Alta Equipment Group (NYSE:ALTG) Upgraded to Outperform at Raymond James Financial

Raymond James Financial upgraded shares of Alta Equipment Group (NYSE:ALTG) from a market perform rating to an outperform rating in a research report released on Monday morning, Marketbeat reports. They currently have $9.50 price objective on the stock.

Several other equities research analysts have also recently commented on ALTG. Weiss Ratings reissued a “sell (e+)” rating on shares of Alta Equipment Group in a report on Monday, December 29th. DA Davidson set a $7.00 price target on Alta Equipment Group in a research note on Friday. Wall Street Zen upgraded Alta Equipment Group from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Finally, Zacks Research raised Alta Equipment Group from a “strong sell” rating to a “hold” rating in a research note on Monday, January 19th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $11.63.

Alta Equipment Group Stock Performance

Shares of ALTG opened at $6.68 on Monday. The firm has a market capitalization of $215.36 million, a PE ratio of -2.61 and a beta of 1.54. The company has a quick ratio of 0.48, a current ratio of 1.43 and a debt-to-equity ratio of 257.10. The firm has a 50-day moving average price of $6.45 and a 200 day moving average price of $6.28. Alta Equipment Group has a 52-week low of $3.54 and a 52-week high of $8.99.

Alta Equipment Group (NYSE:ALTG) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.10). The company had revenue of $509.10 million for the quarter, compared to the consensus estimate of $489.56 million. Alta Equipment Group had a negative return on equity of 341.70% and a negative net margin of 4.37%. On average, sell-side analysts anticipate that Alta Equipment Group will post -1.92 earnings per share for the current fiscal year.

Insider Activity at Alta Equipment Group

In related news, CEO Ryan Greenawalt sold 27,986 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $7.05, for a total transaction of $197,301.30. Following the completion of the sale, the chief executive officer directly owned 5,721,710 shares in the company, valued at approximately $40,338,055.50. This trade represents a 0.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Anthony Colucci sold 8,137 shares of Alta Equipment Group stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $7.05, for a total transaction of $57,365.85. Following the completion of the transaction, the chief financial officer owned 240,750 shares in the company, valued at approximately $1,697,287.50. This trade represents a 3.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 19.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Alta Equipment Group

Hedge funds have recently modified their holdings of the stock. Royal Bank of Canada lifted its holdings in shares of Alta Equipment Group by 55.1% during the fourth quarter. Royal Bank of Canada now owns 6,153 shares of the company’s stock valued at $28,000 after purchasing an additional 2,186 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in Alta Equipment Group by 221.1% in the 4th quarter. Public Employees Retirement System of Ohio now owns 6,100 shares of the company’s stock worth $28,000 after purchasing an additional 4,200 shares in the last quarter. Quarry LP increased its stake in Alta Equipment Group by 150.9% in the 4th quarter. Quarry LP now owns 6,676 shares of the company’s stock worth $31,000 after purchasing an additional 4,015 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Alta Equipment Group during the 2nd quarter worth about $35,000. Finally, Inscription Capital LLC acquired a new stake in Alta Equipment Group during the 4th quarter worth about $56,000. 73.58% of the stock is currently owned by institutional investors and hedge funds.

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.