Alta Equipment Group Inc. (NYSE:ALTG) Forecasted to Post Q4 2022 Earnings of $0.06 Per Share

Alta Equipment Group Inc. (NYSE:ALTGGet Rating) – Northland Capmk cut their Q4 2022 earnings per share estimates for shares of Alta Equipment Group in a report issued on Thursday, November 17th. Northland Capmk analyst E. Jackson now anticipates that the company will earn $0.06 per share for the quarter, down from their prior forecast of $0.08. The consensus estimate for Alta Equipment Group’s current full-year earnings is $0.34 per share. Northland Capmk also issued estimates for Alta Equipment Group’s Q2 2023 earnings at $0.05 EPS, Q3 2023 earnings at $0.10 EPS, FY2023 earnings at $0.21 EPS, Q2 2024 earnings at $0.06 EPS and Q3 2024 earnings at $0.15 EPS.

Alta Equipment Group (NYSE:ALTGGet Rating) last announced its earnings results on Wednesday, November 9th. The company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.02. Alta Equipment Group had a return on equity of 9.72% and a net margin of 0.62%. The business had revenue of $405.00 million for the quarter, compared to analyst estimates of $384.30 million.

A number of other research firms have also recently issued reports on ALTG. Raymond James upped their price objective on Alta Equipment Group from $15.00 to $17.00 and gave the stock an “outperform” rating in a report on Thursday, November 10th. DA Davidson upped their price objective on Alta Equipment Group to $22.00 in a report on Monday, August 15th. Finally, Northland Securities started coverage on Alta Equipment Group in a report on Friday, September 23rd. They issued an “outperform” rating and a $25.00 price objective for the company.

Alta Equipment Group Price Performance

ALTG opened at $12.36 on Monday. The stock has a 50-day moving average price of $11.81 and a 200-day moving average price of $11.22. Alta Equipment Group has a 12-month low of $8.65 and a 12-month high of $16.99. The company has a current ratio of 1.40, a quick ratio of 0.59 and a debt-to-equity ratio of 3.42. The stock has a market capitalization of $397.92 million, a P/E ratio of 61.80 and a beta of 1.65.

Alta Equipment Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 30th. Investors of record on Tuesday, November 15th will be issued a dividend of $0.057 per share. This represents a $0.23 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend is Monday, November 14th. Alta Equipment Group’s dividend payout ratio is presently 115.00%.

Institutional Investors Weigh In On Alta Equipment Group

Several institutional investors have recently bought and sold shares of ALTG. B. Riley Financial Inc. lifted its holdings in Alta Equipment Group by 0.6% in the 3rd quarter. B. Riley Financial Inc. now owns 6,000,763 shares of the company’s stock worth $66,069,000 after buying an additional 33,198 shares during the period. Voss Capital LLC lifted its holdings in Alta Equipment Group by 29.1% in the 3rd quarter. Voss Capital LLC now owns 1,074,042 shares of the company’s stock worth $11,825,000 after buying an additional 242,376 shares during the period. Russell Investments Group Ltd. lifted its holdings in Alta Equipment Group by 3.8% in the 1st quarter. Russell Investments Group Ltd. now owns 364,804 shares of the company’s stock worth $4,507,000 after buying an additional 13,272 shares during the period. State Street Corp lifted its holdings in Alta Equipment Group by 1.5% in the 3rd quarter. State Street Corp now owns 352,482 shares of the company’s stock worth $3,881,000 after buying an additional 5,316 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Alta Equipment Group by 19.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 328,526 shares of the company’s stock worth $3,617,000 after buying an additional 53,064 shares during the period. 63.90% of the stock is currently owned by hedge funds and other institutional investors.

Alta Equipment Group Company Profile

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Alta Equipment Group Inc owns and operates integrated equipment dealership platforms in the United States. It operates in two segments, Material Handling and Construction Equipment. 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 aerial work platforms, earthmoving equipment, cranes, paving and asphalt equipment, and other material handling and construction equipment.

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Earnings History and Estimates for Alta Equipment Group (NYSE:ALTG)

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