Alta Equipment Group (NYSE:ALTG) Upgraded to Outperform at Raymond James Financial

Alta Equipment Group (NYSE:ALTG) was upgraded by investment analysts at Raymond James Financial from a “market perform” rating to an “outperform” rating in a research report issued on Monday, MarketBeat Ratings reports. The firm currently has a $9.50 target price on the stock. Raymond James Financial’s price target would suggest a potential upside of 43.07% from the stock’s current price.

Several other research analysts also recently commented on the stock. DA Davidson set a $7.00 price target on shares of Alta Equipment Group in a research note on Friday. Wall Street Zen upgraded Alta Equipment Group from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Weiss Ratings restated a “sell (e+)” rating on shares of Alta Equipment Group in a research report on Monday, December 29th. Finally, Zacks Research raised Alta Equipment Group from a “strong sell” rating to a “hold” rating in a research note on Monday, January 19th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.63.

Alta Equipment Group Stock Down 4.5%

Shares of NYSE:ALTG opened at $6.64 on Monday. The firm has a market capitalization of $214.07 million, a PE ratio of -2.59 and a beta of 1.54. The company has a debt-to-equity ratio of 257.10, a quick ratio of 0.48 and a current ratio of 1.43. Alta Equipment Group has a 52-week low of $3.54 and a 52-week high of $8.99. The firm has a fifty day moving average of $6.42 and a 200 day moving average of $6.29.

Alta Equipment Group (NYSE:ALTG) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.10). The firm had revenue of $509.10 million for the quarter, compared to the consensus estimate of $489.56 million. Alta Equipment Group had a negative return on equity of 341.70% and a negative net margin of 4.37%. As a group, research analysts anticipate that Alta Equipment Group will post -1.92 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Ryan Greenawalt sold 27,986 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $7.05, for a total transaction of $197,301.30. Following the completion of the transaction, the chief executive officer owned 5,721,710 shares in the company, valued at $40,338,055.50. This represents a 0.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Anthony Colucci sold 8,137 shares of Alta Equipment Group stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $7.05, for a total transaction of $57,365.85. Following the completion of the sale, the chief financial officer owned 240,750 shares in the company, valued at approximately $1,697,287.50. This trade represents a 3.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 19.90% of the company’s stock.

Institutional Investors Weigh In On Alta Equipment Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Alta Equipment Group by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,321,283 shares of the company’s stock valued at $9,566,000 after purchasing an additional 30,552 shares in the last quarter. CastleKnight Management LP raised its stake in Alta Equipment Group by 11.4% in the fourth quarter. CastleKnight Management LP now owns 870,128 shares of the company’s stock worth $4,003,000 after buying an additional 89,068 shares in the last quarter. Royce & Associates LP lifted its holdings in Alta Equipment Group by 0.7% in the fourth quarter. Royce & Associates LP now owns 550,783 shares of the company’s stock worth $2,534,000 after buying an additional 3,991 shares during the period. State Street Corp lifted its holdings in Alta Equipment Group by 0.3% in the fourth quarter. State Street Corp now owns 527,644 shares of the company’s stock worth $2,427,000 after buying an additional 1,826 shares during the period. Finally, CIBC Bancorp USA Inc. bought a new stake in Alta Equipment Group during the 3rd quarter valued at approximately $3,435,000. 73.58% of the stock is owned by hedge funds and other institutional investors.

Alta Equipment Group Company Profile

Alta Equipment Group, Inc (NYSE: ALTG) is a North American distributor of material handling and logistics equipment. The company offers a broad lineup of forklifts, lift trucks, aerial work platforms, tow motors, pallet jacks and related attachments, serving manufacturing, warehousing, distribution and industrial facilities. Through its network of branch locations, Alta Equipment provides customers with new and used sales, short- and long-term rentals, and integrated fleet management solutions designed to support operational efficiency.

In addition to equipment sales, Alta Equipment supports customers with comprehensive after-sales services.