Alta Equipment Group Inc. (NYSE:ALTG) Receives Average Recommendation of “Hold” from Brokerages

Alta Equipment Group Inc. (NYSE:ALTG) has been given an average rating of “Hold” by the five brokerages that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and two have given a buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $12.1667.

Several analysts have commented on the company. Raymond James Financial upgraded 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 note on Monday, March 9th. Wall Street Zen downgraded Alta Equipment Group from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. DA Davidson upgraded Alta Equipment Group to a “hold” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Alta Equipment Group in a research note on Friday, May 29th.

Alta Equipment Group Stock Performance

Shares of ALTG opened at $7.65 on Wednesday. The business’s fifty day simple moving average is $6.71 and its two-hundred day simple moving average is $6.21. The company has a current ratio of 1.37, a quick ratio of 0.47 and a debt-to-equity ratio of 257.10. Alta Equipment Group has a 12 month low of $4.16 and a 12 month high of $8.99. The company has a market cap of $248.93 million, a price-to-earnings ratio of -3.02 and a beta of 1.73.

Alta Equipment Group (NYSE:ALTG) last issued its earnings results on Thursday, May 7th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.03). Alta Equipment Group had a negative net margin of 4.33% and a negative return on equity of 3,253.61%. The business had revenue of $410.50 million for the quarter, compared to analysts’ expectations of $424.18 million. Research analysts anticipate that Alta Equipment Group will post -1.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alta Equipment Group

A number of institutional investors and hedge funds have recently modified their holdings of ALTG. Strs Ohio purchased a new position in shares of Alta Equipment Group in the 1st quarter worth $138,000. Rhumbline Advisers boosted its stake in shares of Alta Equipment Group by 15.9% in the 1st quarter. Rhumbline Advisers now owns 39,374 shares of the company’s stock worth $185,000 after buying an additional 5,406 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Alta Equipment Group by 71.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 55,084 shares of the company’s stock worth $348,000 after buying an additional 23,047 shares during the last quarter. Quantinno Capital Management LP boosted its stake in shares of Alta Equipment Group by 72.4% in the 2nd quarter. Quantinno Capital Management LP now owns 62,314 shares of the company’s stock worth $394,000 after buying an additional 26,176 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Alta Equipment Group in the 2nd quarter worth $35,000. 73.58% of the stock is currently owned by hedge funds and other institutional investors.

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.