Alta Equipment Group (NYSE:ALTG) Downgraded by Northland Capmk to “Hold”

Northland Capmk cut 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.

Several other equities analysts have also recently commented on the stock. Northland Securities reissued 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 note on Wednesday. Raymond James reissued a “market perform” rating and set a $10.00 target price (down previously from $14.00) on shares of Alta Equipment Group in a research note on Friday, August 9th. Finally, DA Davidson lowered their price objective on shares of 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. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $15.75.

Alta Equipment Group Stock Down 2.1 %

Alta Equipment Group stock opened at $6.99 on Wednesday. The stock has a market cap of $231.30 million, a price-to-earnings ratio of -4.11 and a beta of 1.67. 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 company’s 50-day moving average price is $6.55 and its two-hundred day moving average price is $7.85. Alta Equipment Group has a 52 week low of $5.40 and a 52 week high of $13.67.

Alta Equipment Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a $0.057 dividend. The ex-dividend date 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 currently -13.53%.

Insider Transactions at Alta Equipment Group

In other Alta Equipment Group news, major shareholder Voss Capital, Lp sold 11,311 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly 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 sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 19.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Barclays PLC boosted its holdings in shares of Alta Equipment Group by 302.8% in the third 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 period. State Street Corp boosted its holdings in shares of Alta Equipment Group by 2.5% during the third quarter. State Street Corp now owns 485,892 shares of the company’s stock worth $3,275,000 after purchasing an additional 11,946 shares during the period. Quantinno Capital Management LP acquired a new stake in shares of Alta Equipment Group during the third quarter worth approximately $160,000. Mill Road Capital Management LLC boosted its holdings in shares of 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 worth $28,397,000 after purchasing an additional 650,214 shares during the period. Finally, Paloma Partners Management Co acquired a new stake in shares of Alta Equipment Group during the third quarter worth approximately $2,646,000. 73.58% of the stock is currently owned by institutional investors and hedge funds.

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.