Raymond James Has Lowered Expectations for Alta Equipment Group (NYSE:ALTG) Stock Price

Alta Equipment Group (NYSE:ALTG) had its price target cut by Raymond James from $10.00 to $9.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have a market perform rating on the stock.

Several other equities analysts also recently weighed in on ALTG. DA Davidson dropped their target price on 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 Capmk cut shares of Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 13th. Finally, Northland Securities reaffirmed a “market perform” rating and set a $20.00 target price (down from $30.00) on shares of Alta Equipment Group in a research note on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $15.75.

Alta Equipment Group Trading Down 2.9 %

Shares of NYSE ALTG opened at $6.99 on Thursday. 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 stock has a market capitalization of $231.30 million, a PE ratio of -4.11 and a beta of 1.67. Alta Equipment Group has a twelve month low of $5.40 and a twelve month high of $13.67. The stock has a fifty day simple moving average of $6.55 and a 200-day simple moving average of $7.80.

Alta Equipment Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a $0.057 dividend. This represents a $0.23 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend is Friday, November 15th. Alta Equipment Group’s payout ratio is presently -13.53%.

Insider Transactions at Alta Equipment Group

In other Alta Equipment Group news, major shareholder Voss Capital, Lp sold 11,311 shares of Alta Equipment Group 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 sale, the insider now directly owns 963,689 shares of the company’s stock, valued at $6,080,877.59. The trade was a 1.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 19.90% of the company’s stock.

Institutional Investors Weigh In On Alta Equipment Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Harbor Capital Advisors Inc. raised its holdings in Alta Equipment Group by 17.6% during the third quarter. Harbor Capital Advisors Inc. now owns 18,543 shares of the company’s stock worth $125,000 after purchasing an additional 2,777 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Alta Equipment Group by 37.5% during 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 in the last quarter. Rhumbline Advisers lifted its position in Alta Equipment Group by 13.7% in the second quarter. Rhumbline Advisers now owns 31,462 shares of the company’s stock valued at $253,000 after acquiring an additional 3,803 shares during the last quarter. EntryPoint Capital LLC boosted its stake in Alta Equipment Group by 88.0% in the first 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. Finally, Charles Schwab Investment Management Inc. boosted its stake in Alta Equipment Group by 6.4% in the third 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 and hedge funds 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.