Equities Analysts Issue Forecasts for Alta Equipment Group Inc.’s Q1 2023 Earnings (NYSE:ALTG)

Alta Equipment Group Inc. (NYSE:ALTG – Get Rating) – Equities research analysts at Northland Capmk decreased their Q1 2023 earnings per share estimates for Alta Equipment Group in a note issued to investors on Wednesday, March 15th. Northland Capmk analyst E. Jackson now expects that the company will post earnings per share of ($0.15) for the quarter, down from their previous estimate of ($0.08). The consensus estimate for Alta Equipment Group’s current full-year earnings is $0.38 per share. Northland Capmk also issued estimates for Alta Equipment Group’s FY2023 earnings at $0.07 EPS.

Other analysts have also recently issued reports about the company. B. Riley boosted their price target on Alta Equipment Group from $19.00 to $25.00 in a research report on Friday, March 10th. Raymond James increased their price target on Alta Equipment Group from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, March 10th.

Alta Equipment Group Stock Down 10.2 %

ALTG opened at $15.08 on Friday. Alta Equipment Group has a 12 month low of $8.65 and a 12 month high of $20.60. The company has a market cap of $485.43 million, a P/E ratio of 75.40 and a beta of 1.56. The company has a current ratio of 1.41, a quick ratio of 0.56 and a debt-to-equity ratio of 3.89. The business’s 50-day moving average price is $17.24 and its 200-day moving average price is $13.91.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio purchased a new stake in Alta Equipment Group during the 3rd quarter valued at about $48,000. Barclays PLC lifted its holdings in shares of Alta Equipment Group by 296.0% in the 4th quarter. Barclays PLC now owns 5,568 shares of the company’s stock worth $73,000 after acquiring an additional 4,162 shares during the last quarter. Advisor Group Holdings Inc. lifted its holdings in shares of Alta Equipment Group by 280.0% in the 1st quarter. Advisor Group Holdings Inc. now owns 7,109 shares of the company’s stock worth $88,000 after acquiring an additional 5,238 shares during the last quarter. Counterpoint Mutual Funds LLC acquired a new position in shares of Alta Equipment Group in the 3rd quarter worth approximately $99,000. Finally, BNP Paribas Arbitrage SNC acquired a new position in shares of Alta Equipment Group in the 3rd quarter worth approximately $103,000. Hedge funds and other institutional investors own 63.54% of the company’s stock.

Alta Equipment Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 28th. Investors of record on Wednesday, February 15th were given a dividend of $0.057 per share. The ex-dividend date was Tuesday, February 14th. This represents a $0.23 dividend on an annualized basis and a yield of 1.51%. Alta Equipment Group’s dividend payout ratio is presently 115.01%.

About Alta Equipment Group

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Alta Equipment Group, Inc engages in the operation of equipment dealership platforms. It operates through the following segments: Material Handling, Construction Equipment, and Corporate. The Material Handling segment includes the sale, service, and rental of lift trucks and other material handling equipment in Michigan, Illinois, Indiana, and New York.