Alta Equipment Group (NYSE:ALTG) Announces Earnings Results, Misses Expectations By $1.04 EPS

Alta Equipment Group (NYSE:ALTG) released its quarterly earnings results on Thursday. The company reported ($1.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($1.04), Zacks reports. The business had revenue of $422.60 million for the quarter, compared to analyst estimates of $456.68 million. Alta Equipment Group had a negative net margin of 3.53% and a negative return on equity of 95.61%.

Alta Equipment Group Trading Down 9.4%

NYSE:ALTG traded down $0.56 during mid-day trading on Friday, hitting $5.34. The company had a trading volume of 231,066 shares, compared to its average volume of 215,661. The firm has a market cap of $170.99 million, a P/E ratio of -2.59 and a beta of 1.57. Alta Equipment Group has a fifty-two week low of $3.54 and a fifty-two week high of $8.99. The business’s fifty day moving average is $6.96 and its two-hundred day moving average is $6.62. The company has a debt-to-equity ratio of 16.69, a quick ratio of 0.48 and a current ratio of 1.39.

Hedge Funds Weigh In On Alta Equipment Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new stake in Alta Equipment Group during the 2nd quarter worth $35,000. Engineers Gate Manager LP bought a new position in shares of Alta Equipment Group during the 2nd quarter valued at about $81,000. Strs Ohio bought a new position in shares of Alta Equipment Group during the 1st quarter valued at about $138,000. Rhumbline Advisers grew its position in shares of Alta Equipment Group by 15.9% in the 1st quarter. Rhumbline Advisers now owns 39,374 shares of the company’s stock valued at $185,000 after purchasing an additional 5,406 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in Alta Equipment Group by 71.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 55,084 shares of the company’s stock worth $348,000 after purchasing an additional 23,047 shares in the last quarter. Institutional investors and hedge funds own 73.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ALTG. DA Davidson reaffirmed a “neutral” rating and issued a $8.00 price target on shares of Alta Equipment Group in a report on Monday, August 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Alta Equipment Group in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $11.25.

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.