Alta Equipment Group (NYSE:ALTG) Raised to Strong-Buy at 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 research note released on Tuesday,Zacks.com reports.

Several other equities research analysts have also recently commented on ALTG. B. Riley started coverage on Alta Equipment Group in a research note on Thursday, March 27th. They set a "buy" rating and a $10.00 price target for the company. 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 research note on Monday, May 19th. 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 research note on Tuesday. 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 research note on Friday, May 16th. Finally, Wall Street Zen upgraded Alta Equipment Group from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $11.25.

Alta Equipment Group Stock Performance

NYSE ALTG traded down $0.55 on Tuesday, reaching $7.97. The stock had a trading volume of 252,670 shares, compared to its average volume of 280,892. The company has a debt-to-equity ratio of 13.12, a quick ratio of 0.42 and a current ratio of 1.36. Alta Equipment Group has a 12-month low of $3.54 and a 12-month high of $11.39. The business's 50-day moving average price is $5.84 and its 200 day moving average price is $5.81. The stock has a market cap of $261.73 million, a P/E ratio of -3.57 and a beta of 1.55.

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

Alta Equipment Group Dividend Announcement

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

Insider Transactions at Alta Equipment Group

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

Institutional Trading of Alta Equipment Group

Large investors have recently bought and sold shares of the company. Rhumbline Advisers grew its holdings in Alta Equipment Group by 15.9% in the first quarter. Rhumbline Advisers now owns 39,374 shares of the company's stock valued at $185,000 after purchasing an additional 5,406 shares during the last quarter. MetLife Investment Management LLC boosted 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 acquiring an additional 6,716 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of Alta Equipment Group during the fourth quarter valued at $367,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of Alta Equipment Group during the fourth quarter valued at $69,000. Finally, Bank of America Corp DE boosted its stake in shares of Alta Equipment Group by 148.0% during the fourth quarter. Bank of America Corp DE now owns 187,813 shares of the company's stock valued at $1,228,000 after acquiring an additional 112,092 shares during the last quarter. Institutional investors and hedge funds own 73.58% of the company's stock.

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.