Analysts Set Alta Equipment Group Inc. (NYSE:ALTG) Price Target at $12.17

Alta Equipment Group Inc. (NYSE:ALTG) has been given an average rating of “Hold” by the five ratings firms that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $12.1667.

A number of analysts have commented on the company. Raymond James Financial upgraded Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $9.50 target price on the stock in a research report on Monday, March 9th. DA Davidson set a $7.00 price target on Alta Equipment Group in a research note on Friday, March 6th. Zacks Research raised shares of Alta Equipment Group from a “strong sell” rating to a “hold” rating in a research note on Monday, January 19th. Weiss Ratings restated a “sell (e+)” rating on shares of Alta Equipment Group in a research report on Monday, December 29th. Finally, Wall Street Zen raised shares of Alta Equipment Group from a “sell” rating to a “hold” rating in a report on Saturday, February 28th.

Alta Equipment Group Stock Down 0.9%

Shares of NYSE ALTG opened at $5.20 on Friday. The stock has a market capitalization of $167.64 million, a price-to-earnings ratio of -2.03 and a beta of 1.57. Alta Equipment Group has a 52 week low of $3.54 and a 52 week high of $8.99. The firm has a 50-day moving average price of $6.40 and a 200 day moving average price of $5.97. The company has a quick ratio of 0.48, a current ratio of 1.43 and a debt-to-equity ratio of 257.10.

Alta Equipment Group (NYSE:ALTG) last issued its earnings results on Thursday, February 26th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.10). The company had revenue of $509.10 million for the quarter, compared to analyst estimates of $489.56 million. Alta Equipment Group had a negative return on equity of 341.70% and a negative net margin of 4.37%. Equities research analysts anticipate that Alta Equipment Group will post -1.92 EPS for the current fiscal year.

Insider Activity at Alta Equipment Group

In related news, major shareholder Mill Road Capital Iii, L.P. bought 58,162 shares of the stock in a transaction on Thursday, March 12th. The shares were purchased at an average price of $6.10 per share, for a total transaction of $354,788.20. Following the acquisition, the insider owned 4,369,410 shares in the company, valued at $26,653,401. This represents a 1.35% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Ryan Greenawalt sold 27,986 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $7.05, for a total value of $197,301.30. Following the transaction, the chief executive officer directly owned 5,721,710 shares of the company’s stock, valued at $40,338,055.50. The trade was a 0.49% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have purchased 84,000 shares of company stock valued at $519,371. 19.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Alta Equipment Group by 2.4% during the third quarter. Vanguard Group Inc. now owns 1,321,283 shares of the company’s stock worth $9,566,000 after acquiring an additional 30,552 shares during the last quarter. CastleKnight Management LP boosted its holdings in shares of Alta Equipment Group by 11.4% during the fourth quarter. CastleKnight Management LP now owns 870,128 shares of the company’s stock worth $4,003,000 after purchasing an additional 89,068 shares during the last quarter. Royce & Associates LP grew its position in shares of Alta Equipment Group by 0.7% in the fourth quarter. Royce & Associates LP now owns 550,783 shares of the company’s stock valued at $2,534,000 after purchasing an additional 3,991 shares during the period. State Street Corp grew its position in shares of Alta Equipment Group by 0.3% in the fourth quarter. State Street Corp now owns 527,644 shares of the company’s stock valued at $2,427,000 after purchasing an additional 1,826 shares during the period. Finally, CIBC Bancorp USA Inc. acquired a new stake in Alta Equipment Group in the 3rd quarter worth about $3,435,000. Institutional investors and hedge funds own 73.58% of the company’s stock.

About Alta Equipment Group

Alta Equipment Group, Inc (NYSE: ALTG) is a North American distributor of material handling and logistics equipment. The company offers a broad lineup of forklifts, lift trucks, aerial work platforms, tow motors, pallet jacks and related attachments, serving manufacturing, warehousing, distribution and industrial facilities. Through its network of branch locations, Alta Equipment provides customers with new and used sales, short- and long-term rentals, and integrated fleet management solutions designed to support operational efficiency.

In addition to equipment sales, Alta Equipment supports customers with comprehensive after-sales services.