Alta Equipment Group (NYSE:ALTG) Upgraded to Hold at DA Davidson

DA Davidson upgraded shares of Alta Equipment Group (NYSE:ALTG) to a hold rating in a research note published on Wednesday,Zacks.com reports.

Other equities analysts have also issued reports about the company. Zacks Research raised Alta Equipment Group from a “strong sell” rating to a “hold” rating in a report on Monday, January 19th. Raymond James Financial raised Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $9.50 price target for the company in a report on Monday, March 9th. Finally, Wall Street Zen raised Alta Equipment Group from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $12.17.

Alta Equipment Group Price Performance

Shares of NYSE ALTG opened at $8.34 on Wednesday. The stock has a fifty day simple moving average of $6.41 and a two-hundred day simple moving average of $5.96. Alta Equipment Group has a 1-year low of $4.16 and a 1-year high of $8.99. The firm has a market cap of $268.97 million, a price-to-earnings ratio of -3.26 and a beta of 1.82. The company has a current ratio of 1.43, a quick ratio of 0.48 and a debt-to-equity ratio of 257.10.

Alta Equipment Group (NYSE:ALTG) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $489.56 million. Analysts anticipate that Alta Equipment Group will post -1.3 earnings per share for the current year.

Insider Transactions at Alta Equipment Group

In related news, major shareholder Mill Road Capital Iii, L.P. purchased 58,162 shares of the business’s stock in a transaction dated Thursday, March 12th. The stock was purchased at an average cost of $6.10 per share, with a total value of $354,788.20. Following the completion of the acquisition, the insider directly owned 4,369,410 shares of the company’s stock, valued at approximately $26,653,401. The trade was a 1.35% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Anthony Colucci sold 8,137 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $7.05, for a total value of $57,365.85. Following the completion of the transaction, the chief financial officer directly owned 240,750 shares of the company’s stock, valued at $1,697,287.50. The trade was a 3.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders purchased 84,000 shares of company stock valued at $519,371 over the last three months. Company insiders own 20.50% of the company’s stock.

Institutional Investors Weigh In On Alta Equipment Group

Several large investors have recently added to or reduced their stakes in ALTG. CIBC Bancorp USA Inc. bought a new stake in Alta Equipment Group during the third quarter valued at $3,435,000. JPMorgan Chase & Co. boosted its stake in Alta Equipment Group by 262.1% during the third quarter. JPMorgan Chase & Co. now owns 199,434 shares of the company’s stock valued at $1,444,000 after buying an additional 144,350 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in Alta Equipment Group during the third quarter valued at $968,000. Squarepoint Ops LLC boosted its stake in Alta Equipment Group by 612.6% during the fourth quarter. Squarepoint Ops LLC now owns 122,822 shares of the company’s stock valued at $565,000 after buying an additional 105,587 shares during the period. Finally, Tudor Investment Corp ET AL bought a new stake in Alta Equipment Group during the third quarter valued at $652,000. 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.