Research Analysts Issue Forecasts for ALTG FY2024 Earnings

Alta Equipment Group Inc. (NYSE:ALTG - Free Report) - Investment analysts at Raymond James reduced their FY2024 EPS estimates for shares of Alta Equipment Group in a research report issued to clients and investors on Wednesday, November 13th. Raymond James analyst S. Hansen now forecasts that the company will earn ($1.89) per share for the year, down from their prior forecast of ($1.01). Raymond James currently has a "Market Perform" rating and a $9.00 target price 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 weighed in on ALTG. DA Davidson lowered their target price on Alta Equipment Group from $20.00 to $12.00 and set a "buy" rating on the stock in a report on Tuesday, August 13th. 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. Finally, Northland Securities restated a "market perform" rating and set a $20.00 target price (down previously from $30.00) on shares of Alta Equipment Group in a research report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Alta Equipment Group has a consensus rating of "Hold" and an average price target of $15.75.

Alta Equipment Group Price Performance

Shares of ALTG traded down $0.10 on Monday, reaching $6.89. The stock had a trading volume of 401,907 shares, compared to its average volume of 361,924. The firm has a 50-day moving average of $6.56 and a 200 day moving average of $7.77. The firm has a market capitalization of $228.01 million, a PE ratio of -4.05 and a beta of 1.67. Alta Equipment Group has a twelve month low of $5.40 and a twelve month high of $13.67. The company has a quick ratio of 0.47, a current ratio of 1.35 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. Stockholders of record on Friday, November 15th will be issued 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 dividend yield of 3.31%. Alta Equipment Group's dividend payout ratio (DPR) is presently -12.94%.

Insider Activity

In other news, major shareholder Voss Capital, Lp sold 11,311 shares of the firm's stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $6.31, for a total transaction of $71,372.41. Following the sale, the insider now owns 963,689 shares in the company, valued at $6,080,877.59. This trade 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 this link. Company insiders own 19.90% of the company's stock.

Hedge Funds Weigh In On Alta Equipment Group

Several large investors have recently added to or reduced their stakes in ALTG. Mill Road Capital Management LLC grew its holdings in Alta Equipment Group by 18.2% in the 3rd quarter. Mill Road Capital Management LLC now owns 4,213,208 shares of the company's stock valued at $28,397,000 after buying an additional 650,214 shares during the period. Nantahala Capital Management LLC grew its holdings in Alta Equipment Group by 108.2% in the second quarter. Nantahala Capital Management LLC now owns 838,222 shares of the company's stock valued at $6,739,000 after purchasing an additional 435,713 shares during the period. Paloma Partners Management Co acquired a new position in Alta Equipment Group during the third quarter worth approximately $2,646,000. American Century Companies Inc. raised its stake in Alta Equipment Group by 460.1% during the second quarter. American Century Companies Inc. now owns 211,585 shares of the company's stock worth $1,701,000 after purchasing an additional 173,810 shares during the period. Finally, Register Financial Advisors LLC boosted its holdings in shares of Alta Equipment Group by 44.3% in the 2nd quarter. Register Financial Advisors LLC now owns 335,702 shares of the company's stock valued at $2,699,000 after purchasing an additional 103,071 shares during the last quarter. 73.58% of the stock is currently owned by hedge funds and other 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.