Raymond James Cuts Alta Equipment Group (NYSE:ALTG) Price Target to $7.00

Alta Equipment Group (NYSE:ALTG) had its target price reduced by Raymond James from $8.50 to $7.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a market perform rating on the stock.

Separately, B. Riley initiated coverage on shares of Alta Equipment Group in a report on Thursday, March 27th. They set a “buy” rating and a $10.00 target price for the company. Three research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $12.25.

Alta Equipment Group Price Performance

NYSE:ALTG opened at $5.42 on Friday. The company has a debt-to-equity ratio of 7.45, a current ratio of 1.35 and a quick ratio of 0.43. The firm has a market cap of $178.10 million, a price-to-earnings ratio of -3.19 and a beta of 1.53. The company has a 50 day moving average price of $4.65 and a 200-day moving average price of $6.17. Alta Equipment Group has a 1-year low of $3.54 and a 1-year high of $11.39.

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

Alta Equipment Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Thursday, May 15th will be given a dividend of $0.057 per share. This represents a $0.23 dividend on an annualized basis and a yield of 4.21%. The ex-dividend date of this dividend is Thursday, May 15th. Alta Equipment Group’s dividend payout ratio is presently -9.87%.

Insiders Place Their Bets

In other Alta Equipment Group news, COO Craig Brubaker sold 5,294 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $5.00, for a total transaction of $26,470.00. Following the completion of the transaction, the chief operating officer now directly 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 legal filing with the SEC, which is accessible through this hyperlink. 19.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Alta Equipment Group

A number of hedge funds have recently modified their holdings of ALTG. Barclays PLC raised its position in shares of Alta Equipment Group by 302.8% in the third quarter. Barclays PLC now owns 38,327 shares of the company’s stock valued at $258,000 after buying an additional 28,812 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Alta Equipment Group by 167.8% in the third quarter. JPMorgan Chase & Co. now owns 51,418 shares of the company’s stock valued at $347,000 after purchasing an additional 32,218 shares during the period. SG Americas Securities LLC grew 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 valued at $90,000 after purchasing an additional 2,375 shares during the period. Rhumbline Advisers grew its holdings in shares of 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 during the period. Finally, Quantum Private Wealth LLC grew its holdings in shares of Alta Equipment Group by 12.4% in the fourth quarter. Quantum Private Wealth LLC now owns 89,240 shares of the company’s stock valued at $584,000 after purchasing an additional 9,860 shares during the period. 73.58% of the stock is currently owned by institutional investors and hedge funds.

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.