Alta Equipment Group (NYSE:ALTG) Cut to Hold at Northland Capmk

Northland Capmk lowered shares of Alta Equipment Group (NYSE:ALTG) from a strong-buy rating to a hold rating in a research note issued to investors on Wednesday,Zacks.com reports.

Other research analysts have also issued reports about the stock. Northland Securities restated a “market perform” rating and set a $20.00 target price (down from $30.00) on shares of Alta Equipment Group in a research report on Wednesday. DA Davidson lowered their target price on shares of Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Finally, Raymond James restated a “market perform” rating and set a $10.00 target price (down from $14.00) on shares of Alta Equipment Group in a research report on Friday, August 9th. 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 MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $15.75.

Alta Equipment Group Trading Down 2.1 %

Shares of ALTG opened at $6.99 on Wednesday. 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’s 50-day moving average is $6.55 and its two-hundred day moving average is $7.83. Alta Equipment Group has a twelve month low of $5.40 and a twelve month high of $13.67. The firm 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. Stockholders of record on Friday, November 15th will be given a $0.057 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.23 annualized dividend and a dividend yield of 3.26%. Alta Equipment Group’s dividend payout ratio is presently -13.53%.

Insider Activity

In other news, major shareholder Voss Capital, Lp sold 11,311 shares of the 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 sale, the insider now directly owns 963,689 shares in the company, valued at $6,080,877.59. This represents a 1.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 19.90% of the company’s stock.

Hedge Funds Weigh In On Alta Equipment Group

Institutional investors and hedge funds have recently modified their holdings of the company. SG Americas Securities LLC purchased a new position in shares of Alta Equipment Group during the third quarter valued at approximately $77,000. Quest Partners LLC purchased a new position in shares of Alta Equipment Group during the second quarter valued at approximately $80,000. The Manufacturers Life Insurance Company purchased a new position in shares of Alta Equipment Group during the second quarter valued at approximately $89,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Alta Equipment Group by 37.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,795 shares of the company’s stock valued at $95,000 after buying an additional 3,218 shares during the period. Finally, EntryPoint Capital LLC lifted its stake in shares of Alta Equipment Group by 88.0% during the first quarter. EntryPoint Capital LLC now owns 8,419 shares of the company’s stock valued at $109,000 after buying an additional 3,940 shares during the period. Hedge funds and other institutional investors own 73.58% of the company’s stock.

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.