Alta Equipment Group Inc. (NYSE:ALTG) Receives $11.25 Average PT from 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 a consensus recommendation of "Buy" from the five analysts that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $11.25.

ALTG has been the topic of a number of recent research reports. Northland Securities upgraded shares of Alta Equipment Group from a "market perform" rating to an "outperform" rating and set a $20.00 price target on the stock in a research note on Tuesday, July 8th. Raymond James Financial cut their price target on 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. Northland Capmk raised Alta Equipment Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 8th. Wall Street Zen raised Alta Equipment Group from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Finally, DA Davidson cut their price target on Alta Equipment Group from $9.00 to $8.00 and set a "buy" rating for the company in a report on Monday, May 19th.

Alta Equipment Group Stock Performance

Shares of Alta Equipment Group stock traded down $0.49 during midday trading on Friday, hitting $8.13. The company had a trading volume of 119,434 shares, compared to its average volume of 219,030. The business's 50 day simple moving average is $6.52 and its two-hundred day simple moving average is $5.89. The stock has a market cap of $267.15 million, a PE ratio of -3.65 and a beta of 1.55. The company has a debt-to-equity ratio of 13.12, a current ratio of 1.36 and a quick ratio of 0.42. Alta Equipment Group has a 1-year low of $3.54 and a 1-year high of $10.94.

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). The company had revenue of $423.00 million during the quarter, compared to analyst estimates of $436.15 million. Alta Equipment Group had a negative return on equity of 80.23% and a negative net margin of 3.83%. As a group, equities analysts predict that Alta Equipment Group will post -1.92 EPS for the current fiscal year.

Alta Equipment Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Thursday, May 15th were issued a dividend of $0.057 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $0.23 annualized dividend and a yield of 2.80%. Alta Equipment Group's dividend payout ratio is currently -10.31%.

Insiders Place Their Bets

In other news, Director Andrew P. Studdert acquired 6,743 shares of the company's stock in a transaction on Thursday, May 29th. The stock was purchased at an average cost of $4.80 per share, with a total value of $32,366.40. Following 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 position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 19.90% of the company's stock.

Institutional Trading of Alta Equipment Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALTG. Farther Finance Advisors LLC raised 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 purchasing an additional 5,385 shares during the last quarter. Price T Rowe Associates Inc. MD acquired a new position in shares of Alta Equipment Group during the 4th quarter worth about $69,000. Intech Investment Management LLC acquired a new position in shares of Alta Equipment Group during the 4th quarter worth about $79,000. Wells Fargo & Company MN grew its position in shares of 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 during the period. Finally, MetLife Investment Management LLC grew its position in shares of 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 buying an additional 6,716 shares during the period. 73.58% of the stock is owned by institutional investors.

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.