Alta Equipment Group (NYSE:ALTG) Rating Increased to Outperform at Northland Securities

Alta Equipment Group (NYSE:ALTG - Get Free Report) was upgraded by research analysts at Northland Securities from a "market perform" rating to an "outperform" rating in a research note issued on Tuesday, Marketbeat Ratings reports. The brokerage currently has a $20.00 price target on the stock. Northland Securities' price target suggests a potential upside of 132.56% from the company's previous close.

A number of other research analysts have also weighed in on the stock. Wall Street Zen raised shares of Alta Equipment Group from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. DA Davidson reduced their price objective on Alta Equipment Group from $9.00 to $8.00 and set a "buy" rating on the stock in a research report on Monday, May 19th. B. Riley assumed coverage on Alta Equipment Group in a research note on Thursday, March 27th. They issued a "buy" rating and a $10.00 target price for the company. Finally, Raymond James Financial cut their target price on Alta Equipment Group from $8.50 to $7.00 and set a "market perform" rating for the company in a research note on Friday, May 16th. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $11.25.

Alta Equipment Group Stock Performance

ALTG traded up $1.19 on Tuesday, reaching $8.60. The stock had a trading volume of 1,379,004 shares, compared to its average volume of 279,821. The company has a market cap of $282.60 million, a P/E ratio of -3.86 and a beta of 1.55. The business's 50-day moving average price is $5.59 and its two-hundred day moving average price is $5.76. The company has a current ratio of 1.36, a quick ratio of 0.42 and a debt-to-equity ratio of 13.12. Alta Equipment Group has a 12-month low of $3.54 and a 12-month high of $11.39.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($0.65) EPS for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.05). The company had revenue of $423.00 million for the quarter, compared to analysts' expectations of $436.15 million. Alta Equipment Group had a negative return on equity of 80.23% and a negative net margin of 3.83%. Sell-side analysts forecast that Alta Equipment Group will post -1.92 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Andrew P. Studdert bought 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, for a total transaction of $32,366.40. Following the acquisition, the director directly 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 SEC, which is available at the SEC website. 19.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Alta Equipment Group

Several large investors have recently made changes to their positions in ALTG. Price T Rowe Associates Inc. MD acquired a new position in shares of Alta Equipment Group in the 4th quarter worth approximately $69,000. Intech Investment Management LLC acquired a new stake in shares of Alta Equipment Group in the fourth quarter valued at $79,000. Wells Fargo & Company MN raised its stake in shares of Alta Equipment Group by 51.7% in the fourth 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 in the last quarter. MetLife Investment Management LLC raised its stake in shares of Alta Equipment Group by 49.4% in the fourth quarter. MetLife Investment Management LLC now owns 20,313 shares of the company's stock valued at $133,000 after acquiring an additional 6,716 shares in the last quarter. Finally, Strs Ohio acquired a new stake in shares of Alta Equipment Group in the first quarter valued at $138,000. 73.58% of the stock is currently owned by institutional investors and hedge funds.

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.