Alta Equipment Group (NYSE:ALTG) Price Target Lowered to $8.50 at Raymond James

Alta Equipment Group (NYSE:ALTG) had its target price trimmed by Raymond James from $9.00 to $8.50 in a report published on Monday,Benzinga reports. The firm currently has a market perform rating on the stock.

A number of other equities analysts have also issued reports 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. 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 research note on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Alta Equipment Group has a consensus rating of “Hold” and a consensus target price of $15.63.

Alta Equipment Group Trading Down 3.2 %

Shares of Alta Equipment Group stock opened at $4.65 on Monday. The company has a debt-to-equity ratio of 7.45, a quick ratio of 0.43 and a current ratio of 1.35. The company has a market capitalization of $154.47 million, a P/E ratio of -2.73 and a beta of 1.81. Alta Equipment Group has a 1 year low of $4.45 and a 1 year high of $13.67. The company’s fifty day moving average is $6.67 and its two-hundred day moving average is $6.78.

Alta Equipment Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Saturday, February 15th were given a $0.057 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $0.23 dividend on an annualized basis and a yield of 4.91%. Alta Equipment Group’s payout ratio is currently -11.22%.

Insider Buying and Selling at Alta Equipment Group

In other Alta Equipment Group news, COO Craig Brubaker sold 5,294 shares of the firm’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $5.00, for a total value of $26,470.00. Following the completion of the sale, the chief operating officer now owns 98,640 shares of the company’s stock, valued at approximately $493,200. This trade represents a 5.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 19.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Alta Equipment Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Millennium Management LLC purchased a new stake in Alta Equipment Group during the fourth quarter worth about $937,000. Janus Henderson Group PLC lifted its position in shares of Alta Equipment Group by 12.8% during the 4th quarter. Janus Henderson Group PLC now owns 51,469 shares of the company’s stock valued at $337,000 after acquiring an additional 5,828 shares during the period. CastleKnight Management LP boosted its stake in shares of Alta Equipment Group by 70.2% during the 4th quarter. CastleKnight Management LP now owns 540,986 shares of the company’s stock worth $3,538,000 after acquiring an additional 223,072 shares in the last quarter. Bridgeway Capital Management LLC boosted its stake in shares of Alta Equipment Group by 26.0% during the 4th quarter. Bridgeway Capital Management LLC now owns 81,900 shares of the company’s stock worth $536,000 after acquiring an additional 16,900 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Alta Equipment Group by 148.0% in the 4th quarter. Bank of America Corp DE now owns 187,813 shares of the company’s stock worth $1,228,000 after acquiring an additional 112,092 shares during the period. 73.58% of the stock is owned by institutional investors and hedge funds.

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.