Alta Equipment Group (NYSE:ALTG) Raised to Hold at Zacks Research

Alta Equipment Group (NYSE:ALTG) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the company. Weiss Ratings restated a “sell (e+)” rating on shares of Alta Equipment Group in a report on Monday, December 29th. Wall Street Zen lowered shares of Alta Equipment Group from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Finally, DA Davidson lowered their target price on Alta Equipment Group from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, November 12th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $11.00.

Alta Equipment Group Price Performance

Alta Equipment Group stock opened at $6.05 on Monday. Alta Equipment Group has a 12-month low of $3.54 and a 12-month high of $8.99. The company has a current ratio of 1.42, a quick ratio of 0.49 and a debt-to-equity ratio of 257.10. The firm has a 50-day moving average price of $5.11 and a 200-day moving average price of $6.52. The firm has a market capitalization of $194.89 million, a PE ratio of -2.41 and a beta of 1.56.

Alta Equipment Group (NYSE:ALTG) last released its earnings results on Thursday, November 6th. The company reported ($1.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($1.04). The business had revenue of $422.60 million during the quarter, compared to analysts’ expectations of $456.68 million. Alta Equipment Group had a negative return on equity of 175.61% and a negative net margin of 4.34%. As a group, equities research analysts forecast that Alta Equipment Group will post -1.92 EPS for the current year.

Insider Activity

In related news, Director Daniel Shribman acquired 40,000 shares of the stock in a transaction dated Monday, December 8th. The stock was acquired at an average cost of $5.07 per share, for a total transaction of $202,800.00. Following the completion of the purchase, the director owned 131,393 shares of the company’s stock, valued at approximately $666,162.51. This represents a 43.77% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 19.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. lifted its stake 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 purchasing an additional 144,350 shares during the period. Tudor Investment Corp ET AL purchased a new position in Alta Equipment Group in the third quarter valued at $652,000. CIBC Bancorp USA Inc. acquired a new position in shares of Alta Equipment Group in the third quarter worth about $3,435,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of Alta Equipment Group in the third quarter worth about $83,000. Finally, NewEdge Advisors LLC purchased a new stake in shares of Alta Equipment Group during the 3rd quarter worth about $435,000. 73.58% of the stock is owned by institutional investors and hedge funds.

Alta Equipment Group Company Profile

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.