Alta Equipment Group Inc. (NYSE:ALTG) Receives $11.25 Consensus Price Target from Analysts

Key Points

• Alta Equipment Group Inc. (NYSE:ALTG) has received an average consensus rating of "Buy" from five brokerages, with two analysts recommending a strong buy, one a buy, and two a hold rating.
• The company's average twelve-month price target is set at $11.25, despite recent mixed reviews from research reports, including a downgrade by Raymond James Financial.
• Insider trading activity shows that Director Andrew P. Studdert increased his stock position by acquiring 6,743 shares at an average price of $4.80 each, indicating confidence in the company's future.

Alta Equipment Group Inc. (NYSE:ALTG - Get Free Report) has earned a consensus rating of "Buy" from the five research firms that are currently covering the stock, MarketBeat reports. Two analysts have rated the stock with a hold rating, one has issued a buy rating and two have assigned a strong buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $11.25.

Several equities research analysts recently weighed in on the stock. Raymond James Financial cut their target price on shares of Alta Equipment Group from $8.50 to $7.00 and set a "market perform" rating on the stock in a research note on Friday, May 16th. Wall Street Zen raised shares of Alta Equipment Group from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. Northland Capmk raised shares of Alta Equipment Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 8th. DA Davidson reissued a "neutral" rating and issued a $8.00 price objective on shares of Alta Equipment Group in a research report on Monday, August 18th. Finally, Northland Securities raised shares of Alta Equipment Group from a "market perform" rating to an "outperform" rating and set a $20.00 price objective on the stock in a research report on Tuesday, July 8th.

Alta Equipment Group Stock Up 9.8%

ALTG traded up $0.7150 during trading hours on Thursday, hitting $7.9950. 317,794 shares of the company's stock were exchanged, compared to its average volume of 231,697. Alta Equipment Group has a 12-month low of $3.54 and a 12-month high of $8.99. The firm has a 50 day moving average of $7.41 and a 200 day moving average of $5.99. The firm has a market cap of $256.24 million, a P/E ratio of -3.88 and a beta of 1.60. The company has a current ratio of 1.39, a quick ratio of 0.48 and a debt-to-equity ratio of 16.69.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.06. Alta Equipment Group had a negative net margin of 3.53% and a negative return on equity of 95.61%. The firm had revenue of $481.20 million for the quarter, compared to the consensus estimate of $478.63 million. Analysts predict that Alta Equipment Group will post -1.92 EPS for the current fiscal year.

Insider Activity at Alta Equipment Group

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

Institutional Investors Weigh In On Alta Equipment Group

A number of large investors have recently modified their holdings of the company. Barclays PLC grew its position in shares of Alta Equipment Group by 10.8% in the 4th quarter. Barclays PLC now owns 42,479 shares of the company's stock valued at $278,000 after buying an additional 4,152 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of Alta Equipment Group by 51.7% in the 4th quarter. Wells Fargo & Company MN now owns 12,533 shares of the company's stock valued at $82,000 after buying an additional 4,272 shares during the last quarter. Farther Finance Advisors LLC grew its position 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 valued at $37,000 after buying an additional 5,385 shares during the last quarter. Rhumbline Advisers grew its position in shares of Alta Equipment Group by 15.9% in the 1st quarter. Rhumbline Advisers now owns 39,374 shares of the company's stock valued at $185,000 after buying an additional 5,406 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Alta Equipment Group in the 2nd quarter valued at $35,000. 73.58% of the stock is owned by hedge funds and other institutional investors.

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.