Brokerages Set Alta Equipment Group Inc. (NYSE:ALTG) Target Price at $11.00

Alta Equipment Group Inc. (NYSE:ALTG) has received a consensus rating of “Hold” from the six ratings firms that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, one has assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $11.00.

ALTG has been the topic of several research reports. DA Davidson reduced their target price on Alta Equipment Group from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, November 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alta Equipment Group in a research note on Monday, December 29th. Zacks Research raised Alta Equipment Group from a “strong sell” rating to a “hold” rating in a report on Monday, January 19th. Finally, Wall Street Zen lowered shares of Alta Equipment Group from a “hold” rating to a “sell” rating in a report on Saturday, November 8th.

Alta Equipment Group Stock Performance

NYSE ALTG opened at $6.65 on Thursday. The firm has a market cap of $214.20 million, a price-to-earnings ratio of -2.65 and a beta of 1.56. The company has a quick ratio of 0.49, a current ratio of 1.42 and a debt-to-equity ratio of 257.10. The business has a 50-day moving average price of $5.85 and a 200-day moving average price of $6.38. Alta Equipment Group has a twelve month low of $3.54 and a twelve month high of $8.99.

Insider Activity at Alta Equipment Group

In other Alta Equipment Group news, Director Daniel Shribman bought 40,000 shares of Alta Equipment Group stock in a transaction dated Monday, December 8th. The shares were purchased at an average cost of $5.07 per share, for a total transaction of $202,800.00. Following the acquisition, the director directly owned 131,393 shares in the company, valued at approximately $666,162.51. This represents a 43.77% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 19.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Alta Equipment Group

Large investors have recently added to or reduced their stakes in the stock. State Street Corp raised its position in Alta Equipment Group by 0.3% during the fourth quarter. State Street Corp now owns 527,644 shares of the company’s stock valued at $2,427,000 after purchasing an additional 1,826 shares during the period. Russell Investments Group Ltd. raised its holdings in Alta Equipment Group by 4.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 52,502 shares of the company’s stock valued at $380,000 after buying an additional 2,242 shares during the period. Alliancebernstein L.P. lifted its position in Alta Equipment Group by 10.7% in the third quarter. Alliancebernstein L.P. now owns 38,270 shares of the company’s stock worth $277,000 after buying an additional 3,700 shares during the last quarter. Royce & Associates LP boosted its stake in Alta Equipment Group by 0.7% during the fourth quarter. Royce & Associates LP now owns 550,783 shares of the company’s stock worth $2,534,000 after buying an additional 3,991 shares during the period. Finally, Quarry LP boosted its stake in Alta Equipment Group by 150.9% during the fourth quarter. Quarry LP now owns 6,676 shares of the company’s stock worth $31,000 after buying an additional 4,015 shares during the period. 73.58% of the stock is owned by institutional investors.

Alta Equipment Group Company Profile

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.