Alta Equipment Group (NYSE:ALTG) Stock Gets Price Target Trim from DA Davidson

Alta Equipment Group (NYSE:ALTG) had its target price reduced by analysts at DA Davidson from $8.00 to $6.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. DA Davidson‘s price target points to a potential upside of 12.36% from the stock’s current price.

A number of other equities research analysts have also issued reports on ALTG. Citigroup reaffirmed an “outperform” rating on shares of Alta Equipment Group in a research note on Friday, September 25th. Wall Street Zen raised Alta Equipment Group from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Alta Equipment Group in a report on Wednesday, August 26th. Finally, Northland Securities set a $12.00 price objective on Alta Equipment Group in a research report on Friday, September 25th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $9.17.

Alta Equipment Group Price Performance

NYSE ALTG traded down $0.32 on Friday, hitting $5.34. 84,199 shares of the company’s stock were exchanged, compared to its average volume of 232,437. The firm has a market cap of $174.46 million, a price-to-earnings ratio of -3.27 and a beta of 1.76. The firm’s 50-day moving average price is $6.23 and its two-hundred day moving average price is $6.49. Alta Equipment Group has a fifty-two week low of $4.16 and a fifty-two week high of $8.69.

Alta Equipment Group (NYSE:ALTG) last announced its quarterly earnings data on Monday, November 9th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.11). Alta Equipment Group had a negative net margin of 2.77% and a negative return on equity of 3,253.61%. The company had revenue of $417.40 million during the quarter, compared to analyst estimates of $452.30 million. On average, research analysts predict that Alta Equipment Group will post -1.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Alta Equipment Group

A number of institutional investors have recently bought and sold shares of the stock. Royce & Associates LP increased its holdings in shares of Alta Equipment Group by 14.9% during the 3rd quarter. Royce & Associates LP now owns 1,161,002 shares of the company’s stock worth $7,059,000 after buying an additional 150,706 shares during the last quarter. NewEdge Advisors LLC grew its holdings in shares of Alta Equipment Group by 123.5% during the 1st quarter. NewEdge Advisors LLC now owns 117,418 shares of the company’s stock worth $631,000 after purchasing an additional 64,880 shares during the period. Quantinno Capital Management LP grew its holdings in shares of Alta Equipment Group by 27.9% during the 1st quarter. Quantinno Capital Management LP now owns 114,033 shares of the company’s stock worth $612,000 after purchasing an additional 24,908 shares during the period. Arrowstreet Capital Limited Partnership increased its position in Alta Equipment Group by 22.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 80,419 shares of the company’s stock worth $432,000 after purchasing an additional 14,933 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in Alta Equipment Group during the 3rd quarter worth approximately $200,000. 73.58% of the stock is currently owned by hedge funds and other institutional investors.

Alta Equipment Group Company Profile

Alta Equipment Group is a North American equipment dealership that sells, rents, and services equipment used in material handling, construction, and related industries. Its offerings include forklifts and other material handling equipment, construction machinery, and aerial work platforms. The company supports customers with equipment rentals, replacement parts, maintenance, repairs, and other aftermarket services. These offerings serve businesses that use equipment for activities such as warehousing, manufacturing, construction, and infrastructure work.