Northland Securities Reaffirms Market Perform Rating for Alta Equipment Group (NYSE:ALTG)

Northland Securities reissued their market perform rating on shares of Alta Equipment Group (NYSE:ALTG) in a research note issued to investors on Wednesday, Marketbeat reports. They currently have a $20.00 price target on the stock, down from their previous price target of $30.00.

ALTG has been the subject of a number of other reports. DA Davidson lowered their target price on Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Raymond James restated a “market perform” rating and issued a $10.00 price objective (down previously from $14.00) on shares of Alta Equipment Group in a report on Friday, August 9th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $15.75.

Alta Equipment Group Trading Down 2.1 %

ALTG opened at $6.99 on Wednesday. Alta Equipment Group has a 52 week low of $5.40 and a 52 week high of $13.67. The company has a quick ratio of 0.47, a current ratio of 1.35 and a debt-to-equity ratio of 7.45. The business has a fifty day simple moving average of $6.55 and a 200-day simple moving average of $7.83. The firm has a market cap of $231.30 million, a P/E ratio of -4.11 and a beta of 1.67.

Alta Equipment Group Dividend Announcement

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

Insider Buying and Selling

In other Alta Equipment Group news, major shareholder Voss Capital, Lp sold 11,311 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $6.31, for a total transaction of $71,372.41. Following the completion of the transaction, the insider now owns 963,689 shares in the company, valued at $6,080,877.59. The trade was a 1.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 19.90% of the company’s stock.

Institutional Investors Weigh In On Alta Equipment Group

Institutional investors have recently modified their holdings of the company. EntryPoint Capital LLC increased its holdings in Alta Equipment Group by 88.0% in the first quarter. EntryPoint Capital LLC now owns 8,419 shares of the company’s stock valued at $109,000 after buying an additional 3,940 shares during the last quarter. Quest Partners LLC purchased a new stake in Alta Equipment Group during the 2nd quarter worth about $80,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Alta Equipment Group during the 2nd quarter worth about $89,000. SG Americas Securities LLC purchased a new stake in Alta Equipment Group during the third quarter worth approximately $77,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Alta Equipment Group by 37.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,795 shares of the company’s stock worth $95,000 after purchasing an additional 3,218 shares during the last quarter. 73.58% of the stock is owned by hedge funds and other institutional investors.

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.