Alta Equipment Group (NYSE:ALTG) Issues Earnings Results, Misses Expectations By $0.64 EPS

Alta Equipment Group (NYSE:ALTG) announced its earnings results on Tuesday. The company reported ($0.86) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.64), reports. Alta Equipment Group had a negative net margin of 2.81% and a negative return on equity of 38.90%. The firm had revenue of $448.80 million during the quarter, compared to analyst estimates of $481.09 million.

Alta Equipment Group Stock Down 0.3 %

Shares of ALTG opened at $7.97 on Thursday. Alta Equipment Group has a fifty-two week low of $5.40 and a fifty-two week high of $13.67. The company’s fifty day moving average is $6.52 and its two-hundred day moving average is $7.89. The firm has a market cap of $263.73 million, a PE ratio of -4.69 and a beta of 1.67. The company has a quick ratio of 0.47, a current ratio of 1.37 and a debt-to-equity ratio of 5.81.

Alta Equipment Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a dividend of $0.057 per share. This represents a $0.23 annualized dividend and a yield of 2.86%. The ex-dividend date is Friday, November 15th. Alta Equipment Group’s dividend payout ratio (DPR) is -13.53%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. DA Davidson cut their price objective on shares of Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Raymond James reaffirmed a “market perform” rating and issued a $10.00 target price (down from $14.00) on shares of Alta Equipment Group in a research note on Friday, August 9th. Finally, Northland Securities reissued a “market perform” rating and set a $20.00 price target (down previously from $30.00) on shares of Alta Equipment Group in a research note on Wednesday.

Insider Transactions at Alta Equipment Group

In other Alta Equipment Group news, major shareholder Voss Capital, Lp sold 11,311 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $6.31, for a total transaction of $71,372.41. Following the completion of the sale, the insider now directly owns 963,689 shares in the company, valued at $6,080,877.59. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 19.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new position in shares of Alta Equipment Group in the third quarter valued at $77,000. Quest Partners LLC purchased a new position in Alta Equipment Group in the 2nd quarter valued at about $80,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Alta Equipment Group during the second quarter valued at about $89,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Alta Equipment Group by 37.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,795 shares of the company’s stock worth $95,000 after acquiring an additional 3,218 shares in the last quarter. Finally, EntryPoint Capital LLC grew its stake in Alta Equipment Group by 88.0% during the 1st quarter. EntryPoint Capital LLC now owns 8,419 shares of the company’s stock valued at $109,000 after purchasing an additional 3,940 shares in the last quarter. 73.58% of the stock is owned by hedge funds and other institutional investors.

Alta Equipment Group Company Profile

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.