Alta Equipment Group (NYSE:ALTG) Given Neutral Rating at DA Davidson

Alta Equipment Group (NYSE:ALTG)‘s stock had its “neutral” rating reiterated by DA Davidson in a research note issued on Wednesday,Benzinga reports. They presently have a $8.00 target price on the stock. DA Davidson’s target price points to a potential upside of 8.40% from the company’s current price.

ALTG has been the topic of several other research reports. Raymond James Financial upgraded Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $9.50 price target 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 report on Saturday, June 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Alta Equipment Group in a research note on Friday, May 29th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $12.50.

Alta Equipment Group Stock Up 3.1%

Shares of ALTG stock traded up $0.22 during mid-day trading on Wednesday, reaching $7.38. 29,804 shares of the company’s stock traded hands, compared to its average volume of 255,819. The company’s 50-day moving average price is $6.76 and its 200-day moving average price is $6.25. The company has a market cap of $240.15 million, a P/E ratio of -2.92 and a beta of 1.73. The company has a quick ratio of 0.47, a current ratio of 1.37 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.

Alta Equipment Group (NYSE:ALTG) last posted its quarterly earnings data 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 return on equity of 3,253.61% and a negative net margin of 4.33%.The business had revenue of $410.50 million for the quarter, compared to the consensus estimate of $424.18 million. On average, equities analysts expect that Alta Equipment Group will post -1.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. NewEdge Advisors LLC grew its position in Alta Equipment Group by 123.5% during the first quarter. NewEdge Advisors LLC now owns 117,418 shares of the company’s stock valued at $631,000 after buying an additional 64,880 shares during the period. Quantinno Capital Management LP raised its stake in shares of Alta Equipment Group by 27.9% in the first quarter. Quantinno Capital Management LP now owns 114,033 shares of the company’s stock worth $612,000 after buying an additional 24,908 shares during the period. Lazard Asset Management LLC purchased a new position in shares of Alta Equipment Group during the 1st quarter valued at about $70,000. Public Employees Retirement System of Ohio lifted its position in shares of Alta Equipment Group by 173.8% during the 1st quarter. Public Employees Retirement System of Ohio now owns 16,700 shares of the company’s stock valued at $90,000 after buying an additional 10,600 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Alta Equipment Group by 22.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 80,419 shares of the company’s stock valued at $432,000 after acquiring an additional 14,933 shares during the period. Hedge funds and other institutional investors own 73.58% of the company’s stock.

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.