Alta Equipment Group Inc. (NYSE:ALTG) Given Average Rating of "Buy" by Analysts

Key Points

• Alta Equipment Group Inc. has received a consensus recommendation of "Buy" from five analysts, with an average 12-month price objective of $11.25.
• Insider Andrew P. Studdert purchased 6,743 shares of the company, increasing his ownership by 7.79% and bringing his total shares to 93,334.
• The company's recent earnings report showed a loss of ($0.65) per share, which did not meet analysts' expectations of ($0.60)

Alta Equipment Group Inc. (NYSE:ALTG - Get Free Report) has earned an average rating of "Buy" from the five analysts that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation, two have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $11.25.

Several research firms have weighed in on ALTG. Northland Securities upgraded Alta Equipment Group from a "market perform" rating to an "outperform" rating and set a $20.00 target price on the stock in a report on Tuesday, July 8th. Wall Street Zen upgraded Alta Equipment Group from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. Raymond James Financial dropped their price objective on 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. DA Davidson dropped their price objective on Alta Equipment Group from $9.00 to $8.00 and set a "buy" rating on the stock in a research note on Monday, May 19th. Finally, Northland Capmk upgraded Alta Equipment Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 8th.

Insiders Place Their Bets

In related news, Director Andrew P. Studdert acquired 6,743 shares of the firm'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 completion of the acquisition, the director owned 93,334 shares of the company's stock, valued at $448,003.20. This trade represents a 7.79% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. 19.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Alta Equipment Group

A number of institutional investors have recently added to or reduced their stakes in ALTG. LPL Financial LLC boosted its holdings in shares of Alta Equipment Group by 1.5% in the 4th quarter. LPL Financial LLC now owns 118,942 shares of the company's stock worth $778,000 after acquiring an additional 1,774 shares in the last quarter. Barclays PLC lifted its holdings in Alta Equipment Group by 10.8% during the 4th quarter. Barclays PLC now owns 42,479 shares of the company's stock worth $278,000 after buying an additional 4,152 shares in the last quarter. Wells Fargo & Company MN lifted its holdings 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 buying an additional 4,272 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in Alta Equipment Group by 1,279.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 5,806 shares of the company's stock worth $37,000 after buying an additional 5,385 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in Alta Equipment Group by 15.9% during the 1st quarter. Rhumbline Advisers now owns 39,374 shares of the company's stock worth $185,000 after buying an additional 5,406 shares in the last quarter. 73.58% of the stock is owned by institutional investors and hedge funds.

Alta Equipment Group Stock Down 2.0%

NYSE ALTG traded down $0.16 during trading on Friday, hitting $7.99. 182,948 shares of the company traded hands, compared to its average volume of 273,705. Alta Equipment Group has a 12 month low of $3.54 and a 12 month high of $10.94. The business has a fifty day simple moving average of $6.64 and a 200 day simple moving average of $5.92. The company has a current ratio of 1.36, a quick ratio of 0.42 and a debt-to-equity ratio of 13.12. The company has a market capitalization of $262.55 million, a P/E ratio of -3.58 and a beta of 1.55.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported ($0.65) earnings per share 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 for the quarter, compared to the consensus estimate of $436.15 million. As a group, sell-side analysts predict that Alta Equipment Group will post -1.92 EPS for the current year.

Alta Equipment Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Thursday, May 15th were given a dividend of $0.057 per share. This represents a $0.23 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date of this dividend was Thursday, May 15th. Alta Equipment Group's dividend payout ratio (DPR) 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.