Alta Equipment Group (NYSE:ALTG) Announces Earnings Results

Alta Equipment Group (NYSE:ALTG) released its earnings results on Thursday. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.08), FiscalAI reports. Alta Equipment Group had a negative return on equity of 95.61% and a negative net margin of 3.53%.The business had revenue of $422.60 million during the quarter, compared to analysts’ expectations of $456.68 million.

Alta Equipment Group Trading Down 3.2%

ALTG traded down $0.20 during trading hours on Thursday, reaching $5.88. The company’s stock had a trading volume of 158,226 shares, compared to its average volume of 143,813. Alta Equipment Group has a fifty-two week low of $3.54 and a fifty-two week high of $8.99. The stock has a market cap of $188.29 million, a PE ratio of -2.85 and a beta of 1.57. The business’s 50-day moving average is $6.96 and its 200-day moving average is $6.62. The company has a debt-to-equity ratio of 16.69, a current ratio of 1.39 and a quick ratio of 0.48.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ALTG. Strs Ohio acquired a new position in Alta Equipment Group in the first quarter valued at approximately $138,000. Rhumbline Advisers lifted its holdings in Alta Equipment Group by 15.9% in the first quarter. Rhumbline Advisers now owns 39,374 shares of the company’s stock valued at $185,000 after acquiring an additional 5,406 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Alta Equipment Group by 71.9% in the second quarter. JPMorgan Chase & Co. now owns 55,084 shares of the company’s stock valued at $348,000 after acquiring an additional 23,047 shares during the last quarter. Quantinno Capital Management LP lifted its holdings in Alta Equipment Group by 72.4% in the second quarter. Quantinno Capital Management LP now owns 62,314 shares of the company’s stock valued at $394,000 after acquiring an additional 26,176 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Alta Equipment Group in the second quarter valued at approximately $35,000. 73.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ALTG has been the topic of a number of research reports. DA Davidson reissued a “neutral” rating and issued a $8.00 target price on shares of Alta Equipment Group in a research note 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 research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $11.25.

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.