Alta Equipment Group (NYSE:ALTG) Coverage Initiated at B. Riley

B. Riley initiated coverage on shares of Alta Equipment Group (NYSE:ALTG) in a report issued on Thursday. The brokerage issued a buy rating and a $10.00 price target on the stock.

Separately, Raymond James lowered their price objective on Alta Equipment Group from $9.00 to $8.50 and set a “market perform” rating on the stock in a research note on Monday, March 10th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Alta Equipment Group has an average rating of “Hold” and an average price target of $12.63.

Alta Equipment Group Stock Performance

NYSE:ALTG opened at $4.94 on Thursday. The company has a market capitalization of $162.33 million, a P/E ratio of -2.91 and a beta of 1.81. The business has a fifty day simple moving average of $6.26 and a two-hundred day simple moving average of $6.64. The company has a debt-to-equity ratio of 7.45, a current ratio of 1.35 and a quick ratio of 0.43. Alta Equipment Group has a 1 year low of $4.45 and a 1 year high of $13.67.

Alta Equipment Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Saturday, February 15th were issued a $0.057 dividend. This represents a $0.23 dividend on an annualized basis and a dividend yield of 4.62%. The ex-dividend date of this dividend was Friday, February 14th. Alta Equipment Group’s payout ratio is currently -11.22%.

Insider Activity

In related news, COO Craig Brubaker sold 5,294 shares of the stock in a transaction 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 sale, the chief operating officer now owns 98,640 shares in the company, valued at approximately $493,200. This trade represents a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 19.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Alta Equipment Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. LPL Financial LLC boosted its position in shares of Alta Equipment Group by 1.5% during the 4th quarter. LPL Financial LLC now owns 118,942 shares of the company’s stock valued at $778,000 after acquiring an additional 1,774 shares during the last quarter. Rhumbline Advisers raised its stake in Alta Equipment Group by 5.7% in the fourth quarter. Rhumbline Advisers now owns 33,968 shares of the company’s stock valued at $222,000 after purchasing an additional 1,827 shares in the last quarter. SkyView Investment Advisors LLC raised its stake in Alta Equipment Group by 5.2% in the third quarter. SkyView Investment Advisors LLC now owns 47,576 shares of the company’s stock valued at $321,000 after purchasing an additional 2,351 shares in the last quarter. SG Americas Securities LLC lifted its position in Alta Equipment Group by 20.8% during the fourth quarter. SG Americas Securities LLC now owns 13,784 shares of the company’s stock valued at $90,000 after purchasing an additional 2,375 shares during the last quarter. Finally, Barclays PLC grew its stake in Alta Equipment Group by 10.8% in the 4th quarter. Barclays PLC now owns 42,479 shares of the company’s stock worth $278,000 after buying an additional 4,152 shares in the last quarter. 73.58% of the stock is currently owned by hedge funds and other institutional investors.

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.