Raymond James Has Negative Outlook of ALTG FY2024 Earnings

Alta Equipment Group Inc. (NYSE:ALTG) – Analysts at Raymond James lowered their FY2024 earnings per share estimates for shares of Alta Equipment Group in a note issued to investors on Wednesday, November 13th. Raymond James analyst S. Hansen now forecasts that the company will post earnings of ($1.89) per share for the year, down from their prior forecast of ($1.01). Raymond James has a “Market Perform” rating and a $9.00 price objective 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.

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

Alta Equipment Group Price Performance

ALTG stock opened at $7.13 on Monday. The firm has a 50 day moving average of $6.59 and a 200-day moving average of $7.74. The firm has a market capitalization of $235.77 million, a P/E ratio of -4.19 and a beta of 1.67. 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 0.43 and a debt-to-equity ratio of 7.45.

Alta Equipment Group Dividend Announcement

The company 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 3.20%. Alta Equipment Group’s payout ratio is -13.53%.

Insider Activity at Alta Equipment Group

In other news, major shareholder Voss Capital, Lp sold 11,311 shares of the company’s stock in a transaction 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 sale, the insider now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 19.90% of the stock is currently owned by insiders.

Institutional Trading of Alta Equipment Group

Several hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC bought a new stake in shares of Alta Equipment Group in the 3rd quarter valued at about $77,000. Quest Partners LLC bought a new position in shares of Alta Equipment Group in the second quarter worth approximately $80,000. The Manufacturers Life Insurance Company purchased a new position in shares of Alta Equipment Group in the second quarter worth $89,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings 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 valued at $95,000 after buying an additional 3,218 shares during the last quarter. Finally, EntryPoint Capital LLC boosted its position in Alta Equipment Group by 88.0% during the 1st 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. 73.58% of the stock is owned by institutional investors.

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.