FY2024 EPS Estimate for Alta Equipment Group Cut by Analyst

Alta Equipment Group Inc. (NYSE:ALTG) – Equities research analysts at Raymond James reduced their FY2024 earnings per share estimates for Alta Equipment Group in a report issued on Wednesday, November 13th. Raymond James analyst S. Hansen now forecasts that the company will earn ($1.89) per share for the year, down from their prior estimate of ($1.01). Raymond James has a “Market Perform” rating and a $9.00 price target on the stock. The consensus estimate for Alta Equipment Group’s current full-year earnings is ($1.71) per share. Raymond James also issued estimates for Alta Equipment Group’s Q4 2024 earnings at ($0.28) EPS and FY2025 earnings at ($1.25) EPS.

A number of other analysts also recently weighed in on the stock. DA Davidson cut their price target on shares of Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Northland Securities reiterated a “market perform” rating and issued a $20.00 target price (down from $30.00) on shares of Alta Equipment Group in a report on Wednesday, November 13th. Finally, Northland Capmk cut shares of Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $15.75.

Alta Equipment Group Price Performance

Shares of ALTG opened at $6.89 on Monday. The stock has a market cap of $228.01 million, a P/E ratio of -4.05 and a beta of 1.67. Alta Equipment Group has a 1 year low of $5.40 and a 1 year high of $13.67. The stock’s 50-day moving average price is $6.56 and its two-hundred day moving average price is $7.77. The company has a current ratio of 1.35, a quick ratio of 0.47 and a debt-to-equity ratio of 7.45.

Institutional Trading of Alta Equipment Group

Institutional investors have recently modified their holdings of the company. SG Americas Securities LLC acquired a new stake in Alta Equipment Group in the 3rd quarter valued at approximately $77,000. Quest Partners LLC bought a new position in shares of Alta Equipment Group during the 2nd quarter worth approximately $80,000. The Manufacturers Life Insurance Company bought a new position in shares of Alta Equipment Group during the 2nd quarter worth approximately $89,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of 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 purchasing an additional 3,218 shares during the last quarter. Finally, EntryPoint Capital LLC lifted its position in shares of Alta Equipment Group by 88.0% in the first quarter. EntryPoint Capital LLC now owns 8,419 shares of the company’s stock worth $109,000 after purchasing an additional 3,940 shares in the last quarter. 73.58% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Alta Equipment Group news, major shareholder Voss Capital, Lp sold 11,311 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $6.31, for a total transaction of $71,372.41. Following the completion of the transaction, the insider now owns 963,689 shares in the company, valued at approximately $6,080,877.59. This represents a 1.16 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 19.90% of the company’s stock.

Alta Equipment Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a dividend of $0.057 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.23 dividend on an annualized basis and a yield of 3.31%. Alta Equipment Group’s payout ratio is -12.94%.

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.