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

Alta Equipment Group (NYSE:ALTG) had its price objective reduced by DA Davidson from $9.00 to $8.00 in a report issued on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages also recently weighed in on ALTG. 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. B. Riley assumed coverage on Alta Equipment Group in a research note on Thursday, March 27th. They issued a “buy” rating and a $10.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.25.

Alta Equipment Group Price Performance

ALTG stock opened at $5.31 on Monday. The company has a market capitalization of $174.49 million, a P/E ratio of -3.12 and a beta of 1.53. The company has a debt-to-equity ratio of 7.45, a quick ratio of 0.43 and a current ratio of 1.35. Alta Equipment Group has a 52-week low of $3.54 and a 52-week high of $11.39. The business has a 50-day simple moving average of $4.65 and a two-hundred day simple moving average of $6.16.

Alta Equipment Group (NYSE:ALTG) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.65) earnings per share (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 analyst estimates of $436.15 million. Alta Equipment Group had a negative net margin of 2.81% and a negative return on equity of 42.09%. Research analysts expect that Alta Equipment Group will post -1.92 EPS for the current fiscal year.

Alta Equipment Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Investors 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 annualized dividend and a yield of 4.29%. Alta Equipment Group’s payout ratio is -9.87%.

Insider Activity 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. 19.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Alta Equipment Group

Several institutional investors have recently bought and sold shares of ALTG. Portolan Capital Management LLC bought a new stake in Alta Equipment Group during the 4th quarter valued at $5,561,000. First Eagle Investment Management LLC bought a new stake in Alta Equipment Group during the 4th quarter valued at $2,589,000. CastleKnight Management LP raised its holdings in Alta Equipment Group by 70.2% during the 4th quarter. CastleKnight Management LP now owns 540,986 shares of the company’s stock valued at $3,538,000 after acquiring an additional 223,072 shares during the period. Nantahala Capital Management LLC raised its holdings in Alta Equipment Group by 23.4% during the 1st quarter. Nantahala Capital Management LLC now owns 1,042,769 shares of the company’s stock valued at $4,891,000 after acquiring an additional 197,654 shares during the period. Finally, GSA Capital Partners LLP raised its holdings in Alta Equipment Group by 98.4% during the 1st quarter. GSA Capital Partners LLP now owns 358,290 shares of the company’s stock valued at $1,680,000 after acquiring an additional 177,685 shares during the period. Hedge funds and other institutional investors own 73.58% of the company’s stock.

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.