Alta Equipment Group (NYSE:ALTG) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Alta Equipment Group (NYSE:ALTG) from a sell rating to a hold rating in a research note published on Saturday.

Other research analysts also recently issued research reports about the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Alta Equipment Group in a research note on Friday, May 29th. DA Davidson reissued a “neutral” rating and issued a $8.00 price objective on shares of Alta Equipment Group in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Alta Equipment Group currently has a consensus rating of “Hold” and an average target price of $8.75.

Alta Equipment Group Stock Down 2.8%

Shares of Alta Equipment Group stock opened at $7.05 on Friday. The stock’s fifty day moving average is $6.81 and its two-hundred day moving average is $6.59. Alta Equipment Group has a 52 week low of $4.16 and a 52 week high of $8.88. The company has a market capitalization of $230.32 million, a PE ratio of -2.74 and a beta of 1.73.

Alta Equipment Group (NYSE:ALTG) last released its earnings results on Thursday, August 6th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.04). The business had revenue of $475.50 million for the quarter, compared to the consensus estimate of $488.71 million. Alta Equipment Group had a negative return on equity of 3,253.61% and a negative net margin of 4.42%. As a group, research analysts anticipate that Alta Equipment Group will post -1.2 earnings per share for the current year.

Institutional Investors Weigh In On Alta Equipment Group

A number of institutional investors and hedge funds have recently bought and sold shares of ALTG. Strs Ohio bought a new position in shares of Alta Equipment Group during the 1st quarter worth $138,000. Rhumbline Advisers raised its holdings in shares of Alta Equipment Group by 15.9% in the first quarter. Rhumbline Advisers now owns 39,374 shares of the company’s stock valued at $185,000 after acquiring an additional 5,406 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Alta Equipment Group by 71.9% in the second quarter. JPMorgan Chase & Co. now owns 55,084 shares of the company’s stock valued at $348,000 after acquiring an additional 23,047 shares in the last quarter. Quantinno Capital Management LP lifted its stake in Alta Equipment Group by 72.4% in the second quarter. Quantinno Capital Management LP now owns 62,314 shares of the company’s stock worth $394,000 after acquiring an additional 26,176 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in Alta Equipment Group in the second quarter worth about $35,000. 73.58% of the stock is owned by institutional investors.

Alta Equipment Group Company Profile

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.