Alta Equipment Group (NYSE:ALTG) Upgraded at Zacks Research

Zacks Research upgraded shares of Alta Equipment Group (NYSE:ALTG) from a strong sell rating to a hold rating in a research note issued to investors on Monday morning,Zacks.com reports.

ALTG has been the subject of a number of other reports. DA Davidson reduced their price objective on shares of Alta Equipment Group from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Wednesday, November 12th. Wall Street Zen cut Alta Equipment Group from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Alta Equipment Group in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $11.00.

Alta Equipment Group Price Performance

Shares of ALTG opened at $6.22 on Monday. The business’s 50 day moving average price is $5.14 and its two-hundred day moving average price is $6.52. The firm has a market cap of $200.63 million, a PE ratio of -2.48 and a beta of 1.56. The company has a debt-to-equity ratio of 257.10, a quick ratio of 0.49 and a current ratio of 1.42. 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 issued its quarterly earnings data on Thursday, November 6th. The company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($1.04). Alta Equipment Group had a negative net margin of 4.34% and a negative return on equity of 175.61%. The company had revenue of $422.60 million for the quarter, compared to the consensus estimate of $456.68 million. On average, equities analysts anticipate that Alta Equipment Group will post -1.92 EPS for the current year.

Insider Activity at Alta Equipment Group

In other news, Director Daniel Shribman purchased 40,000 shares of the stock in a transaction that occurred on Monday, December 8th. The stock was bought 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 of the company’s stock, valued at $666,162.51. This represents a 43.77% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 19.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. First Eagle Investment Management LLC boosted its stake in Alta Equipment Group by 16.2% during the second quarter. First Eagle Investment Management LLC now owns 792,103 shares of the company’s stock worth $5,006,000 after acquiring an additional 110,444 shares in the last quarter. Citizens Financial Group Inc. RI boosted its position in shares of Alta Equipment Group by 147.3% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 230,000 shares of the company’s stock worth $1,454,000 after purchasing an additional 137,000 shares in the last quarter. Farther Finance Advisors LLC grew its stake in shares of Alta Equipment Group by 1,279.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 5,806 shares of the company’s stock worth $37,000 after buying an additional 5,385 shares during the last quarter. RBF Capital LLC purchased a new stake in shares of Alta Equipment Group in the 2nd quarter worth approximately $632,000. Finally, Lido Advisors LLC bought a new position in Alta Equipment Group during the 2nd quarter valued at approximately $74,000. 73.58% of the stock is currently owned by institutional investors.

About Alta Equipment Group

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.