first quarter worth $138,000. Rhumbline Advisers raised its holdings in Alta Equipment Group by 15.9% during 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. First Eagle Investment Management LLC raised its holdings in Alta Equipment Group by 16.2% during the second quarter. First Eagle Investment Management LLC now owns 792,103 shares of the company’s stock valued at $5,006,000 after buying an additional 110,444 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in shares of Alta Equipment Group by 23.4% in the second quarter. Los Angeles Capital Management LLC now owns 42,705 shares of the company’s stock worth $270,000 after buying an additional 8,105 shares during the last quarter. Finally, Citizens Financial Group Inc. RI lifted its position in shares of Alta Equipment Group by 147.3% in the second quarter. Citizens Financial Group Inc. RI now owns 230,000 shares of the company’s stock worth $1,454,000 after buying an additional 137,000 shares during the last quarter. Institutional investors own 73.58% of the company’s stock.

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.