Alta Equipment Group Inc. (NYSE:ALTG) Receives $11.00 Average PT from Analysts

Shares of Alta Equipment Group Inc. (NYSE:ALTG) have earned an average recommendation of “Moderate Buy” from the six brokerages that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $11.6250.

ALTG has been the topic of several recent research reports. Raymond James Financial raised Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $9.50 target price on the stock in a research report on Monday, March 9th. DA Davidson set a $7.00 price target on Alta Equipment Group in a research report on Friday, March 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Alta Equipment Group in a research note on Monday, December 29th. Wall Street Zen raised Alta Equipment Group from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Finally, Zacks Research upgraded Alta Equipment Group from a “strong sell” rating to a “hold” rating in a research note on Monday, January 19th.

Alta Equipment Group Price Performance

Shares of ALTG opened at $6.13 on Monday. The company has a 50 day moving average price of $6.58 and a 200-day moving average price of $6.26. Alta Equipment Group has a fifty-two week low of $3.54 and a fifty-two week high of $8.99. The stock has a market capitalization of $197.57 million, a PE ratio of -2.39 and a beta of 1.54. The company has a debt-to-equity ratio of 257.10, a quick ratio of 0.48 and a current ratio of 1.43.

Alta Equipment Group (NYSE:ALTG) last released its quarterly earnings data on Thursday, February 26th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.10). The business had revenue of $509.10 million for the quarter, compared to the consensus estimate of $489.56 million. Alta Equipment Group had a negative net margin of 4.37% and a negative return on equity of 341.70%. Equities analysts predict that Alta Equipment Group will post -1.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Alta Equipment Group

In other Alta Equipment Group news, major shareholder Mill Road Capital Iii, L.P. bought 18,040 shares of Alta Equipment Group stock in a transaction that occurred on Wednesday, March 11th. The shares were bought at an average cost of $6.36 per share, with a total value of $114,734.40. Following the transaction, the insider directly owned 4,311,248 shares of the company’s stock, valued at approximately $27,419,537.28. This represents a 0.42% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Anthony Colucci sold 8,137 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $7.05, for a total value of $57,365.85. Following the completion of the sale, the chief financial officer owned 240,750 shares of the company’s stock, valued at approximately $1,697,287.50. This trade represents a 3.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 19.20% of the company’s stock.

Institutional Investors Weigh In On Alta Equipment Group

Large investors have recently modified their holdings of the business. CIBC Bancorp USA Inc. acquired a new position in Alta Equipment Group in the 3rd quarter worth approximately $3,435,000. JPMorgan Chase & Co. boosted its holdings in shares of Alta Equipment Group by 262.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 199,434 shares of the company’s stock valued at $1,444,000 after acquiring an additional 144,350 shares during the last quarter. Citizens Financial Group Inc. RI increased its stake in shares of Alta Equipment Group by 147.3% in the second quarter. Citizens Financial Group Inc. RI now owns 230,000 shares of the company’s stock worth $1,454,000 after acquiring an additional 137,000 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Alta Equipment Group in the third quarter worth $968,000. Finally, First Eagle Investment Management LLC raised its holdings in shares of Alta Equipment Group by 16.2% during the second quarter. First Eagle Investment Management LLC now owns 792,103 shares of the company’s stock worth $5,006,000 after purchasing an additional 110,444 shares during the last quarter. Hedge funds and other institutional investors own 73.58% of the company’s stock.

About Alta Equipment Group

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.