Alta Equipment Group Inc. (NYSE:ALTG) Given Average Recommendation of “Hold” by Analysts

Alta Equipment Group Inc. (NYSE:ALTG) has been assigned an average recommendation of “Hold” from the five brokerages that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $12.1667.

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

Insider Buying and Selling at Alta Equipment Group

In other Alta Equipment Group news, CFO Anthony Colucci sold 8,137 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $7.05, for a total transaction of $57,365.85. Following the completion of the transaction, the chief financial officer owned 240,750 shares of the company’s stock, valued at $1,697,287.50. This represents a 3.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Mill Road Capital Iii, L.P. acquired 58,162 shares of the company’s stock in a transaction on 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 acquisition, the insider directly owned 4,369,410 shares in the company, valued at approximately $26,653,401. The trade was a 1.35% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased 84,000 shares of company stock valued at $519,371 in the last 90 days. Insiders own 19.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Raymond James Financial Inc. bought a new position in shares of Alta Equipment Group during the 2nd quarter valued at about $35,000. Public Employees Retirement System of Ohio boosted its holdings in shares of Alta Equipment Group by 221.1% during the 4th 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 last quarter. Royal Bank of Canada boosted its holdings in shares of Alta Equipment Group by 55.1% during the 4th 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 last quarter. Quarry LP boosted its holdings in shares of Alta Equipment Group by 150.9% during the 4th 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 last quarter. Finally, R Squared Ltd bought a new position in shares of Alta Equipment Group during the 3rd quarter valued at about $79,000. Institutional investors own 73.58% of the company’s stock.

Alta Equipment Group Trading Down 3.2%

Shares of Alta Equipment Group stock opened at $5.21 on Friday. The company has a market capitalization of $168.11 million, a P/E ratio of -2.04 and a beta of 1.57. The company has a debt-to-equity ratio of 257.10, a quick ratio of 0.48 and a current ratio of 1.43. The company has a fifty day moving average of $6.35 and a 200 day moving average of $5.94. Alta Equipment Group has a fifty-two week low of $3.85 and a fifty-two week high of $8.99.

Alta Equipment Group (NYSE:ALTG) last issued its earnings results 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). The firm had revenue of $509.10 million during the quarter, compared to the consensus estimate of $489.56 million. Alta Equipment Group had a negative return on equity of 341.70% and a negative net margin of 4.37%. On average, sell-side analysts anticipate that Alta Equipment Group will post -1.92 earnings per share 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.