Brokers Issue Forecasts for Alta Equipment Group Inc.’s Q3 2024 Earnings (NYSE:ALTG)

Alta Equipment Group Inc. (NYSE:ALTG) – Equities researchers at Northland Capmk reduced their Q3 2024 EPS estimates for Alta Equipment Group in a research note issued on Wednesday, October 2nd. Northland Capmk analyst E. Jackson now anticipates that the company will earn ($0.29) per share for the quarter, down from their previous forecast of ($0.21). The consensus estimate for Alta Equipment Group’s current full-year earnings is ($1.04) per share. Northland Capmk also issued estimates for Alta Equipment Group’s Q4 2024 earnings at ($0.21) EPS, FY2024 earnings at ($1.26) EPS, Q3 2025 earnings at ($0.13) EPS, Q4 2025 earnings at ($0.07) EPS, FY2025 earnings at ($0.86) EPS, FY2026 earnings at ($0.47) EPS, FY2027 earnings at ($0.12) EPS and FY2028 earnings at $0.25 EPS.

A number of other analysts also recently issued reports on the stock. DA Davidson decreased their price objective on shares of 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 set a $10.00 price objective (down previously from $14.00) on shares of Alta Equipment Group in a report on Friday, August 9th.

Alta Equipment Group Stock Performance

Shares of ALTG stock opened at $6.38 on Friday. The firm has a 50-day moving average of $6.98 and a 200-day moving average of $9.08. The company has a market cap of $211.31 million, a P/E ratio of -30.36 and a beta of 1.67. The company has a debt-to-equity ratio of 5.81, a current ratio of 1.37 and a quick ratio of 0.47. Alta Equipment Group has a one year low of $5.40 and a one year high of $13.67.

Alta Equipment Group (NYSE:ALTG) last announced its earnings results on Wednesday, August 7th. The company reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.34). The firm had revenue of $488.10 million during the quarter, compared to analysts’ expectations of $497.57 million. Alta Equipment Group had a negative net margin of 0.95% and a negative return on equity of 13.09%. During the same quarter in the prior year, the company earned $0.16 EPS.

Alta Equipment Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Thursday, August 15th were paid a $0.057 dividend. The ex-dividend date was Thursday, August 15th. This represents a $0.23 annualized dividend and a dividend yield of 3.58%. Alta Equipment Group’s payout ratio is -104.76%.

Insider Transactions at Alta Equipment Group

In other news, major shareholder Mill Road Capital Iii, L.P. acquired 75,486 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was bought at an average cost of $10.35 per share, for a total transaction 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 $41,084,262.90. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Mill Road Capital Iii, L.P. acquired 75,486 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was bought at an average cost of $10.35 per share, for a total transaction 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 $41,084,262.90. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Andrew P. Studdert bought 10,000 shares of the company’s stock in a transaction on Monday, August 12th. The shares were bought at an average price of $5.65 per share, with a total value of $56,500.00. Following the completion of the transaction, the director now owns 86,591 shares of the company’s stock, valued at $489,239.15. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 319,100 shares of company stock worth $2,777,451 over the last quarter. Corporate insiders own 19.90% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Mill Road Capital Management LLC increased its stake in shares of Alta Equipment Group by 23.5% in the fourth quarter. Mill Road Capital Management LLC now owns 2,361,002 shares of the company’s stock worth $29,206,000 after buying an additional 450,023 shares during the period. Foundry Partners LLC raised its holdings in Alta Equipment Group by 24.3% during the 1st quarter. Foundry Partners LLC now owns 293,915 shares of the company’s stock valued at $3,806,000 after buying an additional 57,515 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in Alta Equipment Group by 38.3% during the 1st quarter. Russell Investments Group Ltd. now owns 191,063 shares of the company’s stock valued at $2,474,000 after buying an additional 52,896 shares during the last quarter. Granahan Investment Management LLC raised its holdings in Alta Equipment Group by 11.4% during the 4th quarter. Granahan Investment Management LLC now owns 1,030,942 shares of the company’s stock valued at $12,753,000 after buying an additional 105,783 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in Alta Equipment Group by 460.1% during the 2nd quarter. American Century Companies Inc. now owns 211,585 shares of the company’s stock valued at $1,701,000 after buying an additional 173,810 shares during the last quarter. 73.58% of the stock is owned by hedge funds and other 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.