Brokerages Set Alta Equipment Group Inc. (NYSE:ALTG) Target Price at $11.25

Alta Equipment Group Inc. (NYSE:ALTG - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the five analysts that are currently covering the firm, MarketBeat reports. Three research 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 12 month price objective among brokerages that have issued ratings on the stock in the last year is $11.25.

ALTG has been the subject of a number of research analyst reports. B. Riley initiated coverage on shares of Alta Equipment Group in a report on Thursday, March 27th. They issued a "buy" rating and a $10.00 price target for the company. Raymond James Financial cut their price target on shares of Alta Equipment Group from $8.50 to $7.00 and set a "market perform" rating for the company in a report on Friday, May 16th. DA Davidson cut their price target on shares of Alta Equipment Group from $9.00 to $8.00 and set a "buy" rating for the company in a report on Monday, May 19th. Finally, Wall Street Zen upgraded shares of Alta Equipment Group from a "sell" rating to a "hold" rating in a report on Friday, June 6th.

Insider Activity

In other Alta Equipment Group news, Director Andrew P. Studdert purchased 6,743 shares of Alta Equipment Group stock in a transaction on Thursday, May 29th. The shares were purchased at an average cost of $4.80 per share, with a total value of $32,366.40. Following the completion of the transaction, the director directly owned 93,334 shares in the company, valued at approximately $448,003.20. This represents a 7.79% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 19.20% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. LPL Financial LLC lifted its position in Alta Equipment Group by 1.5% during the fourth quarter. LPL Financial LLC now owns 118,942 shares of the company's stock valued at $778,000 after buying an additional 1,774 shares in the last quarter. Rhumbline Advisers lifted its position in shares of Alta Equipment Group by 5.7% during the fourth quarter. Rhumbline Advisers now owns 33,968 shares of the company's stock worth $222,000 after purchasing an additional 1,827 shares in the last quarter. Barclays PLC lifted its position in shares of Alta Equipment Group by 10.8% during the fourth quarter. Barclays PLC now owns 42,479 shares of the company's stock worth $278,000 after purchasing an additional 4,152 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of Alta Equipment Group by 51.7% during the fourth 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 in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Alta Equipment Group by 7.4% during the first quarter. Invesco Ltd. now owns 84,363 shares of the company's stock worth $396,000 after purchasing an additional 5,781 shares in the last quarter. 73.58% of the stock is owned by institutional investors and hedge funds.

Alta Equipment Group Stock Performance

Alta Equipment Group stock traded up $0.34 during trading hours on Wednesday, reaching $7.62. 112,232 shares of the stock were exchanged, compared to its average volume of 275,787. The stock has a market cap of $250.39 million, a P/E ratio of -3.42 and a beta of 1.55. The company has a debt-to-equity ratio of 13.12, a quick ratio of 0.42 and a current ratio of 1.36. Alta Equipment Group has a 52-week low of $3.54 and a 52-week high of $11.39. The firm's 50 day moving average is $5.53 and its 200 day moving average is $5.76.

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

Alta Equipment Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Thursday, May 15th were given a $0.057 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $0.23 annualized dividend and a dividend yield of 2.99%. Alta Equipment Group's dividend payout ratio is presently -10.31%.

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.