Alta Equipment Group (NYSE:ALTG) Stock Rating Upgraded by Northland Capmk

Northland Capmk upgraded shares of Alta Equipment Group (NYSE:ALTG - Free Report) from a hold rating to a strong-buy rating in a report issued on Tuesday,Zacks.com reports.

Several other equities research analysts have also recently issued reports on the stock. Wall Street Zen raised shares of Alta Equipment Group from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. B. Riley started coverage on shares of Alta Equipment Group in a research report on Thursday, March 27th. They issued a "buy" rating and a $10.00 target price on the stock. DA Davidson decreased their target price on shares of 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. Northland Securities raised shares of Alta Equipment Group from a "market perform" rating to an "outperform" rating and set a $20.00 target price on the stock in a research report on Tuesday. Finally, Raymond James Financial cut their price target on shares of Alta Equipment Group from $8.50 to $7.00 and set a "market perform" rating on the stock in a report on Friday, May 16th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Alta Equipment Group currently has an average rating of "Buy" and a consensus target price of $11.25.

Alta Equipment Group Trading Down 6.4%

Shares of Alta Equipment Group stock traded down $0.55 during mid-day trading on Tuesday, hitting $7.97. 252,670 shares of the stock were exchanged, compared to its average volume of 279,521. The company has a 50-day simple moving average of $5.91 and a 200 day simple moving average of $5.81. 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 twelve month low of $3.54 and a twelve month high of $11.39. The stock has a market capitalization of $261.73 million, a price-to-earnings ratio of -3.57 and a beta of 1.55.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last released its earnings results 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). Alta Equipment Group had a negative return on equity of 80.23% and a negative net margin of 3.83%. The company had revenue of $423.00 million during the quarter, compared to analyst estimates of $436.15 million. Research analysts forecast that Alta Equipment Group will post -1.92 EPS for the current year.

Alta Equipment Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Thursday, May 15th were issued a $0.057 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $0.23 annualized dividend and a yield of 2.86%. Alta Equipment Group's payout ratio is -10.31%.

Insider Buying and Selling

In other Alta Equipment Group news, Director Andrew P. Studdert purchased 6,743 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The shares were purchased at an average price of $4.80 per share, for a total transaction of $32,366.40. Following the completion of the acquisition, the director owned 93,334 shares of the company's stock, valued at approximately $448,003.20. This represents a 7.79% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 19.20% of the company's stock.

Institutional Trading of Alta Equipment Group

Hedge funds have recently made changes to their positions in the company. Farther Finance Advisors LLC raised its stake in shares of Alta Equipment Group by 1,279.1% during the second quarter. Farther Finance Advisors LLC now owns 5,806 shares of the company's stock valued at $37,000 after purchasing an additional 5,385 shares during the period. Price T Rowe Associates Inc. MD purchased a new stake in shares of Alta Equipment Group during the fourth quarter valued at approximately $69,000. Intech Investment Management LLC purchased a new stake in shares of Alta Equipment Group during the fourth quarter valued at approximately $79,000. Wells Fargo & Company MN raised its stake in shares of Alta Equipment Group by 51.7% during the fourth quarter. Wells Fargo & Company MN now owns 12,533 shares of the company's stock valued at $82,000 after purchasing an additional 4,272 shares during the period. Finally, MetLife Investment Management LLC raised its stake in shares of Alta Equipment Group by 49.4% during the fourth quarter. MetLife Investment Management LLC now owns 20,313 shares of the company's stock valued at $133,000 after purchasing an additional 6,716 shares during the period. Hedge funds and other institutional investors own 73.58% of the company's stock.

About Alta Equipment Group

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.