DA Davidson Trims Alta Equipment Group (NYSE:ALTG) Target Price to $12.00

Alta Equipment Group (NYSE:ALTG) had its price target decreased by DA Davidson from $20.00 to $12.00 in a report published on Tuesday, Benzinga reports. DA Davidson currently has a buy rating on the stock.

Separately, Raymond James reiterated 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 report on Friday, August 9th.

Alta Equipment Group Trading Down 0.3 %

Shares of Alta Equipment Group stock opened at $6.02 on Tuesday. The firm’s 50-day moving average price is $8.70 and its two-hundred day moving average price is $10.22. The company has a market capitalization of $199.54 million, a price-to-earnings ratio of -28.67 and a beta of 1.69. The company has a quick ratio of 0.43, a current ratio of 1.30 and a debt-to-equity ratio of 4.93. Alta Equipment Group has a 12-month low of $5.40 and a 12-month high of $14.73.

Alta Equipment Group (NYSE:ALTG) last released its earnings results 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). Alta Equipment Group had a negative return on equity of 0.35% and a negative net margin of 0.21%. The business had revenue of $488.10 million for the quarter, compared to the consensus estimate of $497.57 million. During the same quarter in the previous year, the company earned $0.16 earnings per share. On average, analysts forecast that Alta Equipment Group will post -0.23 earnings per share for the current fiscal year.

Alta Equipment Group Announces Dividend

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

Insider Buying and Selling

In other news, insider Jeffrey Alan Hoover bought 4,000 shares of the company’s stock in a transaction on Friday, June 7th. The stock was purchased at an average cost of $8.17 per share, for a total transaction of $32,680.00. Following the completion of the transaction, the insider now owns 11,601 shares of the company’s stock, valued at $94,780.17. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In other Alta Equipment Group news, insider Jeffrey Alan Hoover purchased 4,000 shares of the company’s stock in a transaction dated 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 purchase, the insider now owns 11,601 shares of the company’s stock, valued at $94,780.17. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Mill Road Capital Iii, L.P. acquired 75,486 shares of Alta Equipment Group stock in a transaction that occurred on Wednesday, July 31st. The stock was acquired at an average cost of $10.35 per share, for a total transaction of $781,280.10. Following the purchase, the insider now owns 3,969,494 shares of the company’s stock, valued at $41,084,262.90. The disclosure for this purchase can be found here. Insiders have bought 323,100 shares of company stock worth $2,810,131 in the last 90 days. Insiders own 19.90% of the company’s stock.

Institutional Investors Weigh In On Alta Equipment Group

Several institutional investors and hedge funds have recently made changes to their positions in ALTG. Quadrant Capital Group LLC lifted its stake in shares of Alta Equipment Group by 1,997.9% in the 4th quarter. Quadrant Capital Group LLC now owns 3,063 shares of the company’s stock valued at $38,000 after purchasing an additional 2,917 shares during the period. AJOVista LLC bought a new position in shares of Alta Equipment Group during the 4th quarter worth approximately $59,000. Quest Partners LLC acquired a new stake in shares of Alta Equipment Group during the 2nd quarter worth approximately $80,000. The Manufacturers Life Insurance Company bought a new stake in shares of Alta Equipment Group in the 2nd quarter valued at $89,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Alta Equipment Group by 37.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,795 shares of the company’s stock valued at $95,000 after acquiring an additional 3,218 shares during the period. 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.