Alta Equipment Group (NYSE:ALTG) Price Target Cut to $19.50 by Analysts at Raymond James

Alta Equipment Group (NYSE:ALTGFree Report) had its price target reduced by Raymond James from $22.00 to $19.50 in a research note released on Tuesday, BayStreet.CA reports. They currently have an outperform rating on the stock.

Alta Equipment Group Stock Up 3.5 %

Shares of NYSE:ALTG opened at $11.24 on Tuesday. Alta Equipment Group has a one year low of $8.76 and a one year high of $20.60. The company has a 50 day moving average of $11.45 and a 200-day moving average of $14.03. The company has a debt-to-equity ratio of 4.35, a current ratio of 1.38 and a quick ratio of 0.51. The stock has a market cap of $363.84 million, a price-to-earnings ratio of 53.53 and a beta of 1.65.

Alta Equipment Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Wednesday, November 15th will be paid a dividend of $0.057 per share. This represents a $0.23 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend is Tuesday, November 14th. Alta Equipment Group’s payout ratio is 109.53%.

Insider Buying and Selling

In related news, Director Andrew P. Studdert purchased 5,000 shares of the business’s stock in a transaction on Monday, August 21st. The shares were purchased at an average price of $13.88 per share, with a total value of $69,400.00. Following the completion of the purchase, the director now owns 64,983 shares in the company, valued at approximately $901,964.04. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 20.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. State of Wyoming bought a new stake in shares of Alta Equipment Group in the second quarter worth $31,000. Group One Trading L.P. bought a new stake in shares of Alta Equipment Group in the first quarter worth $34,000. Tower Research Capital LLC TRC lifted its position in shares of Alta Equipment Group by 383.1% in the third quarter. Tower Research Capital LLC TRC now owns 2,633 shares of the company’s stock worth $32,000 after purchasing an additional 2,088 shares in the last quarter. Lazard Asset Management LLC lifted its position in shares of Alta Equipment Group by 2,799.0% in the third quarter. Lazard Asset Management LLC now owns 2,783 shares of the company’s stock worth $33,000 after purchasing an additional 2,687 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Alta Equipment Group in the third quarter worth $48,000. Institutional investors own 70.94% of the company’s stock.

Alta Equipment Group Company Profile

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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, environmental processing equipment, and other material handling and construction equipment.

Further Reading

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