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

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

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

Alta Equipment Group Stock Up 5.2 %

ALTG stock opened at $6.05 on Tuesday. The business’s 50-day moving average price is $8.75 and its 200-day moving average price is $10.26. The stock has a market cap of $200.54 million, a P/E ratio of -28.81 and a beta of 1.69. The company has a quick ratio of 0.43, a current ratio of 1.30 and a debt-to-equity ratio of 4.93. Alta Equipment Group has a twelve month low of $5.40 and a twelve month high of $15.07.

Alta Equipment Group (NYSE:ALTG) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.34). The firm had revenue of $488.10 million for the quarter, compared to analysts’ expectations of $497.57 million. Alta Equipment Group had a negative net margin of 0.21% and a negative return on equity of 0.35%. During the same period in the prior year, the firm earned $0.16 EPS. On average, equities research analysts forecast that Alta Equipment Group will post -0.23 EPS for the current year.

Alta Equipment Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Thursday, August 15th will be paid a $0.057 dividend. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $0.23 annualized dividend and a yield of 3.77%. Alta Equipment Group’s payout ratio is -104.76%.

Insider Activity

In related news, major shareholder Mill Road Capital Iii, L.P. bought 179,414 shares of the stock in a transaction dated Wednesday, July 10th. The shares were purchased at an average price of $8.05 per share, with a total value of $1,444,282.70. Following the completion of the acquisition, the insider now owns 3,894,008 shares of the company’s stock, valued at $31,346,764.40. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Andrew P. Studdert purchased 10,000 shares of the business’s stock in a transaction on Monday, August 12th. The stock was acquired at an average price of $5.65 per share, for a total transaction of $56,500.00. Following the acquisition, the director now directly owns 86,591 shares of the company’s stock, valued at approximately $489,239.15. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Mill Road Capital Iii, L.P. acquired 179,414 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The shares were purchased at an average cost of $8.05 per share, for a total transaction of $1,444,282.70. Following the completion of the acquisition, the insider now directly owns 3,894,008 shares in the company, valued at $31,346,764.40. The disclosure for this purchase can be found here. Insiders have purchased a total of 323,100 shares of company stock worth $2,810,131 over the last quarter. Insiders own 19.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Mill Road Capital Management LLC raised its stake in Alta Equipment Group by 23.5% during the fourth quarter. Mill Road Capital Management LLC now owns 2,361,002 shares of the company’s stock valued at $29,206,000 after purchasing an additional 450,023 shares in the last quarter. ABS Direct Equity Fund LLC bought a new stake in shares of Alta Equipment Group in the 4th quarter worth about $2,721,000. CIBC Private Wealth Group LLC raised its position in shares of Alta Equipment Group by 152.0% during the 4th quarter. CIBC Private Wealth Group LLC now owns 347,746 shares of the company’s stock valued at $4,302,000 after buying an additional 209,759 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Alta Equipment Group by 460.1% in the 2nd quarter. American Century Companies Inc. now owns 211,585 shares of the company’s stock valued at $1,701,000 after acquiring an additional 173,810 shares during the last quarter. Finally, Granahan Investment Management LLC grew its position in 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 worth $12,753,000 after acquiring an additional 105,783 shares in 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.