Alta Equipment Group (NYSE:ALTG) Earns Market Perform Rating from Northland Securities

Northland Securities reissued their market perform rating on shares of Alta Equipment Group (NYSE:ALTG) in a research report report published on Wednesday morning, MarketBeat Ratings reports. They currently have a $20.00 price target on the stock, down from their previous price target of $30.00.

A number of other analysts have also recently issued reports on the company. Raymond James reissued a “market perform” rating and set a $10.00 price objective (down previously from $14.00) on shares of Alta Equipment Group in a research report on Friday, August 9th. DA Davidson reduced their price target on Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, August 13th.

Alta Equipment Group Price Performance

NYSE ALTG opened at $7.97 on Wednesday. The company has a debt-to-equity ratio of 5.81, a current ratio of 1.37 and a quick ratio of 0.47. The firm has a market capitalization of $263.73 million, a price-to-earnings ratio of -4.69 and a beta of 1.67. The company has a 50 day simple moving average of $6.52 and a 200-day simple moving average of $7.89. Alta Equipment Group has a 52-week low of $5.40 and a 52-week high of $13.67.

Alta Equipment Group (NYSE:ALTG) last released 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 return on equity of 38.90% and a negative net margin of 2.81%. Equities research analysts predict that Alta Equipment Group will post -1.08 earnings per share for the current fiscal year.

Alta Equipment Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a dividend of $0.057 per share. This represents a $0.23 annualized dividend and a yield of 2.86%. The ex-dividend date of this dividend is Friday, November 15th. Alta Equipment Group’s payout ratio is -13.53%.

Insiders Place Their Bets

In other news, major shareholder Voss Capital, Lp sold 11,311 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $6.31, for a total transaction of $71,372.41. Following the completion of the sale, the insider now owns 963,689 shares in the company, valued at approximately $6,080,877.59. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 19.90% of the company’s stock.

Institutional Trading of Alta Equipment Group

Large investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its position in Alta Equipment Group by 6.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 78,454 shares of the company’s stock worth $529,000 after acquiring an additional 4,747 shares during the last quarter. GSA Capital Partners LLP grew its position in shares of Alta Equipment Group by 79.2% in the third quarter. GSA Capital Partners LLP now owns 176,227 shares of the company’s stock valued at $1,188,000 after purchasing an additional 77,887 shares during the last quarter. Meixler Investment Management Ltd. bought a new position in shares of Alta Equipment Group in the third quarter worth about $178,000. Harbor Capital Advisors Inc. lifted its position in shares of Alta Equipment Group by 17.6% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 18,543 shares of the company’s stock worth $125,000 after purchasing an additional 2,777 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in Alta Equipment Group during the 3rd quarter valued at approximately $77,000. 73.58% of the stock is owned by institutional investors.

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.