Alta Equipment Group’s (ALTG) “Market Perform” Rating Reiterated at Northland Securities

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 Ratings reports. They currently have a $20.00 price target on the stock, down from their previous price target of $30.00.

Other equities research analysts have also issued research reports about 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 on the stock in a report on Tuesday, August 13th. Raymond James restated a “market perform” rating and set a $10.00 target price (down previously from $14.00) on shares of Alta Equipment Group in a research 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 company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $15.75.

Alta Equipment Group Stock Down 2.1 %

Shares of NYSE: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 debt-to-equity ratio of 7.45, a quick ratio of 0.47 and a current ratio of 1.35. The company’s fifty day moving average is $6.55 and its 200-day moving average is $7.85. The company has a market capitalization of $231.30 million, a PE ratio of -4.11 and a beta of 1.67.

Alta Equipment Group Dividend Announcement

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

Insiders Place Their Bets

In other Alta Equipment Group news, major shareholder Voss Capital, Lp sold 11,311 shares of Alta Equipment Group stock in a transaction 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 sale, the insider now owns 963,689 shares of the company’s stock, valued at approximately $6,080,877.59. The trade was a 1.16 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 19.90% of the company’s stock.

Hedge Funds Weigh In On Alta Equipment Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. Harbor Capital Advisors Inc. grew its holdings in shares of Alta Equipment Group by 17.6% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 18,543 shares of the company’s stock valued at $125,000 after buying an additional 2,777 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Alta Equipment Group by 37.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,795 shares of the company’s stock valued at $95,000 after buying an additional 3,218 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Alta Equipment Group by 13.7% during the second quarter. Rhumbline Advisers now owns 31,462 shares of the company’s stock worth $253,000 after acquiring an additional 3,803 shares during the period. EntryPoint Capital LLC raised its holdings in shares of Alta Equipment Group by 88.0% during the first 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, Charles Schwab Investment Management Inc. raised its holdings in shares of Alta Equipment Group by 6.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 78,454 shares of the company’s stock worth $529,000 after acquiring an additional 4,747 shares during the period. Institutional investors and hedge funds own 73.58% of the company’s stock.

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.