Alta Equipment Group (NYSE:ALTG) Stock Rating Upgraded by DA Davidson

Key Points

• DA Davidson upgraded Alta Equipment Group to a "Hold", joining other recent analyst moves that leave the stock with a consensus rating of Hold and a consensus price target of $12.17.
• Alta reported Q4 EPS of ($0.39) vs. ($0.29) expected despite revenue of $509.1M beating estimates, and the company shows negative profitability metrics (net margin -4.37%, ROE -341.7%) while the stock trades around $8.34 (12‑month range $4.16–$8.99).

Alta Equipment Group (NYSE:ALTG - Get Free Report) was upgraded by research analysts at DA Davidson to a "hold" rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other brokerages have also issued reports on ALTG. Raymond James Financial raised Alta Equipment Group from a "market perform" rating to an "outperform" rating and set a $9.50 price target on the stock in a research note on Monday, March 9th. Zacks Research raised Alta Equipment Group from a "strong sell" rating to a "hold" rating in a research note on Monday, January 19th. Finally, Wall Street Zen raised Alta Equipment Group from a "sell" rating to a "hold" rating in a research note on Saturday, February 28th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $12.17.

Alta Equipment Group Price Performance

ALTG stock opened at $8.34 on Wednesday. The firm has a market cap of $268.97 million, a price-to-earnings ratio of -3.26 and a beta of 1.82. The company has a quick ratio of 0.48, a current ratio of 1.43 and a debt-to-equity ratio of 257.10. Alta Equipment Group has a 12-month low of $4.16 and a 12-month high of $8.99. The company's fifty day simple moving average is $6.41 and its 200 day simple moving average is $5.96.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last released its earnings results on Thursday, February 26th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.10). Alta Equipment Group had a negative net margin of 4.37% and a negative return on equity of 341.70%. The firm had revenue of $509.10 million during the quarter, compared to analyst estimates of $489.56 million. On average, analysts expect that Alta Equipment Group will post -1.3 earnings per share for the current year.

Insider Activity

In other news, CFO Anthony Colucci sold 8,137 shares of the company's stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $7.05, for a total transaction of $57,365.85. Following the transaction, the chief financial officer owned 240,750 shares in the company, valued at approximately $1,697,287.50. This represents a 3.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Mill Road Capital Iii, L.P. bought 58,162 shares of the stock in a transaction dated Thursday, March 12th. The shares were purchased at an average cost of $6.10 per share, for a total transaction of $354,788.20. Following the completion of the transaction, the insider directly owned 4,369,410 shares of the company's stock, valued at $26,653,401. This trade represents a 1.35% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have purchased 84,000 shares of company stock worth $519,371. Company insiders own 20.50% of the company's stock.

Hedge Funds Weigh In On Alta Equipment Group

Large investors have recently modified their holdings of the company. Raymond James Financial Inc. bought a new position in shares of Alta Equipment Group in the 2nd quarter worth $35,000. Public Employees Retirement System of Ohio increased its position in shares of Alta Equipment Group by 221.1% during the fourth quarter. Public Employees Retirement System of Ohio now owns 6,100 shares of the company's stock worth $28,000 after acquiring an additional 4,200 shares in the last quarter. Royal Bank of Canada increased its position in shares of Alta Equipment Group by 55.1% during the fourth quarter. Royal Bank of Canada now owns 6,153 shares of the company's stock worth $28,000 after acquiring an additional 2,186 shares in the last quarter. Quarry LP increased its position in shares of Alta Equipment Group by 150.9% during the fourth quarter. Quarry LP now owns 6,676 shares of the company's stock worth $31,000 after acquiring an additional 4,015 shares in the last quarter. Finally, R Squared Ltd bought a new stake in shares of Alta Equipment Group during the third quarter worth about $79,000. 73.58% of the stock is currently owned by institutional investors.

Alta Equipment Group Company Profile

Alta Equipment Group, Inc NYSE: ALTG is a North American distributor of material handling and logistics equipment. The company offers a broad lineup of forklifts, lift trucks, aerial work platforms, tow motors, pallet jacks and related attachments, serving manufacturing, warehousing, distribution and industrial facilities. Through its network of branch locations, Alta Equipment provides customers with new and used sales, short- and long-term rentals, and integrated fleet management solutions designed to support operational efficiency.

In addition to equipment sales, Alta Equipment supports customers with comprehensive after-sales services.

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