Alta Equipment Group (NYSE:ALTG) Given Neutral Rating at DA Davidson

Key Points

• DA Davidson has reaffirmed a "neutral" rating for Alta Equipment Group with a target price of $8.00, indicating a potential downside of 0.74% based on current stock prices.
• Recent ratings from other analysts vary, with Northland Capital Markets upgrading the stock to "strong-buy" and Northland Securities giving it an "outperform" rating with a target price of $20.00.
• Alta Equipment Group reported a loss of $0.21 per share for the latest quarter but exceeded analyst expectations and achieved revenue of $481.20 million.

Alta Equipment Group (NYSE:ALTG - Get Free Report)'s stock had its "neutral" rating reaffirmed by investment analysts at DA Davidson in a research note issued to investors on Monday,Benzinga reports. They presently have a $8.00 target price on the stock. DA Davidson's price target points to a potential downside of 0.74% from the company's current price.

Other analysts also recently issued research reports about the company. Northland Capmk upgraded Alta Equipment Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 8th. Wall Street Zen upgraded Alta Equipment Group from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Raymond James Financial cut their target price 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. Finally, Northland Securities upgraded Alta Equipment Group from a "market perform" rating to an "outperform" rating and set a $20.00 price target for the company in a report on Tuesday, July 8th. Three investment analysts have rated the stock with a hold rating, one has issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Alta Equipment Group presently has a consensus rating of "Moderate Buy" and an average target price of $11.25.

Alta Equipment Group Stock Down 3.9%

Shares of NYSE ALTG opened at $8.06 on Monday. Alta Equipment Group has a 12 month low of $3.54 and a 12 month high of $8.99. The company has a current ratio of 1.39, a quick ratio of 0.48 and a debt-to-equity ratio of 16.69. The firm has a market capitalization of $258.32 million, a price-to-earnings ratio of -3.91 and a beta of 1.60. The business has a 50-day moving average of $7.27 and a 200-day moving average of $5.95.

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

Insider Buying and Selling

In other Alta Equipment Group news, Director Andrew P. Studdert purchased 6,743 shares of the stock in a transaction that occurred 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 acquisition, the director owned 93,334 shares in the company, 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 document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 19.90% of the company's stock.

Institutional Trading of Alta Equipment Group

Hedge funds have recently modified their holdings of the company. LPL Financial LLC raised its holdings in Alta Equipment Group by 1.5% during the 4th 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 during the period. JPMorgan Chase & Co. grew its position in Alta Equipment Group by 31.7% in the 4th quarter. JPMorgan Chase & Co. now owns 67,722 shares of the company's stock valued at $443,000 after acquiring an additional 16,304 shares during the last quarter. Geode Capital Management LLC grew its position in Alta Equipment Group by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 542,607 shares of the company's stock valued at $3,549,000 after acquiring an additional 6,692 shares during the last quarter. Wells Fargo & Company MN grew its position in 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 acquiring an additional 4,272 shares during the last quarter. Finally, Barclays PLC grew its position in 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 acquiring an additional 4,152 shares during the last quarter. 73.58% of the stock is owned by hedge funds and other 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.

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