Alta Equipment Group (NYSE:ALTG) Price Target Cut to $9.00 by Analysts at Raymond James

Alta Equipment Group (NYSE:ALTG) had its target price decreased by Raymond James from $10.00 to $9.00 in a report released on Thursday morning,Benzinga reports. Raymond James currently has a market perform rating on the stock.

Several other brokerages have also issued reports on ALTG. Northland Capmk lowered shares of Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Northland Securities reiterated a “market perform” rating and issued a $20.00 price target (down from $30.00) on shares of Alta Equipment Group in a research note on Wednesday. Finally, DA Davidson lowered their price target on shares of 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 issued a buy rating to the company. Based on data from MarketBeat, Alta Equipment Group has an average rating of “Hold” and a consensus price target of $15.75.

Alta Equipment Group Stock Performance

Shares of NYSE ALTG traded down $0.31 during midday trading on Thursday, reaching $6.89. 177,391 shares of the stock were exchanged, compared to its average volume of 360,752. The business has a 50-day simple moving average of $6.53 and a two-hundred day simple moving average of $7.88. Alta Equipment Group has a 12 month low of $5.40 and a 12 month high of $13.67. The company has a current ratio of 1.35, a quick ratio of 0.47 and a debt-to-equity ratio of 7.45.

Alta Equipment Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.057 dividend. This represents a $0.23 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date is Friday, November 15th. Alta Equipment Group’s dividend payout ratio is currently -13.53%.

Insider Buying and Selling at Alta Equipment Group

In other news, major shareholder Voss Capital, Lp sold 11,311 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were 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 in the company, valued at approximately $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 can be accessed through this hyperlink. Insiders own 19.90% of the company’s stock.

Hedge Funds Weigh In On Alta Equipment Group

A number of institutional investors have recently added to or reduced their stakes in ALTG. SG Americas Securities LLC acquired a new position in Alta Equipment Group in the 3rd quarter valued at approximately $77,000. Quest Partners LLC acquired a new position in Alta Equipment Group in the 2nd quarter valued at approximately $80,000. The Manufacturers Life Insurance Company acquired a new position in Alta Equipment Group in the 2nd quarter valued at approximately $89,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position 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 valued at $95,000 after acquiring an additional 3,218 shares during the period. Finally, EntryPoint Capital LLC increased its position in 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 during the period. 73.58% of the stock is currently owned by institutional investors and hedge funds.

Alta Equipment Group Company Profile

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.