Alta Equipment Group (NYSE:ALTG) Now Covered by B. Riley

B. Riley assumed coverage on shares of Alta Equipment Group (NYSE:ALTG) in a report released on Thursday morning. The brokerage issued a buy rating and a $10.00 target price on the stock.

Separately, Raymond James dropped their price objective on shares of Alta Equipment Group from $9.00 to $8.50 and set a “market perform” rating on the stock in a research note on Monday, March 10th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Alta Equipment Group has an average rating of “Hold” and a consensus target price of $12.63.

Alta Equipment Group Price Performance

Shares of ALTG opened at $4.94 on Thursday. The business’s fifty day moving average is $6.26 and its 200 day moving average is $6.64. Alta Equipment Group has a 12-month low of $4.45 and a 12-month high of $13.67. The company has a quick ratio of 0.43, a current ratio of 1.35 and a debt-to-equity ratio of 7.45. The stock has a market cap of $162.33 million, a P/E ratio of -2.91 and a beta of 1.81.

Alta Equipment Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Saturday, February 15th were paid a dividend of $0.057 per share. This represents a $0.23 annualized dividend and a yield of 4.62%. The ex-dividend date was Friday, February 14th. Alta Equipment Group’s dividend payout ratio (DPR) is presently -11.22%.

Insiders Place Their Bets

In related news, COO Craig Brubaker sold 5,294 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $5.00, for a total transaction of $26,470.00. Following the transaction, the chief operating officer now directly owns 98,640 shares of the company’s stock, valued at $493,200. This trade represents a 5.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 19.90% of the company’s stock.

Hedge Funds Weigh In On Alta Equipment Group

Several hedge funds have recently modified their holdings of ALTG. Mill Road Capital Management LLC grew its holdings in shares of Alta Equipment Group by 18.2% in the third quarter. Mill Road Capital Management LLC now owns 4,213,208 shares of the company’s stock valued at $28,397,000 after acquiring an additional 650,214 shares in the last quarter. SG Americas Securities LLC grew its stake in Alta Equipment Group by 20.8% in the 4th quarter. SG Americas Securities LLC now owns 13,784 shares of the company’s stock valued at $90,000 after purchasing an additional 2,375 shares during the period. JPMorgan Chase & Co. increased its position in shares of Alta Equipment Group by 167.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 51,418 shares of the company’s stock valued at $347,000 after purchasing an additional 32,218 shares during the last quarter. Paloma Partners Management Co bought a new stake in shares of Alta Equipment Group during the 3rd quarter worth $2,646,000. Finally, Barclays PLC boosted its holdings in shares of Alta Equipment Group by 302.8% in the 3rd quarter. Barclays PLC now owns 38,327 shares of the company’s stock worth $258,000 after buying an additional 28,812 shares during the last quarter. 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.