Alta Equipment Group (NYSE:ALTG) Price Target Lowered to $16.00 at B. Riley

Alta Equipment Group (NYSE:ALTGGet Rating) had its price objective lowered by analysts at B. Riley from $22.00 to $16.00 in a research note issued on Wednesday, The Fly reports. B. Riley’s price objective would indicate a potential upside of 58.42% from the company’s previous close.

Several other research firms have also recently weighed in on ALTG. Zacks Investment Research raised Alta Equipment Group from a “sell” rating to a “hold” rating in a research report on Monday, March 28th. Raymond James set a $19.00 price objective on Alta Equipment Group and gave the company an “outperform” rating in a research report on Friday, April 1st.

Shares of ALTG stock opened at $10.10 on Wednesday. Alta Equipment Group has a 12 month low of $10.01 and a 12 month high of $17.38. The company has a debt-to-equity ratio of 2.37, a quick ratio of 0.50 and a current ratio of 1.07. The firm has a market capitalization of $326.87 million, a P/E ratio of -13.65 and a beta of 1.71. The company’s 50 day moving average is $12.02.

Alta Equipment Group (NYSE:ALTGGet Rating) last posted its quarterly earnings data on Thursday, March 31st. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.02). Alta Equipment Group had a negative net margin of 1.72% and a negative return on equity of 3.87%. The business had revenue of $356.30 million during the quarter, compared to the consensus estimate of $300.20 million. During the same period in the prior year, the company posted ($0.09) earnings per share. On average, sell-side analysts expect that Alta Equipment Group will post 0.33 earnings per share for the current fiscal year.

In other news, major shareholder B. Riley Financial, Inc. bought 50,506 shares of Alta Equipment Group stock in a transaction that occurred on Friday, April 29th. The stock was purchased at an average cost of $11.25 per share, with a total value of $568,192.50. Following the completion of the transaction, the insider now directly owns 5,780,872 shares in the company, valued at $65,034,810. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders purchased 147,846 shares of company stock valued at $1,723,883. 23.90% of the stock is owned by company insiders.

Several large investors have recently modified their holdings of ALTG. Morgan Stanley raised its stake in shares of Alta Equipment Group by 249.9% in the second quarter. Morgan Stanley now owns 282,277 shares of the company’s stock valued at $3,752,000 after acquiring an additional 201,609 shares during the last quarter. Commonwealth Equity Services LLC raised its position in Alta Equipment Group by 20.0% in the 3rd quarter. Commonwealth Equity Services LLC now owns 12,000 shares of the company’s stock valued at $164,000 after purchasing an additional 2,000 shares during the last quarter. SG Americas Securities LLC bought a new position in Alta Equipment Group in the 3rd quarter valued at $145,000. Victory Capital Management Inc. acquired a new position in Alta Equipment Group in the third quarter worth $129,000. Finally, M&G Investment Management Ltd. bought a new stake in shares of Alta Equipment Group during the third quarter worth $1,399,000. Institutional investors own 66.17% of the company’s stock.

About Alta Equipment Group (Get Rating)

Alta Equipment Group Inc owns and operates integrated equipment dealership platforms in the United States. It operates in two segments, Material Handling and Construction Equipment. 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 aerial work platforms, earthmoving equipment, cranes, paving and asphalt equipment, and other material handling and construction equipment.

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