Alta Equipment Group (NYSE:ALTG) Upgraded at Raymond James Financial

Raymond James Financial upgraded shares of Alta Equipment Group (NYSE:ALTG) from a market perform rating to an outperform rating in a research note issued to investors on Monday morning, Marketbeat.com reports. They currently have $9.50 target price on the stock.

Other equities analysts have also recently issued research reports about the company. Wall Street Zen raised Alta Equipment Group from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Weiss Ratings restated a “sell (e+)” rating on shares of Alta Equipment Group in a research report on Monday, December 29th. DA Davidson set a $7.00 target price on Alta Equipment Group in a research note on Friday, March 6th. Finally, Zacks Research upgraded Alta Equipment Group from a “strong sell” rating to a “hold” rating in a research report on Monday, January 19th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Alta Equipment Group currently has an average rating of “Moderate Buy” and an average price target of $11.63.

Alta Equipment Group Stock Performance

Shares of NYSE ALTG opened at $6.40 on Monday. The company has a market capitalization of $206.46 million, a PE ratio of -2.50 and a beta of 1.54. The company has a debt-to-equity ratio of 257.10, a quick ratio of 0.48 and a current ratio of 1.43. The company’s fifty day moving average price is $6.53 and its 200 day moving average price is $6.27. Alta Equipment Group has a 1 year low of $3.54 and a 1 year high of $8.99.

Alta Equipment Group (NYSE:ALTG) last released its quarterly earnings data on Thursday, February 26th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.10). Alta Equipment Group had a negative net margin of 4.37% and a negative return on equity of 341.70%. The firm had revenue of $509.10 million during the quarter, compared to analysts’ expectations of $489.56 million. On average, research analysts predict that Alta Equipment Group will post -1.92 earnings per share for the current year.

Insider Buying and Selling

In other Alta Equipment Group news, CEO Ryan Greenawalt sold 27,986 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $7.05, for a total transaction of $197,301.30. Following the completion of the transaction, the chief executive officer owned 5,721,710 shares of the company’s stock, valued at $40,338,055.50. This represents a 0.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Anthony Colucci sold 8,137 shares of Alta Equipment Group stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $7.05, for a total transaction of $57,365.85. Following the sale, the chief financial officer directly owned 240,750 shares in the company, valued at approximately $1,697,287.50. This trade represents a 3.27% decrease in their position. The SEC filing for this sale provides additional information. 19.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Alta Equipment Group

A number of hedge funds have recently modified their holdings of the company. Royal Bank of Canada increased its position in Alta Equipment Group by 55.1% during the fourth quarter. Royal Bank of Canada now owns 6,153 shares of the company’s stock worth $28,000 after purchasing an additional 2,186 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in Alta Equipment Group by 221.1% in the 4th quarter. Public Employees Retirement System of Ohio now owns 6,100 shares of the company’s stock valued at $28,000 after purchasing an additional 4,200 shares during the last quarter. Quarry LP grew its stake in shares of Alta Equipment Group by 150.9% in the 4th quarter. Quarry LP now owns 6,676 shares of the company’s stock valued at $31,000 after buying an additional 4,015 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Alta Equipment Group during the 2nd quarter worth approximately $35,000. Finally, Inscription Capital LLC acquired a new stake in shares of Alta Equipment Group during the 4th quarter worth approximately $56,000. Hedge funds and other institutional investors own 73.58% of the company’s stock.

About Alta Equipment Group

Alta Equipment Group, Inc (NYSE: ALTG) is a North American distributor of material handling and logistics equipment. The company offers a broad lineup of forklifts, lift trucks, aerial work platforms, tow motors, pallet jacks and related attachments, serving manufacturing, warehousing, distribution and industrial facilities. Through its network of branch locations, Alta Equipment provides customers with new and used sales, short- and long-term rentals, and integrated fleet management solutions designed to support operational efficiency.

In addition to equipment sales, Alta Equipment supports customers with comprehensive after-sales services.