Raymond James Issues Pessimistic Forecast for Alta Equipment Group (NYSE:ALTG) Stock Price

Alta Equipment Group (NYSE:ALTG - Free Report) had its target price lowered by Raymond James from $9.00 to $8.50 in a research report released on Monday morning,Benzinga reports. The firm currently has a market perform rating on the stock.

Several other equities research analysts have also recently weighed in on ALTG. Northland Capmk cut Alta Equipment Group from a "strong-buy" rating to a "hold" rating in a report on Wednesday, November 13th. Northland Securities reiterated a "market perform" rating and issued a $20.00 price objective (down previously from $30.00) on shares of Alta Equipment Group in a report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $15.63.

Alta Equipment Group Price Performance

Shares of Alta Equipment Group stock traded up $0.40 during trading on Monday, hitting $5.30. 189,349 shares of the stock traded hands, compared to its average volume of 319,112. 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 $176.09 million, a price-to-earnings ratio of -3.11 and a beta of 1.81. The firm's fifty day moving average is $6.54 and its 200-day moving average is $6.73. Alta Equipment Group has a 52 week low of $4.45 and a 52 week high of $13.67.

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Alta Equipment Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Saturday, February 15th were paid a $0.057 dividend. The ex-dividend date was Friday, February 14th. This represents a $0.23 dividend on an annualized basis and a dividend yield of 4.31%. Alta Equipment Group's dividend payout ratio (DPR) is currently -11.22%.

Insider Transactions at Alta Equipment Group

In related news, COO Craig Brubaker sold 5,294 shares of Alta Equipment Group stock in a transaction on Wednesday, March 5th. The stock was 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 in the company, valued at approximately $493,200. The trade was 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 accessible through the SEC website. Company insiders own 19.90% of the company's stock.

Institutional Investors Weigh In On Alta Equipment Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ALTG. Portolan Capital Management LLC purchased a new stake in Alta Equipment Group during the fourth quarter valued at approximately $5,561,000. Mill Road Capital Management LLC raised its position in Alta Equipment Group by 18.2% during 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 purchasing an additional 650,214 shares during the period. First Eagle Investment Management LLC purchased a new stake in Alta Equipment Group during the fourth quarter valued at approximately $2,589,000. Paloma Partners Management Co purchased a new stake in shares of Alta Equipment Group in the third quarter worth approximately $2,646,000. Finally, CastleKnight Management LP raised its holdings in shares of Alta Equipment Group by 70.2% in the fourth quarter. CastleKnight Management LP now owns 540,986 shares of the company's stock worth $3,538,000 after buying an additional 223,072 shares during the period. 73.58% of the stock is currently owned by hedge funds and other institutional investors.

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.