Alta Equipment Group (NYSE:ALTG) Price Target Lowered to $9.00 at Raymond James

Alta Equipment Group (NYSE:ALTG) had its price objective trimmed by Raymond James from $10.00 to $9.00 in a report issued on Thursday,Benzinga reports. The firm currently has a market perform rating on the stock.

Several other equities research analysts also recently issued reports on the company. Northland Capmk downgraded Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Northland Securities reissued a “market perform” rating and issued a $20.00 price target (down from $30.00) on shares of Alta Equipment Group in a research report on Wednesday. Finally, DA Davidson lowered their price objective on shares of Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $15.75.

Alta Equipment Group Price Performance

Shares of NYSE:ALTG opened at $6.99 on Thursday. The company has a market cap of $231.30 million, a P/E ratio of -4.11 and a beta of 1.67. The company’s fifty day moving average is $6.55 and its two-hundred day moving average is $7.83. The company has a quick ratio of 0.47, a current ratio of 1.35 and a debt-to-equity ratio of 7.45. Alta Equipment Group has a 12-month low of $5.40 and a 12-month high of $13.67.

Alta Equipment Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.057 per share. This represents a $0.23 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date of this dividend is Friday, November 15th. Alta Equipment Group’s dividend payout ratio (DPR) is presently -13.53%.

Insider Activity at Alta Equipment Group

In other Alta Equipment Group news, major shareholder Voss Capital, Lp sold 11,311 shares of Alta Equipment Group stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $6.31, for a total value 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. The trade was a 1.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 19.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ALTG. Quantbot Technologies LP increased its position in Alta Equipment Group by 67.7% during the first quarter. Quantbot Technologies LP now owns 15,736 shares of the company’s stock worth $204,000 after buying an additional 6,355 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Alta Equipment Group by 38.3% during the 1st quarter. Russell Investments Group Ltd. now owns 191,063 shares of the company’s stock worth $2,474,000 after acquiring an additional 52,896 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Alta Equipment Group by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 1,250,154 shares of the company’s stock valued at $16,189,000 after acquiring an additional 8,962 shares during the last quarter. EntryPoint Capital LLC raised its stake in shares of Alta Equipment Group by 88.0% in the 1st quarter. EntryPoint Capital LLC now owns 8,419 shares of the company’s stock valued at $109,000 after acquiring an additional 3,940 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in Alta Equipment Group by 237.0% in the 1st quarter. Janus Henderson Group PLC now owns 50,957 shares of the company’s stock worth $660,000 after purchasing an additional 35,838 shares during the last quarter. Institutional investors own 73.58% of the company’s stock.

About Alta Equipment Group

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.