DA Davidson Cuts Alta Equipment Group (NYSE:ALTG) Price Target to $8.00

by · The Markets Daily

Alta Equipment Group (NYSE:ALTG – Free Report) had its price objective cut by DA Davidson from $9.00 to $8.00 in a research note issued to investors on Monday,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also commented on ALTG. B. Riley started coverage on Alta Equipment Group in a report on Thursday, March 27th. They set a “buy” rating and a $10.00 price objective for the company. Raymond James cut their target price on Alta Equipment Group from $8.50 to $7.00 and set a “market perform” rating on the stock in a research note on Friday, May 16th. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.25.

Check Out Our Latest Research Report on ALTG

Alta Equipment Group Stock Performance

Shares of ALTG opened at $4.97 on Monday. The company has a debt-to-equity ratio of 7.45, a quick ratio of 0.43 and a current ratio of 1.35. The stock has a 50 day moving average price of $4.65 and a two-hundred day moving average price of $6.14. The firm has a market capitalization of $163.31 million, a P/E ratio of -2.92 and a beta of 1.53. Alta Equipment Group has a 52 week low of $3.54 and a 52 week high of $11.39.

Alta Equipment Group (NYSE:ALTG – Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.05). The company had revenue of $423.00 million for the quarter, compared to the consensus estimate of $436.15 million. Alta Equipment Group had a negative return on equity of 42.09% and a negative net margin of 2.81%. Equities analysts forecast that Alta Equipment Group will post -1.92 earnings per share for the current fiscal year.

Alta Equipment Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Thursday, May 15th will be paid a $0.057 dividend. The ex-dividend date is Thursday, May 15th. This represents a $0.23 dividend on an annualized basis and a dividend yield of 4.59%. Alta Equipment Group’s payout ratio is presently -9.87%.

Insider Transactions at Alta Equipment Group

In related news, COO Craig Brubaker sold 5,294 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $5.00, for a total value of $26,470.00. Following the transaction, the chief operating officer now owns 98,640 shares in the company, valued at approximately $493,200. This represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 19.20% of the company’s stock.

Hedge Funds Weigh In On Alta Equipment Group

Several institutional investors have recently bought and sold shares of ALTG. Price T Rowe Associates Inc. MD bought a new stake in Alta Equipment Group during the 4th quarter valued at $69,000. Intech Investment Management LLC bought a new stake in Alta Equipment Group during the 4th quarter valued at $79,000. Wells Fargo & Company MN increased its holdings in shares of Alta Equipment Group by 51.7% in the fourth quarter. Wells Fargo & Company MN now owns 12,533 shares of the company’s stock worth $82,000 after purchasing an additional 4,272 shares during the period. SG Americas Securities LLC increased its holdings in shares of Alta Equipment Group by 20.8% in the fourth quarter. SG Americas Securities LLC now owns 13,784 shares of the company’s stock worth $90,000 after purchasing an additional 2,375 shares during the period. Finally, MetLife Investment Management LLC increased its holdings in shares of Alta Equipment Group by 49.4% in the fourth quarter. MetLife Investment Management LLC now owns 20,313 shares of the company’s stock worth $133,000 after purchasing an additional 6,716 shares during the period. Hedge funds and other institutional investors own 73.58% of the company’s stock.

About Alta Equipment Group

(Get Free Report)

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.

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