Alta Equipment Group Inc. (NYSE:ALTG) Given Consensus Rating of “Hold” by Analysts

Shares of Alta Equipment Group Inc. (NYSE:ALTG) have earned an average rating of “Hold” from the six brokerages that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, three have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $11.00.

ALTG has been the topic of several recent research reports. DA Davidson reduced their price target on Alta Equipment Group from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 12th. Wall Street Zen lowered Alta Equipment Group from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of Alta Equipment Group in a research report on Monday, December 29th. Finally, Zacks Research raised shares of Alta Equipment Group from a “strong sell” rating to a “hold” rating in a research note on Monday.

Alta Equipment Group Stock Up 1.9%

NYSE ALTG opened at $6.36 on Friday. Alta Equipment Group has a twelve month low of $3.54 and a twelve month high of $8.99. The stock has a market cap of $204.95 million, a PE ratio of -2.53 and a beta of 1.56. The firm has a 50-day simple moving average of $5.17 and a 200 day simple moving average of $6.52. The company has a debt-to-equity ratio of 257.10, a quick ratio of 0.49 and a current ratio of 1.42.

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

Insiders Place Their Bets

In other news, Director Daniel Shribman acquired 40,000 shares of the firm’s stock in a transaction on Monday, December 8th. The shares were purchased at an average cost of $5.07 per share, with a total value of $202,800.00. Following the acquisition, the director directly owned 131,393 shares in the company, valued at $666,162.51. This represents a 43.77% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 19.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Alta Equipment Group

Several hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. lifted its stake in shares of Alta Equipment Group by 4.5% in the third quarter. Russell Investments Group Ltd. now owns 52,502 shares of the company’s stock worth $380,000 after acquiring an additional 2,242 shares during the period. Alliancebernstein L.P. grew its holdings in shares of Alta Equipment Group by 10.7% during the third quarter. Alliancebernstein L.P. now owns 38,270 shares of the company’s stock valued at $277,000 after buying an additional 3,700 shares during the last quarter. Brooklyn Investment Group increased its holdings in Alta Equipment Group by 21.3% during the 3rd quarter. Brooklyn Investment Group now owns 24,417 shares of the company’s stock worth $177,000 after purchasing an additional 4,288 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in Alta Equipment Group by 1,279.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 5,806 shares of the company’s stock valued at $37,000 after acquiring an additional 5,385 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in shares of Alta Equipment Group by 15.9% during 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 in the last quarter. Institutional investors and hedge funds 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.