Northland Securities Reaffirms Market Perform Rating for Alta Equipment Group (NYSE:ALTG)

Alta Equipment Group (NYSE:ALTG)‘s stock had its “market perform” rating restated by research analysts at Northland Securities in a report released on Wednesday,Benzinga reports. They currently have a $20.00 target price on the stock, down from their previous target price of $30.00. Northland Securities’ price objective would indicate a potential upside of 150.31% from the stock’s previous close.

Several other research analysts also recently weighed in on the stock. Raymond James reissued a “market perform” rating and issued a $10.00 target price (down previously from $14.00) on shares of Alta Equipment Group in a research note on Friday, August 9th. DA Davidson decreased their target price on shares of Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th.

Alta Equipment Group Stock Down 5.6 %

Shares of NYSE ALTG opened at $7.99 on Wednesday. The firm’s 50-day moving average is $6.49 and its two-hundred day moving average is $7.89. The company has a market capitalization of $264.39 million, a PE ratio of -12.48 and a beta of 1.67. Alta Equipment Group has a 12-month low of $5.40 and a 12-month high of $13.67. The company has a debt-to-equity ratio of 5.81, a current ratio of 1.37 and a quick ratio of 0.47.

Alta Equipment Group (NYSE:ALTG) last posted its earnings results on Tuesday, November 12th. The company reported ($0.86) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.64). The company had revenue of $448.80 million during the quarter, compared to analysts’ expectations of $481.09 million. Alta Equipment Group had a negative net margin of 0.95% and a negative return on equity of 13.09%. Equities analysts anticipate that Alta Equipment Group will post -1.08 EPS for the current fiscal year.

Insider Transactions at Alta Equipment Group

In other Alta Equipment Group news, major shareholder Voss Capital, Lp sold 11,311 shares of Alta Equipment Group stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $6.31, for a total transaction of $71,372.41. Following the transaction, the insider now directly owns 963,689 shares of the company’s stock, valued at $6,080,877.59. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 19.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. increased its stake in shares of Alta Equipment Group by 38.3% in the first quarter. Russell Investments Group Ltd. now owns 191,063 shares of the company’s stock worth $2,474,000 after buying an additional 52,896 shares during the last quarter. American Century Companies Inc. increased its position in shares of Alta Equipment Group by 460.1% in the 2nd quarter. American Century Companies Inc. now owns 211,585 shares of the company’s stock worth $1,701,000 after purchasing an additional 173,810 shares during the last quarter. JCP Investment Management LLC bought a new position in shares of Alta Equipment Group during the second quarter worth about $721,000. Nantahala Capital Management LLC increased its position in Alta Equipment Group by 108.2% in the second quarter. Nantahala Capital Management LLC now owns 838,222 shares of the company’s stock worth $6,739,000 after buying an additional 435,713 shares during the period. Finally, Janus Henderson Group PLC lifted its stake in Alta Equipment Group by 237.0% in the first quarter. Janus Henderson Group PLC now owns 50,957 shares of the company’s stock valued at $660,000 after buying an additional 35,838 shares during the last quarter. Institutional investors and hedge funds own 73.58% of the company’s stock.

About Alta Equipment Group

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.