Alta Equipment Group Inc. (NYSE:ALTG) Plans $0.06 Quarterly Dividend

Alta Equipment Group Inc. (NYSE:ALTG) declared a quarterly dividend on Thursday, May 2nd, Zacks reports. Stockholders of record on Wednesday, May 15th will be paid a dividend of 0.057 per share on Friday, May 31st. This represents a $0.23 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date is Tuesday, May 14th.

Alta Equipment Group has a payout ratio of 26.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Alta Equipment Group to earn $0.52 per share next year, which means the company should continue to be able to cover its $0.23 annual dividend with an expected future payout ratio of 44.2%.

Alta Equipment Group Trading Up 1.3 %

Shares of NYSE:ALTG traded up $0.14 during mid-day trading on Friday, reaching $11.70. 236,272 shares of the company’s stock were exchanged, compared to its average volume of 301,958. The firm has a market capitalization of $383.71 million, a price-to-earnings ratio of 64.97 and a beta of 1.67. The company has a debt-to-equity ratio of 4.40, a quick ratio of 0.48 and a current ratio of 1.32. Alta Equipment Group has a twelve month low of $8.76 and a twelve month high of $17.98. The business’s fifty day moving average price is $11.90 and its 200-day moving average price is $11.31.

Alta Equipment Group (NYSE:ALTG) last posted its quarterly earnings results on Thursday, March 14th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.03). Alta Equipment Group had a net margin of 0.47% and a return on equity of 8.60%. The company had revenue of $521.50 million during the quarter, compared to the consensus estimate of $478.68 million. On average, research analysts predict that Alta Equipment Group will post 0.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other Alta Equipment Group news, COO Craig Brubaker sold 7,405 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $11.77, for a total value of $87,156.85. Following the completion of the sale, the chief operating officer now directly owns 95,077 shares of the company’s stock, valued at approximately $1,119,056.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Anthony Colucci sold 17,222 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $11.45, for a total transaction of $197,191.90. Following the sale, the chief financial officer now directly owns 156,609 shares in the company, valued at approximately $1,793,173.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Craig Brubaker sold 7,405 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $11.77, for a total transaction of $87,156.85. Following the completion of the sale, the chief operating officer now owns 95,077 shares in the company, valued at $1,119,056.29. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,816,886 shares of company stock valued at $31,011,780. Corporate insiders own 20.90% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ALTG shares. B. Riley reaffirmed a “buy” rating and issued a $22.00 price target (down from $25.00) on shares of Alta Equipment Group in a research note on Friday, March 15th. DA Davidson reissued a “buy” rating and set a $22.00 target price on shares of Alta Equipment Group in a research report on Friday, March 15th.

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.