Alta Equipment Group (NYSE:ALTG) Given New $9.00 Price Target at Raymond James

Alta Equipment Group (NYSE:ALTG) had its price objective reduced by Raymond James from $10.00 to $9.00 in a research note released on Thursday morning,Benzinga reports. They currently have a market perform rating on the stock.

ALTG has been the subject of several other reports. Northland Capmk downgraded shares of Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Northland Securities reiterated a “market perform” rating and set a $20.00 price objective (down from $30.00) on shares of Alta Equipment Group in a research note on Wednesday. Finally, DA Davidson reduced their target price on shares of Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $15.75.

Alta Equipment Group Price Performance

Alta Equipment Group stock traded down $0.31 during trading on Thursday, reaching $6.89. The company had a trading volume of 177,391 shares, compared to its average volume of 360,752. Alta Equipment Group has a 12-month low of $5.40 and a 12-month high of $13.67. The stock’s 50 day moving average price is $6.53 and its two-hundred day moving average price is $7.88. The company has a debt-to-equity ratio of 7.45, a current ratio of 1.35 and a quick ratio of 0.47.

Alta Equipment Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.057 dividend. This represents a $0.23 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date is Friday, November 15th. Alta Equipment Group’s payout ratio is -13.53%.

Insider Buying and Selling at Alta Equipment Group

In related news, major shareholder Voss Capital, Lp sold 11,311 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $6.31, for a total value of $71,372.41. Following the transaction, the insider now owns 963,689 shares in the company, valued at approximately $6,080,877.59. This represents a 1.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 19.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ALTG. Russell Investments Group Ltd. increased its holdings in shares of Alta Equipment Group by 38.3% during the first quarter. Russell Investments Group Ltd. now owns 191,063 shares of the company’s stock worth $2,474,000 after buying an additional 52,896 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of 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 buying an additional 173,810 shares in the last quarter. JCP Investment Management LLC acquired a new stake in shares of Alta Equipment Group during the second quarter worth approximately $721,000. Nantahala Capital Management LLC increased its holdings in shares of Alta Equipment Group by 108.2% during the second quarter. Nantahala Capital Management LLC now owns 838,222 shares of the company’s stock worth $6,739,000 after buying an additional 435,713 shares in the last quarter. Finally, Janus Henderson Group PLC increased its holdings in shares of Alta Equipment Group by 237.0% during the first quarter. Janus Henderson Group PLC now owns 50,957 shares of the company’s stock worth $660,000 after buying an additional 35,838 shares in the last quarter. 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.