FY2024 EPS Forecast for Alta Equipment Group Cut by Analyst

Alta Equipment Group Inc. (NYSE:ALTG) – Stock analysts at B. Riley reduced their FY2024 EPS estimates for Alta Equipment Group in a research report issued on Thursday, November 14th. B. Riley analyst A. Rygiel now forecasts that the company will post earnings per share of ($1.99) for the year, down from their previous forecast of ($0.98). The consensus estimate for Alta Equipment Group’s current full-year earnings is ($1.71) per share. B. Riley also issued estimates for Alta Equipment Group’s Q4 2024 earnings at ($0.38) EPS and FY2025 earnings at ($0.52) EPS.

Other analysts have also issued research reports about the company. Raymond James cut their price objective on Alta Equipment Group from $10.00 to $9.00 and set a “market perform” rating for the company in a report on Thursday, November 14th. DA Davidson reduced their price objective on shares of Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Northland Securities reaffirmed a “market perform” rating and issued a $20.00 price objective (down previously from $30.00) on shares of Alta Equipment Group in a research note on Wednesday, November 13th. Finally, Northland Capmk cut shares of Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a 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, Alta Equipment Group currently has a consensus rating of “Hold” and an average target price of $15.75.

Alta Equipment Group Stock Performance

ALTG opened at $7.13 on Monday. Alta Equipment Group has a 1-year low of $5.40 and a 1-year high of $13.67. The company has a market capitalization of $235.77 million, a price-to-earnings ratio of -4.19 and a beta of 1.67. The business has a 50 day moving average price of $6.59 and a two-hundred day moving average price of $7.74. The company has a debt-to-equity ratio of 7.45, a current ratio of 1.35 and a quick ratio of 0.43.

Hedge Funds Weigh In On Alta Equipment Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Harbor Capital Advisors Inc. raised its holdings in shares of Alta Equipment Group by 17.6% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 18,543 shares of the company’s stock valued at $125,000 after purchasing an additional 2,777 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position 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 worth $95,000 after buying an additional 3,218 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of Alta Equipment Group by 13.7% during the 2nd quarter. Rhumbline Advisers now owns 31,462 shares of the company’s stock worth $253,000 after acquiring an additional 3,803 shares in the last quarter. EntryPoint Capital LLC increased its holdings in shares of Alta Equipment Group by 88.0% during the 1st quarter. EntryPoint Capital LLC now owns 8,419 shares of the company’s stock valued at $109,000 after acquiring an additional 3,940 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Alta Equipment Group by 6.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 78,454 shares of the company’s stock valued at $529,000 after acquiring an additional 4,747 shares in the last quarter. Institutional investors own 73.58% of the company’s stock.

Insiders Place Their Bets

In other Alta Equipment Group news, major shareholder Voss Capital, Lp sold 11,311 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $6.31, for a total value of $71,372.41. Following the transaction, the insider now owns 963,689 shares in the company, valued at $6,080,877.59. The trade was a 1.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 19.90% of the company’s stock.

Alta Equipment Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a $0.057 dividend. This represents a $0.23 annualized dividend and a yield of 3.20%. The ex-dividend date of this dividend is Friday, November 15th. Alta Equipment Group’s dividend payout ratio is currently -13.53%.

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.