Alta Equipment Group (NYSE:ALTG) Releases Quarterly Earnings Results, Misses Expectations By $0.64 EPS

Alta Equipment Group (NYSE:ALTG) issued its earnings results on Tuesday. The company reported ($0.86) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.64), reports. Alta Equipment Group had a negative net margin of 2.81% and a negative return on equity of 38.90%. The company had revenue of $448.80 million during the quarter, compared to analyst estimates of $481.09 million.

Alta Equipment Group Stock Performance

ALTG stock opened at $7.97 on Thursday. The stock’s fifty day moving average is $6.52 and its two-hundred day moving average is $7.89. The stock has a market capitalization of $263.73 million, a price-to-earnings ratio of -4.69 and a beta of 1.67. The company has a debt-to-equity ratio of 5.81, a quick ratio of 0.47 and a current ratio of 1.37. Alta Equipment Group has a 1 year low of $5.40 and a 1 year high of $13.67.

Alta Equipment Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a $0.057 dividend. This represents a $0.23 annualized dividend and a yield of 2.86%. The ex-dividend date is Friday, November 15th. Alta Equipment Group’s dividend payout ratio is presently -13.53%.

Insider Buying and Selling

In other Alta Equipment Group news, major shareholder Voss Capital, Lp sold 11,311 shares of the company’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 owns 963,689 shares in the company, valued at approximately $6,080,877.59. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 19.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ALTG. Quantbot Technologies LP lifted its stake in shares of Alta Equipment Group by 67.7% in the 1st quarter. Quantbot Technologies LP now owns 15,736 shares of the company’s stock worth $204,000 after acquiring an additional 6,355 shares during the period. Russell Investments Group Ltd. lifted its position in Alta Equipment Group by 38.3% in the first quarter. Russell Investments Group Ltd. now owns 191,063 shares of the company’s stock worth $2,474,000 after purchasing an additional 52,896 shares during the period. Foundry Partners LLC boosted its stake in Alta Equipment Group by 24.3% during the 1st quarter. Foundry Partners LLC now owns 293,915 shares of the company’s stock valued at $3,806,000 after purchasing an additional 57,515 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Alta Equipment Group by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 1,250,154 shares of the company’s stock valued at $16,189,000 after purchasing an additional 8,962 shares during the period. Finally, EntryPoint Capital LLC raised its stake in shares of Alta Equipment Group by 88.0% in the 1st quarter. EntryPoint Capital LLC now owns 8,419 shares of the company’s stock worth $109,000 after buying an additional 3,940 shares in the last quarter. Institutional investors own 73.58% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on ALTG shares. Northland Securities reiterated a “market perform” rating and issued a $20.00 target price (down previously from $30.00) on shares of Alta Equipment Group in a research report on Wednesday. DA Davidson lowered their target price on shares of Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Finally, Raymond James restated a “market perform” rating and issued a $10.00 price target (down from $14.00) on shares of Alta Equipment Group in a research report on Friday, August 9th.

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.