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

Alta Equipment Group Inc. (NYSE:ALTG) has earned an average recommendation of “Hold” from the five research firms that are presently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $12.1667.

A number of analysts recently commented on ALTG shares. Wall Street Zen raised Alta Equipment Group from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. DA Davidson set a $7.00 price objective on shares of Alta Equipment Group in a report on Friday, March 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alta Equipment Group in a research report on Monday, December 29th. Raymond James Financial raised shares of Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $9.50 target price on the stock in a research note on Monday, March 9th. Finally, Zacks Research upgraded shares of Alta Equipment Group from a “strong sell” rating to a “hold” rating in a research report on Monday, January 19th.

Insider Buying and Selling at Alta Equipment Group

In other Alta Equipment Group news, CEO Ryan Greenawalt sold 27,986 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $7.05, for a total value of $197,301.30. Following the completion of the transaction, the chief executive officer owned 5,721,710 shares in the company, valued at approximately $40,338,055.50. This represents a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Anthony Colucci sold 8,137 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $7.05, for a total value of $57,365.85. Following the transaction, the chief financial officer directly owned 240,750 shares of the company’s stock, valued at $1,697,287.50. This represents a 3.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have bought 84,000 shares of company stock valued at $519,371. 19.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Alta Equipment Group

Several hedge funds have recently bought and sold shares of ALTG. Raymond James Financial Inc. bought a new position in shares of Alta Equipment Group during the second quarter valued at approximately $35,000. Public Employees Retirement System of Ohio grew its stake in shares of 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 buying an additional 4,200 shares during the last quarter. Royal Bank of Canada grew its stake in shares of Alta Equipment Group by 55.1% in the 4th quarter. Royal Bank of Canada now owns 6,153 shares of the company’s stock worth $28,000 after buying an additional 2,186 shares during the last quarter. Quarry LP increased its position in Alta Equipment Group by 150.9% during the 4th quarter. Quarry LP now owns 6,676 shares of the company’s stock valued at $31,000 after buying an additional 4,015 shares in the last quarter. Finally, R Squared Ltd bought a new position in Alta Equipment Group during the 3rd quarter valued at approximately $79,000. Institutional investors own 73.58% of the company’s stock.

Alta Equipment Group Stock Down 1.0%

Shares of NYSE:ALTG opened at $5.20 on Friday. The stock’s 50-day moving average is $6.43 and its 200 day moving average is $6.00. The company has a market cap of $167.64 million, a PE ratio of -2.03 and a beta of 1.57. The company has a debt-to-equity ratio of 257.10, a current ratio of 1.43 and a quick ratio of 0.48. Alta Equipment Group has a 1 year low of $3.54 and a 1 year high of $8.99.

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

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.