DA Davidson Trims Alta Equipment Group (NYSE:ALTG) Target Price to $20.00

Alta Equipment Group (NYSE:ALTG) had its price target decreased by DA Davidson from $22.00 to $20.00 in a research report report published on Tuesday, Benzinga reports. DA Davidson currently has a buy rating on the stock.

Separately, B. Riley reiterated a buy rating and set a $22.00 price objective (down from $25.00) on shares of Alta Equipment Group in a report on Friday, March 15th.

Alta Equipment Group Stock Down 5.3 %

Shares of NYSE:ALTG opened at $8.56 on Tuesday. The company has a debt-to-equity ratio of 4.93, a quick ratio of 0.43 and a current ratio of 1.30. Alta Equipment Group has a 52-week low of $8.31 and a 52-week high of $17.98. The business’s 50 day simple moving average is $11.42 and its two-hundred day simple moving average is $11.26. The firm has a market cap of $283.76 million, a P/E ratio of -40.76 and a beta of 1.67.

Alta Equipment Group (NYSE:ALTG) last issued its earnings results on Thursday, March 14th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.03). Alta Equipment Group had a negative return on equity of 0.35% and a negative net margin of 0.21%. The firm had revenue of $521.50 million during the quarter, compared to the consensus estimate of $478.68 million. As a group, research analysts forecast that Alta Equipment Group will post -0.37 EPS for the current fiscal year.

Alta Equipment Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Wednesday, May 15th will be issued a $0.057 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $0.23 dividend on an annualized basis and a dividend yield of 2.66%. Alta Equipment Group’s dividend payout ratio (DPR) is presently -109.52%.

Insider Activity at Alta Equipment Group

In other Alta Equipment Group news, COO Craig Brubaker sold 7,405 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $11.77, for a total value of $87,156.85. Following the sale, the chief operating officer now directly owns 95,077 shares in the company, valued at $1,119,056.29. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Ryan Greenawalt sold 34,951 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $11.36, for a total value of $397,043.36. Following the completion of the transaction, the chief executive officer now directly owns 5,842,625 shares of the company’s stock, valued at approximately $66,372,220. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Craig Brubaker sold 7,405 shares of Alta Equipment Group stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $11.77, for a total transaction of $87,156.85. Following the completion of the transaction, the chief operating officer now owns 95,077 shares of the company’s stock, valued at $1,119,056.29. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,578 shares of company stock worth $681,392. Insiders own 20.90% of the company’s stock.

Hedge Funds Weigh In On Alta Equipment Group

Large investors have recently made changes to their positions in the stock. SkyView Investment Advisors LLC increased its holdings in Alta Equipment Group by 5.2% during the 3rd quarter. SkyView Investment Advisors LLC now owns 21,608 shares of the company’s stock worth $261,000 after acquiring an additional 1,067 shares during the period. Jump Financial LLC raised its position in shares of Alta Equipment Group by 11.6% in the third quarter. Jump Financial LLC now owns 19,681 shares of the company’s stock worth $237,000 after buying an additional 2,051 shares in the last quarter. Essex Investment Management Co. LLC raised its position in shares of Alta Equipment Group by 1.5% in the first quarter. Essex Investment Management Co. LLC now owns 166,831 shares of the company’s stock worth $2,160,000 after buying an additional 2,517 shares in the last quarter. Commonwealth Equity Services LLC boosted its stake in Alta Equipment Group by 22.6% during the third quarter. Commonwealth Equity Services LLC now owns 15,092 shares of the company’s stock valued at $182,000 after buying an additional 2,787 shares during the period. Finally, Quadrant Capital Group LLC grew its position in Alta Equipment Group by 1,997.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,063 shares of the company’s stock worth $38,000 after buying an additional 2,917 shares in the last quarter. 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.