Alta Equipment Group (NYSE:ALTG) Receives Market Perform Rating from Raymond James

Raymond James reaffirmed their market perform rating on shares of Alta Equipment Group (NYSE:ALTG) in a research report released on Friday morning, Benzinga reports. Raymond James currently has a $10.00 price objective on the stock, down from their prior price objective of $14.00.

Separately, DA Davidson decreased their target price on Alta Equipment Group from $22.00 to $20.00 and set a buy rating for the company in a research report on Tuesday, May 21st.

Alta Equipment Group Price Performance

Shares of ALTG traded down $0.40 during trading hours on Friday, hitting $6.01. 914,601 shares of the company were exchanged, compared to its average volume of 371,839. The company has a market capitalization of $199.21 million, a PE ratio of -28.62 and a beta of 1.69. The company has a debt-to-equity ratio of 4.93, a current ratio of 1.30 and a quick ratio of 0.43. The firm has a fifty day simple moving average of $8.92 and a 200-day simple moving average of $10.40. Alta Equipment Group has a one year low of $5.77 and a one year high of $16.20.

Alta Equipment Group (NYSE:ALTG) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.34). The company had revenue of $488.10 million for the quarter, compared to the consensus estimate of $497.57 million. Alta Equipment Group had a negative return on equity of 0.35% and a negative net margin of 0.21%. During the same period in the prior year, the business earned $0.16 earnings per share. As a group, sell-side analysts predict that Alta Equipment Group will post -0.23 earnings per share for the current year.

Alta Equipment Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Thursday, August 15th will be given a $0.057 dividend. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $0.23 annualized dividend and a dividend yield of 3.79%. Alta Equipment Group’s dividend payout ratio (DPR) is presently -104.76%.

Insider Transactions at Alta Equipment Group

In other news, insider Jeffrey Alan Hoover acquired 4,000 shares of Alta Equipment Group stock in a transaction that occurred on Friday, June 7th. The stock was purchased at an average price of $8.17 per share, with a total value of $32,680.00. Following the completion of the transaction, the insider now owns 11,601 shares in the company, valued at $94,780.17. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Jeffrey Alan Hoover acquired 4,000 shares of Alta Equipment Group stock in a transaction that occurred on Friday, June 7th. The stock was purchased at an average price of $8.17 per share, with a total value of $32,680.00. Following the completion of the transaction, the insider now owns 11,601 shares in the company, valued at $94,780.17. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Mill Road Capital Iii, L.P. acquired 179,414 shares of Alta Equipment Group stock in a transaction that occurred on Wednesday, July 10th. The shares were purchased at an average cost of $8.05 per share, with a total value of $1,444,282.70. Following the transaction, the insider now owns 3,894,008 shares of the company’s stock, valued at approximately $31,346,764.40. The disclosure for this purchase can be found here. Insiders acquired a total of 313,100 shares of company stock valued at $2,753,631 over the last quarter. Company insiders own 19.90% of the company’s stock.

Hedge Funds Weigh In On Alta Equipment Group

Several institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its holdings in Alta Equipment Group by 3.3% during the second quarter. Dimensional Fund Advisors LP now owns 567,974 shares of the company’s stock valued at $4,567,000 after buying an additional 18,343 shares in the last quarter. American Century Companies Inc. raised its holdings in Alta Equipment Group by 460.1% during the second quarter. American Century Companies Inc. now owns 211,585 shares of the company’s stock valued at $1,701,000 after buying an additional 173,810 shares in the last quarter. Quest Partners LLC bought a new position in Alta Equipment Group during the second quarter valued at about $80,000. Foundry Partners LLC raised its holdings in Alta Equipment Group by 17.8% during the second quarter. Foundry Partners LLC now owns 346,170 shares of the company’s stock valued at $2,783,000 after buying an additional 52,255 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in Alta Equipment Group by 13.7% during the second quarter. Rhumbline Advisers now owns 31,462 shares of the company’s stock valued at $253,000 after buying an additional 3,803 shares in the last quarter. 73.58% of the stock is currently 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.