Alta Equipment Group Inc. (NYSE:ALTG) Receives Consensus Rating of “Buy” from Brokerages

Shares of Alta Equipment Group Inc. (NYSE:ALTG) have earned an average recommendation of “Buy” from the five brokerages that are currently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating, one has issued a buy rating and two have assigned a strong buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $11.25.

Several brokerages have issued reports on ALTG. Wall Street Zen raised Alta Equipment Group from a “sell” rating to a “hold” rating in a research report on Friday, June 6th. Raymond James Financial cut their price target on Alta Equipment Group from $8.50 to $7.00 and set a “market perform” rating for the company in a research note on Friday, May 16th. Northland Securities upgraded Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $20.00 target price on the stock in a report on Tuesday, July 8th. Northland Capmk upgraded Alta Equipment Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 8th. Finally, DA Davidson reaffirmed a “neutral” rating and set a $8.00 price objective on shares of Alta Equipment Group in a research report on Monday.

Insider Activity

In other news, Director Andrew P. Studdert acquired 6,743 shares of the company’s stock in a transaction on Thursday, May 29th. The shares were bought at an average price of $4.80 per share, with a total value of $32,366.40. Following the completion of the acquisition, the director owned 93,334 shares in the company, valued at $448,003.20. This trade represents a 7.79% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 19.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Raymond James Financial Inc. purchased a new stake in Alta Equipment Group in the 2nd quarter worth approximately $35,000. Farther Finance Advisors LLC grew its stake in shares of Alta Equipment Group by 1,279.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 5,806 shares of the company’s stock valued at $37,000 after buying an additional 5,385 shares during the period. Price T Rowe Associates Inc. MD acquired a new position in shares of Alta Equipment Group during the 4th quarter valued at $69,000. Lido Advisors LLC acquired a new position in shares of Alta Equipment Group during the 2nd quarter valued at $74,000. Finally, Engineers Gate Manager LP acquired a new position in shares of Alta Equipment Group during the 2nd quarter valued at $81,000. 73.58% of the stock is owned by hedge funds and other institutional investors.

Alta Equipment Group Trading Down 0.8%

Shares of ALTG stock opened at $7.6250 on Thursday. Alta Equipment Group has a 1 year low of $3.54 and a 1 year high of $8.99. The company has a debt-to-equity ratio of 16.69, a current ratio of 1.39 and a quick ratio of 0.48. The stock’s 50 day simple moving average is $7.35 and its two-hundred day simple moving average is $5.98. The company has a market cap of $244.38 million, a PE ratio of -3.70 and a beta of 1.60.

Alta Equipment Group (NYSE:ALTG) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.06. The firm had revenue of $481.20 million for the quarter, compared to the consensus estimate of $478.63 million. Alta Equipment Group had a negative return on equity of 95.61% and a negative net margin of 3.53%. Research analysts predict that Alta Equipment Group will post -1.92 earnings per share for the current year.

About Alta Equipment Group

Alta Equipment Group Inc owns and operates integrated equipment dealership platforms in the United States. It operates through three segments: Material Handling, Construction Equipment, and Master Distribution. 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 other material handling equipment, heavy and compact earthmoving equipment, crushing and screening equipment, environmental processing equipment, cranes and aerial work platforms, paving and asphalt equipment, and other construction equipment and related products.