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

Alta Equipment Group Inc. (NYSE:ALTG) declared a quarterly dividend on Monday, November 4th,Wall Street Journal reports. Shareholders of record on Friday, November 15th will be paid 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. 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 Price Performance

Shares of ALTG stock traded down $0.48 during trading on Thursday, hitting $7.49. The company had a trading volume of 25,520 shares, compared to its average volume of 358,903. The firm has a market capitalization of $247.84 million, a P/E ratio of -4.69 and a beta of 1.67. Alta Equipment Group has a one year low of $5.40 and a one year high of $13.67. The company has a debt-to-equity ratio of 5.81, a quick ratio of 0.47 and a current ratio of 1.37. The stock’s 50-day moving average price is $6.52 and its 200 day moving average price is $7.89.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ALTG. Raymond James restated a “market perform” rating and issued a $10.00 target price (down from $14.00) on shares of Alta Equipment Group in a research report on Friday, August 9th. DA Davidson lowered their price objective on shares of Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Northland Capmk downgraded Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Finally, Northland Securities reissued a “market perform” rating and set a $20.00 price target (down previously from $30.00) on shares of Alta Equipment Group in a report on Wednesday. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $16.00.

Insider Activity at Alta Equipment Group

In other news, major shareholder Voss Capital, Lp sold 11,311 shares of the company’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $6.31, for a total transaction of $71,372.41. Following the completion of the transaction, the insider now directly owns 963,689 shares in the company, valued at approximately $6,080,877.59. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 19.90% of the stock is owned by insiders.

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.