Alta Equipment Group (NYSE: ALTG) has seen a significant shift in its stock ratings, with multiple analysts upgrading their assessments in recent days. Notably, Northland Capital Markets elevated the company from a “hold” rating to a “strong-buy” rating in a research note published on Tuesday, according to Zacks.com. This positive outlook reflects growing confidence in the company’s potential.
On the same day, Northland Securities also adjusted its stance, moving from a “market perform” to an “outperform” rating, and set a price target of $20.00 for Alta Equipment Group. Additional coverage was initiated by B. Riley, which assigned a “buy” rating with a price target of $10.00. Meanwhile, Raymond James Financial lowered its price target from $8.50 to $7.00, maintaining a “market perform” rating.
Analysts have expressed a mix of sentiments regarding Alta Equipment Group. Two have issued a “hold” rating, two have a “buy” rating, and two have assigned a “strong buy” rating. According to data from MarketBeat.com, the company currently holds an average rating of “Buy” alongside a consensus price target of $11.25.
Recent Financial Performance
Alta Equipment Group recently reported its quarterly earnings on May 7, 2023. The company recorded earnings per share (EPS) of ($0.65), which fell short of the consensus estimate of ($0.60) by $0.05. Revenue for the quarter reached $423.00 million, compared to a projected $436.15 million. The firm has displayed a negative net margin of 3.83% and a troubling return on equity of 80.23%. Analysts anticipate that the company will post an EPS of ($1.92) for the current year.
Insider Activity and Institutional Holdings
In other noteworthy developments, Director Andrew P. Studdert purchased 6,743 shares of Alta Equipment Group on May 29, 2023. The shares were acquired at an average price of $4.80 each, amounting to a total transaction of $32,366.40. Following this acquisition, Studdert’s ownership increased to 93,334 shares, valued at approximately $448,003.20. This transaction was disclosed in a filing with the Securities and Exchange Commission (SEC).
Institutional investment in Alta Equipment Group has also seen changes. Price T. Rowe Associates, Inc. acquired a new stake in the company worth around $69,000 in the fourth quarter. Other institutional investors, such as Intech Investment Management LLC and Wells Fargo & Company, have also increased their holdings. Notably, Wells Fargo boosted its stake by 51.7%, now owning 12,533 shares valued at $82,000.
Currently, approximately 73.58% of Alta Equipment Group’s stock is held by hedge funds and other institutional investors, highlighting a robust interest in the company’s future prospects.
About Alta Equipment Group
Alta Equipment Group, based in the United States, operates a comprehensive equipment dealership network. The company functions through three primary segments: Material Handling, Construction Equipment, and Master Distribution. Its extensive branch network facilitates the sale, rental, and service support of various specialized equipment. This includes lift trucks, heavy earthmoving equipment, and paving machinery, among other construction-related products.
As analysts continue to reassess their ratings and targets, the market will be watching closely to see how these changes affect Alta Equipment Group’s stock performance and investor sentiment in the coming months.
