Northland Capmk Downgrades Alta Equipment Group (NYSE:ALTG) to Hold

Northland Capmk cut shares of Alta Equipment Group (NYSE:ALTG) from a strong-buy rating to a hold rating in a report issued on Wednesday,Zacks.com reports.

A number of other brokerages have also recently commented on ALTG. Northland Securities restated a “market perform” rating and set a $20.00 price target (down from $30.00) on shares of Alta Equipment Group in a research note on Wednesday. DA Davidson dropped their price objective on shares of Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Finally, Raymond James reissued a “market perform” rating and set a $10.00 price target (down from $14.00) on shares of Alta Equipment Group in a report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $16.00.

Alta Equipment Group Price Performance

Shares of ALTG stock opened at $7.97 on Wednesday. The business has a fifty day simple moving average of $6.52 and a 200 day simple moving average of $7.89. The company has a market cap of $263.73 million, a P/E ratio of -4.69 and a beta of 1.67. The company has a quick ratio of 0.47, a current ratio of 1.37 and a debt-to-equity ratio of 5.81. Alta Equipment Group has a twelve month low of $5.40 and a twelve month high of $13.67.

Alta Equipment Group (NYSE:ALTG) last released its earnings results on Tuesday, November 12th. The company reported ($0.86) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.64). Alta Equipment Group had a negative return on equity of 38.90% and a negative net margin of 2.81%. The business had revenue of $448.80 million for the quarter, compared to analyst estimates of $481.09 million. On average, sell-side analysts forecast that Alta Equipment Group will post -1.08 EPS for the current fiscal year.

Alta Equipment Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a $0.057 dividend. The ex-dividend date is Friday, November 15th. This represents a $0.23 dividend on an annualized basis and a dividend yield of 2.86%. Alta Equipment Group’s payout ratio is currently -13.53%.

Insider Transactions at Alta Equipment Group

In other Alta Equipment Group news, major shareholder Voss Capital, Lp sold 11,311 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $6.31, for a total value of $71,372.41. Following the transaction, the insider now directly owns 963,689 shares in the company, valued at $6,080,877.59. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 19.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC purchased a new stake in Alta Equipment Group during the third quarter worth $77,000. Quest Partners LLC bought a new position in shares of Alta Equipment Group in the 2nd quarter worth about $80,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Alta Equipment Group in the 2nd quarter worth about $89,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Alta Equipment Group by 37.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,795 shares of the company’s stock valued at $95,000 after buying an additional 3,218 shares during the period. Finally, EntryPoint Capital LLC raised its stake in shares of Alta Equipment Group by 88.0% in the 1st quarter. EntryPoint Capital LLC now owns 8,419 shares of the company’s stock worth $109,000 after buying an additional 3,940 shares in the last quarter. Hedge funds and other institutional investors own 73.58% of the company’s stock.

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.