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

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

Separately, Raymond James reaffirmed a market perform rating and issued a $10.00 price target (down previously from $14.00) on shares of Alta Equipment Group in a research report on Friday, August 9th.

Alta Equipment Group Stock Up 5.2 %

ALTG stock opened at $6.05 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 fifty-two week low of $5.40 and a fifty-two week high of $15.07. The stock’s 50 day simple moving average is $8.75 and its 200 day simple moving average is $10.26. The company has a market cap of $200.54 million, a P/E ratio of -28.81 and a beta of 1.69.

Alta Equipment Group (NYSE:ALTG) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.34). Alta Equipment Group had a negative net margin of 0.21% and a negative return on equity of 0.35%. The business had revenue of $488.10 million during the quarter, compared to analyst estimates of $497.57 million. During the same period in the previous year, the business posted $0.16 EPS. On average, research analysts expect 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. Shareholders of record on Thursday, August 15th will be given a $0.057 dividend. This represents a $0.23 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date is Thursday, August 15th. Alta Equipment Group’s payout ratio is -104.76%.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Alta Equipment Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Mill Road Capital Management LLC lifted its position in shares of Alta Equipment Group by 23.5% during the 4th quarter. Mill Road Capital Management LLC now owns 2,361,002 shares of the company’s stock valued at $29,206,000 after buying an additional 450,023 shares during the last quarter. Foundry Partners LLC boosted its position in Alta Equipment Group by 24.3% during the first quarter. Foundry Partners LLC now owns 293,915 shares of the company’s stock worth $3,806,000 after purchasing an additional 57,515 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Alta Equipment Group by 38.3% in the first quarter. Russell Investments Group Ltd. now owns 191,063 shares of the company’s stock worth $2,474,000 after purchasing an additional 52,896 shares in the last quarter. Granahan Investment Management LLC raised its position in shares of Alta Equipment Group by 11.4% in the fourth quarter. Granahan Investment Management LLC now owns 1,030,942 shares of the company’s stock valued at $12,753,000 after purchasing an additional 105,783 shares during the period. Finally, ABS Direct Equity Fund LLC purchased a new stake in shares of Alta Equipment Group during the 4th quarter valued at approximately $2,721,000. 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.