Alta Equipment Group Inc. (NYSE:ALTG) Receives Average Recommendation of "Moderate Buy" from Brokerages

Alta Equipment Group Inc. (NYSE:ALTG - Get Free Report) has been given an average rating of "Moderate Buy" by the five brokerages that are covering the company, Marketbeat reports. Three analysts have rated the stock with a hold recommendation, one has issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $11.25.

Several brokerages recently weighed in on ALTG. Wall Street Zen raised shares of Alta Equipment Group from a "sell" rating to a "hold" rating in a report on Friday, June 6th. DA Davidson dropped their price objective on shares of Alta Equipment Group from $9.00 to $8.00 and set a "buy" rating on the stock in a research report on Monday, May 19th. B. Riley began coverage on shares of Alta Equipment Group in a research note on Thursday, March 27th. They set a "buy" rating and a $10.00 target price for the company. Finally, Raymond James Financial dropped their target price on Alta Equipment Group from $8.50 to $7.00 and set a "market perform" rating on the stock in a report on Friday, May 16th.

Alta Equipment Group Stock Up 8.2%

Alta Equipment Group stock traded up $0.55 during mid-day trading on Wednesday, reaching $7.27. 302,068 shares of the company's stock were exchanged, compared to its average volume of 275,154. The company has a quick ratio of 0.42, a current ratio of 1.36 and a debt-to-equity ratio of 13.12. Alta Equipment Group has a twelve month low of $3.54 and a twelve month high of $11.39. The company has a market cap of $238.89 million, a P/E ratio of -3.26 and a beta of 1.55. The company has a fifty day moving average of $5.35 and a 200-day moving average of $5.75.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.05). Alta Equipment Group had a negative net margin of 3.83% and a negative return on equity of 80.23%. The company had revenue of $423.00 million during the quarter, compared to analyst estimates of $436.15 million. Sell-side analysts expect that Alta Equipment Group will post -1.92 EPS for the current year.

Alta Equipment Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Thursday, May 15th were paid a dividend of $0.057 per share. The ex-dividend date was Thursday, May 15th. This represents a $0.23 annualized dividend and a yield of 3.14%. Alta Equipment Group's dividend payout ratio is currently -10.31%.

Insider Transactions at Alta Equipment Group

In other news, Director Andrew P. Studdert bought 6,743 shares of the business's stock in a transaction dated Thursday, May 29th. The shares were acquired at an average price of $4.80 per share, for a total transaction of $32,366.40. Following the completion of the transaction, the director owned 93,334 shares of the company's stock, valued at approximately $448,003.20. This trade represents a 7.79% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 19.90% of the stock is owned by corporate insiders.

Institutional Trading of Alta Equipment Group

A number of large investors have recently made changes to their positions in ALTG. Price T Rowe Associates Inc. MD purchased a new stake in Alta Equipment Group in the fourth quarter valued at approximately $69,000. Intech Investment Management LLC purchased a new stake in Alta Equipment Group in the 4th quarter valued at $79,000. Wells Fargo & Company MN boosted its stake in Alta Equipment Group by 51.7% during the 4th quarter. Wells Fargo & Company MN now owns 12,533 shares of the company's stock worth $82,000 after purchasing an additional 4,272 shares during the period. MetLife Investment Management LLC boosted its stake in Alta Equipment Group by 49.4% during the 4th quarter. MetLife Investment Management LLC now owns 20,313 shares of the company's stock worth $133,000 after purchasing an additional 6,716 shares during the period. Finally, Strs Ohio purchased a new position in Alta Equipment Group during the 1st quarter worth $138,000. 73.58% of the stock is owned by institutional investors and hedge funds.

Alta Equipment Group Company Profile

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.