B. Riley Forecasts Lower Earnings for Alta Equipment Group

Alta Equipment Group Inc. (NYSE:ALTG) – Analysts at B. Riley reduced their FY2024 earnings per share estimates for Alta Equipment Group in a report released on Thursday, November 14th. B. Riley analyst A. Rygiel now expects that the company will earn ($1.99) per share for the year, down from their prior 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.

ALTG has been the subject of a number of other reports. Raymond James lowered their target price on Alta Equipment Group from $10.00 to $9.00 and set a “market perform” rating for the company in a report on Thursday. Northland Capmk lowered shares of Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 13th. Northland Securities restated a “market perform” rating and issued a $20.00 target price (down from $30.00) on shares of Alta Equipment Group in a research note on Wednesday, November 13th. Finally, DA Davidson dropped their price target on Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Three investment 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, Alta Equipment Group has an average rating of “Hold” and an average target price of $15.75.

Alta Equipment Group Stock Down 2.9 %

Alta Equipment Group stock opened at $6.99 on Monday. The firm has a market cap of $231.30 million, a price-to-earnings ratio of -4.11 and a beta of 1.67. The company has a debt-to-equity ratio of 7.45, a quick ratio of 0.47 and a current ratio of 1.35. Alta Equipment Group has a 52-week low of $5.40 and a 52-week high of $13.67. The firm has a 50 day moving average price of $6.55 and a two-hundred day moving average price of $7.80.

Alta Equipment Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued 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 3.26%. Alta Equipment Group’s dividend payout ratio (DPR) is currently -13.53%.

Insiders Place Their Bets

In related news, major shareholder Voss Capital, Lp sold 11,311 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $6,080,877.59. This trade represents a 1.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 19.90% of the company’s stock.

Institutional Investors Weigh In On Alta Equipment Group

Several institutional investors have recently made changes to their positions in ALTG. SG Americas Securities LLC purchased a new position in Alta Equipment Group during the 3rd quarter valued at about $77,000. Quest Partners LLC purchased a new stake in shares of Alta Equipment Group in the second quarter worth $80,000. The Manufacturers Life Insurance Company bought a new stake in Alta Equipment Group during the second quarter valued at $89,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Alta Equipment Group by 37.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,795 shares of the company’s stock worth $95,000 after acquiring an additional 3,218 shares during the last quarter. Finally, EntryPoint Capital LLC raised its holdings in shares of Alta Equipment Group by 88.0% in 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 in the last quarter. Hedge funds and other institutional investors 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.