Alta Equipment Group (NYSE:ALTG) Earns “Buy” Rating from DA Davidson

DA Davidson reiterated their buy rating on shares of Alta Equipment Group (NYSE:ALTG) in a research note issued to investors on Friday morning, Benzinga reports. They currently have a $22.00 price target on the stock.

Separately, B. Riley reissued a buy rating and issued a $22.00 price target (down previously from $25.00) on shares of Alta Equipment Group in a report on Friday.

Alta Equipment Group Trading Up 1.5 %

Shares of Alta Equipment Group stock traded up $0.17 on Friday, hitting $11.22. 579,282 shares of the company’s stock traded hands, compared to its average volume of 328,296. The firm’s 50-day moving average price is $11.28 and its two-hundred day moving average price is $11.39. The stock has a market capitalization of $363.19 million, a PE ratio of 61.67 and a beta of 1.64. Alta Equipment Group has a one year low of $8.76 and a one year high of $17.98. The company has a debt-to-equity ratio of 4.35, a current ratio of 1.38 and a quick ratio of 0.51.

Alta Equipment Group Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 29th. Investors of record on Thursday, February 15th were paid a $0.057 dividend. This represents a $0.23 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date of this dividend was Wednesday, February 14th. Alta Equipment Group’s payout ratio is presently 127.78%.

Insider Buying and Selling

In related news, major shareholder Voss Capital, Llc bought 6,108 shares of Alta Equipment Group stock in a transaction that occurred on Friday, January 19th. The stock was purchased at an average cost of $10.65 per share, with a total value of $65,050.20. Following the purchase, the insider now owns 975,000 shares in the company, valued at $10,383,750. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Alta Equipment Group news, major shareholder Voss Capital, Llc acquired 6,108 shares of Alta Equipment Group stock in a transaction dated Friday, January 19th. The stock was bought at an average cost of $10.65 per share, for a total transaction of $65,050.20. Following the purchase, the insider now directly owns 975,000 shares in the company, valued at approximately $10,383,750. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder B. Riley Financial, Inc. sold 2,757,308 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $11.00, for a total transaction of $30,330,388.00. Following the completion of the sale, the insider now directly owns 211,175 shares in the company, valued at $2,322,925. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 41,108 shares of company stock valued at $445,000 and sold 2,816,886 shares valued at $31,011,780. Company insiders own 20.90% of the company’s stock.

Institutional Investors Weigh In On Alta Equipment Group

A number of institutional investors and hedge funds have recently modified their holdings of ALTG. Advisor Group Holdings Inc. raised its holdings in Alta Equipment Group by 280.0% in the 1st quarter. Advisor Group Holdings Inc. now owns 7,109 shares of the company’s stock valued at $88,000 after acquiring an additional 5,238 shares during the period. American Century Companies Inc. bought a new position in Alta Equipment Group in the 1st quarter valued at about $147,000. MetLife Investment Management LLC raised its holdings in Alta Equipment Group by 54.9% in the 1st quarter. MetLife Investment Management LLC now owns 10,902 shares of the company’s stock valued at $135,000 after acquiring an additional 3,862 shares during the period. Dimensional Fund Advisors LP raised its holdings in Alta Equipment Group by 50.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 180,799 shares of the company’s stock valued at $2,235,000 after acquiring an additional 60,253 shares during the period. Finally, Ancora Advisors LLC increased its holdings in shares of Alta Equipment Group by 54.7% during the first quarter. Ancora Advisors LLC now owns 101,581 shares of the company’s stock worth $1,321,000 after purchasing an additional 35,905 shares during the period. 70.94% 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 in two segments, Material Handling and Construction Equipment. 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 aerial work platforms, earthmoving equipment, environmental processing equipment, and other material handling and construction equipment.