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

Alta Equipment Group Inc. (NYSE:ALTG) declared a quarterly dividend on Monday, November 4th,Wall Street Journal reports. Investors of record on Friday, November 15th will be given a dividend of 0.057 per share on Friday, November 29th. This represents a $0.23 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date is Friday, November 15th.

Alta Equipment Group has a payout ratio of -67.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Alta Equipment Group to earn ($0.60) per share next year, which means the company may not be able to cover its $0.23 annual dividend with an expected future payout ratio of -38.3%.

Alta Equipment Group Stock Down 6.0 %

NYSE:ALTG traded down $0.48 during trading hours on Thursday, reaching $7.49. 25,520 shares of the stock were exchanged, compared to its average volume of 358,903. The stock has a market cap of $247.84 million, a PE ratio of -4.69 and a beta of 1.67. Alta Equipment Group has a twelve month low of $5.40 and a twelve month high of $13.67. The firm has a 50 day moving average of $6.52 and a 200 day moving average of $7.89. The company has a debt-to-equity ratio of 5.81, a current ratio of 1.37 and a quick ratio of 0.47.

Alta Equipment Group (NYSE:ALTG) last announced its earnings results on Tuesday, November 12th. The company reported ($0.86) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.64). The business had revenue of $448.80 million for the quarter, compared to analyst estimates of $481.09 million. Alta Equipment Group had a negative return on equity of 38.90% and a negative net margin of 2.81%. On average, equities analysts expect that Alta Equipment Group will post -1.08 earnings per share for the current year.

Wall Street Analyst Weigh In

ALTG has been the topic of a number of recent research reports. Northland Capmk downgraded Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Raymond James reaffirmed a “market perform” rating and set a $10.00 price target (down previously from $14.00) on shares of Alta Equipment Group in a research report on Friday, August 9th. DA Davidson cut their price objective on Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Finally, Northland Securities reissued a “market perform” rating and issued a $20.00 target price (down from $30.00) on shares of Alta Equipment Group in a research note on Wednesday. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $16.00.

Insiders Place Their Bets

In related news, major shareholder Voss Capital, Lp sold 11,311 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $6.31, for a total transaction of $71,372.41. Following the transaction, the insider now directly owns 963,689 shares of the company’s stock, valued at approximately $6,080,877.59. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 19.90% of the company’s stock.

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.