Alta Equipment Group (NYSE:ALTG) Stock Rating Lowered by Northland Capmk

Alta Equipment Group (NYSE:ALTG) was downgraded by equities researchers at Northland Capmk from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other equities analysts have also issued reports on the company. Northland Securities reissued a “market perform” rating and set a $20.00 target price (down previously from $30.00) on shares of Alta Equipment Group in a research note on Wednesday. DA Davidson decreased their target price on Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Finally, Raymond James reissued a “market perform” rating and set a $10.00 target price (down previously from $14.00) on shares of Alta Equipment Group in a research note on Friday, August 9th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $16.00.

Alta Equipment Group Stock Performance

NYSE ALTG opened at $7.97 on Wednesday. The stock has a market cap of $263.73 million, a PE ratio of -4.69 and a beta of 1.67. The company has a current ratio of 1.37, a quick ratio of 0.47 and a debt-to-equity ratio of 5.81. Alta Equipment Group has a twelve month low of $5.40 and a twelve month high of $13.67. The stock has a fifty day simple moving average of $6.52 and a 200-day simple moving average of $7.89.

Alta Equipment Group (NYSE:ALTG) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.86) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.64). The business had revenue of $448.80 million for the quarter, compared to analysts’ expectations of $481.09 million. Alta Equipment Group had a negative return on equity of 38.90% and a negative net margin of 2.81%. Equities analysts anticipate that Alta Equipment Group will post -1.08 earnings per share for the current year.

Insider Buying and Selling at Alta Equipment Group

In other Alta Equipment Group news, major shareholder Voss Capital, Lp sold 11,311 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $6.31, for a total value of $71,372.41. Following the sale, the insider now owns 963,689 shares of the company’s stock, valued at $6,080,877.59. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 19.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Alta Equipment Group

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Alta Equipment Group by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 1,250,154 shares of the company’s stock worth $16,189,000 after acquiring an additional 8,962 shares in the last quarter. Nantahala Capital Management LLC raised its position in shares of Alta Equipment Group by 108.2% during the 2nd quarter. Nantahala Capital Management LLC now owns 838,222 shares of the company’s stock worth $6,739,000 after acquiring an additional 435,713 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Alta Equipment Group by 3.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 567,974 shares of the company’s stock worth $4,567,000 after acquiring an additional 18,343 shares in the last quarter. Foundry Partners LLC raised its position in shares of Alta Equipment Group by 17.8% during the 2nd quarter. Foundry Partners LLC now owns 346,170 shares of the company’s stock worth $2,783,000 after acquiring an additional 52,255 shares in the last quarter. Finally, Register Financial Advisors LLC raised its position in shares of Alta Equipment Group by 44.3% during the 2nd quarter. Register Financial Advisors LLC now owns 335,702 shares of the company’s stock worth $2,699,000 after acquiring an additional 103,071 shares in the last quarter. Institutional investors and hedge funds 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.