Alta Equipment Group (NYSE:ALTG) Cut to Hold at Northland Capmk

Northland Capmk cut shares of Alta Equipment Group (NYSE:ALTG) from a strong-buy rating to a hold rating in a report issued on Wednesday morning,Zacks.com reports.

Other equities analysts also recently issued research reports about the stock. DA Davidson lowered their target price on shares of Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Raymond James reiterated 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 note on Friday, August 9th. Finally, Northland Securities reiterated a “market perform” rating and set a $20.00 target price (down previously from $30.00) on shares of Alta Equipment Group in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $15.75.

Alta Equipment Group Stock Performance

NYSE:ALTG opened at $6.99 on Wednesday. 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 company has a fifty day simple moving average of $6.55 and a two-hundred day simple moving average of $7.83. The company has a market cap of $231.30 million, a price-to-earnings ratio of -4.11 and a beta of 1.67. Alta Equipment Group has a 52 week low of $5.40 and a 52 week high of $13.67.

Alta Equipment Group Dividend Announcement

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

Insider Activity at Alta Equipment Group

In other news, major shareholder Voss Capital, Lp sold 11,311 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $6.31, for a total value of $71,372.41. Following the completion of the sale, the insider now directly owns 963,689 shares of the company’s stock, valued at approximately $6,080,877.59. This represents a 1.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 19.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Alta Equipment Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Mill Road Capital Management LLC raised its holdings in Alta Equipment Group by 18.2% during the third quarter. Mill Road Capital Management LLC now owns 4,213,208 shares of the company’s stock worth $28,397,000 after purchasing an additional 650,214 shares in the last quarter. Vanguard Group Inc. raised its holdings in Alta Equipment Group by 0.7% during the first quarter. Vanguard Group Inc. now owns 1,250,154 shares of the company’s stock worth $16,189,000 after purchasing an additional 8,962 shares in the last quarter. Nantahala Capital Management LLC raised its holdings in Alta Equipment Group by 108.2% during the second quarter. Nantahala Capital Management LLC now owns 838,222 shares of the company’s stock worth $6,739,000 after purchasing an additional 435,713 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Alta Equipment Group by 3.3% during the second quarter. Dimensional Fund Advisors LP now owns 567,974 shares of the company’s stock worth $4,567,000 after purchasing an additional 18,343 shares in the last quarter. Finally, State Street Corp raised its holdings in Alta Equipment Group by 2.5% during the third quarter. State Street Corp now owns 485,892 shares of the company’s stock worth $3,275,000 after purchasing an additional 11,946 shares in 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.