Raymond James Issues Pessimistic Estimate for ALTG Earnings

Alta Equipment Group Inc. (NYSE:ALTG) – Investment analysts at Raymond James dropped their FY2024 earnings estimates for shares of Alta Equipment Group in a research note issued to investors on Wednesday, November 13th. Raymond James analyst S. Hansen now anticipates that the company will post earnings per share of ($1.89) for the year, down from their previous forecast of ($1.01). Raymond James currently 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 have also recently commented on ALTG. Northland Capmk cut Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 13th. DA Davidson reduced 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 report on Tuesday, August 13th. Finally, Northland Securities reaffirmed a “market perform” rating and issued a $20.00 price target (down from $30.00) on shares of Alta Equipment Group in a report on Wednesday, November 13th. 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, the stock currently has a consensus rating of “Hold” and a consensus price target of $15.75.

Alta Equipment Group Trading Down 2.9 %

NYSE:ALTG opened at $6.99 on Monday. The company has a current ratio of 1.35, a quick ratio of 0.47 and a debt-to-equity ratio of 7.45. The firm has a fifty day simple moving average of $6.55 and a 200-day simple moving average of $7.80. Alta Equipment Group has a 12 month low of $5.40 and a 12 month high of $13.67. The company has a market capitalization of $231.30 million, a P/E ratio of -4.11 and a beta of 1.67.

Alta Equipment Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given 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 is currently -13.53%.

Insider Activity

In related news, major shareholder Voss Capital, Lp sold 11,311 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $6.31, for a total value of $71,372.41. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 19.90% of the company’s stock.

Hedge Funds Weigh In On Alta Equipment Group

Several hedge funds and other institutional investors have recently modified their holdings of the business. Barclays PLC raised its holdings in Alta Equipment Group by 302.8% in the 3rd quarter. Barclays PLC now owns 38,327 shares of the company’s stock valued at $258,000 after acquiring an additional 28,812 shares during the last quarter. State Street Corp increased its position 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 during the last quarter. Quantinno Capital Management LP purchased a new position in Alta Equipment Group during the third quarter worth about $160,000. Mill Road Capital Management LLC boosted its holdings in Alta Equipment Group by 18.2% in the 3rd quarter. Mill Road Capital Management LLC now owns 4,213,208 shares of the company’s stock valued at $28,397,000 after purchasing an additional 650,214 shares during the last quarter. Finally, Paloma Partners Management Co purchased a new stake in shares of Alta Equipment Group in the 3rd quarter valued at approximately $2,646,000. 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.