Alta Equipment Group (NYSE:ALTG) Cut to “Hold” at Northland Capmk

Northland Capmk downgraded shares of Alta Equipment Group (NYSE:ALTG) from a strong-buy rating to a hold rating in a research note released on Wednesday morning,Zacks.com reports.

Other research analysts also recently issued reports about the stock. Northland Securities reiterated a “market perform” rating and set a $20.00 price objective (down from $30.00) on shares of Alta Equipment Group in a research note on Wednesday. Raymond James reiterated a “market perform” rating and set a $10.00 price objective (down from $14.00) on shares of Alta Equipment Group in a research note on Friday, August 9th. Finally, DA Davidson reduced their price objective on shares of Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Alta Equipment Group presently has an average rating of “Hold” and a consensus price target of $15.75.

Alta Equipment Group Price Performance

ALTG opened at $6.99 on Wednesday. The company has a fifty day simple moving average of $6.55 and a 200 day simple moving average of $7.85. The firm has a market cap of $231.30 million, a price-to-earnings ratio of -4.11 and a beta of 1.67. Alta Equipment Group has a twelve month low of $5.40 and a twelve month high of $13.67. The company has a current ratio of 1.35, a quick ratio of 0.47 and a debt-to-equity ratio of 7.45.

Alta Equipment Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a $0.057 dividend. The ex-dividend date is Friday, November 15th. This represents a $0.23 dividend on an annualized basis and a dividend yield of 3.26%. Alta Equipment Group’s payout ratio is currently -13.53%.

Insider Transactions at Alta Equipment Group

In other news, major shareholder Voss Capital, Lp sold 11,311 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $6.31, for a total value of $71,372.41. Following the transaction, the insider now directly owns 963,689 shares in the company, valued at approximately $6,080,877.59. This trade represents a 1.16 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 19.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ALTG. Quantbot Technologies LP increased its holdings in shares of Alta Equipment Group by 67.7% in the 1st quarter. Quantbot Technologies LP now owns 15,736 shares of the company’s stock worth $204,000 after acquiring an additional 6,355 shares during the period. Russell Investments Group Ltd. increased its holdings in shares of Alta Equipment Group by 38.3% in the 1st quarter. Russell Investments Group Ltd. now owns 191,063 shares of the company’s stock worth $2,474,000 after acquiring an additional 52,896 shares during the period. Vanguard Group Inc. increased its holdings in shares of Alta Equipment Group by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 1,250,154 shares of the company’s stock worth $16,189,000 after acquiring an additional 8,962 shares during the period. EntryPoint Capital LLC increased its holdings in shares of Alta Equipment Group by 88.0% in the 1st quarter. EntryPoint Capital LLC now owns 8,419 shares of the company’s stock worth $109,000 after acquiring an additional 3,940 shares during the period. Finally, Janus Henderson Group PLC increased its holdings in shares of Alta Equipment Group by 237.0% in the 1st quarter. Janus Henderson Group PLC now owns 50,957 shares of the company’s stock worth $660,000 after acquiring an additional 35,838 shares during the period. 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.