Wall Street Zen Upgrades Alta Equipment Group (NYSE:ALTG) to "Hold"

Wall Street Zen upgraded shares of Alta Equipment Group (NYSE:ALTG - Free Report) from a sell rating to a hold rating in a report issued on Friday.

Several other equities analysts have also recently weighed in on the company. 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 objective on the stock. Raymond James dropped their price objective 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, DA Davidson dropped their price objective on Alta Equipment Group from $9.00 to $8.00 and set a "buy" rating on the stock in a research note on Monday, May 19th. Four equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $11.25.

Alta Equipment Group Stock Up 3.0%

NYSE ALTG traded up $0.18 during mid-day trading on Friday, hitting $5.97. The company's stock had a trading volume of 325,822 shares, compared to its average volume of 287,724. The company has a current ratio of 1.35, a quick ratio of 0.43 and a debt-to-equity ratio of 7.45. The company's 50 day simple moving average is $4.68 and its 200 day simple moving average is $5.95. Alta Equipment Group has a twelve month low of $3.54 and a twelve month high of $11.39. The firm has a market capitalization of $196.01 million, a price-to-earnings ratio of -3.51 and a beta of 1.53.

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 the consensus estimate of ($0.60) by ($0.05). Alta Equipment Group had a negative net margin of 2.81% and a negative return on equity of 42.09%. The company had revenue of $423.00 million for the quarter, compared to the consensus estimate of $436.15 million. Analysts anticipate that Alta Equipment Group will post -1.92 earnings per share for the current year.

Alta Equipment Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Thursday, May 15th were paid a dividend of $0.057 per share. This represents a $0.23 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date of this dividend was Thursday, May 15th. Alta Equipment Group's payout ratio is -9.87%.

Insider Transactions at Alta Equipment Group

In other news, Director Andrew P. Studdert acquired 6,743 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were acquired at an average cost of $4.80 per share, for a total transaction of $32,366.40. Following the purchase, the director now owns 93,334 shares of the company's stock, valued at approximately $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 accessible through this hyperlink. Company insiders own 19.20% of the company's stock.

Institutional Investors Weigh In On Alta Equipment Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ALTG. SG Americas Securities LLC raised its stake in Alta Equipment Group by 20.8% in the 4th quarter. SG Americas Securities LLC now owns 13,784 shares of the company's stock valued at $90,000 after acquiring an additional 2,375 shares during the period. Rhumbline Advisers raised its stake in Alta Equipment Group by 5.7% in the 4th quarter. Rhumbline Advisers now owns 33,968 shares of the company's stock valued at $222,000 after acquiring an additional 1,827 shares during the period. Quantum Private Wealth LLC raised its stake in Alta Equipment Group by 12.4% in the 4th quarter. Quantum Private Wealth LLC now owns 89,240 shares of the company's stock valued at $584,000 after acquiring an additional 9,860 shares during the period. Meixler Investment Management Ltd. raised its stake in Alta Equipment Group by 25.4% in the 4th quarter. Meixler Investment Management Ltd. now owns 33,192 shares of the company's stock valued at $217,000 after acquiring an additional 6,717 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in Alta Equipment Group by 10.6% in the 4th quarter. Bank of New York Mellon Corp now owns 238,827 shares of the company's stock valued at $1,562,000 after acquiring an additional 22,800 shares during the period. 73.58% of the stock is currently owned by 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.