Alta Equipment Group (NYSE:ALTG) Releases Earnings Results, Misses Expectations By $0.08 EPS

Alta Equipment Group (NYSE:ALTG) released its quarterly earnings data on Thursday. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.08), FiscalAI reports. Alta Equipment Group had a negative return on equity of 95.61% and a negative net margin of 3.53%.The firm had revenue of $422.60 million for the quarter, compared to the consensus estimate of $456.68 million.

Alta Equipment Group Stock Down 3.2%

NYSE ALTG traded down $0.20 on Thursday, reaching $5.88. The company had a trading volume of 158,226 shares, compared to its average volume of 143,813. The company’s fifty day moving average is $6.96 and its 200-day moving average is $6.62. The firm has a market capitalization of $188.29 million, a price-to-earnings ratio of -2.85 and a beta of 1.57. The company has a debt-to-equity ratio of 16.69, a quick ratio of 0.48 and a current ratio of 1.39. Alta Equipment Group has a 1-year low of $3.54 and a 1-year high of $8.99.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Alta Equipment Group in a research report on Wednesday, October 8th. DA Davidson reaffirmed a “neutral” rating and set a $8.00 price objective on shares of Alta Equipment Group in a research note on Monday, August 18th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.25.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ALTG. Bank of America Corp DE raised its position in Alta Equipment Group by 4.1% in the 2nd quarter. Bank of America Corp DE now owns 170,161 shares of the company’s stock valued at $1,075,000 after buying an additional 6,698 shares during the last quarter. Quantinno Capital Management LP grew its stake in shares of Alta Equipment Group by 72.4% during the 2nd quarter. Quantinno Capital Management LP now owns 62,314 shares of the company’s stock worth $394,000 after acquiring an additional 26,176 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Alta Equipment Group by 71.9% in the second quarter. JPMorgan Chase & Co. now owns 55,084 shares of the company’s stock valued at $348,000 after purchasing an additional 23,047 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of 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. Finally, Strs Ohio bought a new stake in shares of Alta Equipment Group in the first quarter worth $138,000. 73.58% of the stock is currently owned by institutional investors.

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.