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

Alta Equipment Group Inc. (NYSE:ALTG) declared a quarterly dividend on Monday, November 4th, Wall Street Journal reports. Stockholders 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 annualized dividend and a dividend yield of 3.50%. The ex-dividend date is Friday, November 15th.

Alta Equipment Group has a payout ratio of -67.6% meaning 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 Trading Down 2.4 %

Shares of Alta Equipment Group stock traded down $0.16 during mid-day trading on Tuesday, hitting $6.51. The stock had a trading volume of 492,855 shares, compared to its average volume of 353,418. The firm has a 50-day moving average of $6.37 and a two-hundred day moving average of $8.05. The firm has a market cap of $215.42 million, a P/E ratio of -10.17 and a beta of 1.67. The company has a quick ratio of 0.47, a current ratio of 1.37 and a debt-to-equity ratio of 5.81. Alta Equipment Group has a 12-month low of $5.40 and a 12-month high of $13.67.

Alta Equipment Group (NYSE:ALTG) last posted its earnings results on Wednesday, August 7th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.34). The business had revenue of $488.10 million for the quarter, compared to analyst estimates of $497.57 million. Alta Equipment Group had a negative return on equity of 13.09% and a negative net margin of 0.95%. During the same period last year, the business earned $0.16 EPS. Sell-side analysts forecast that Alta Equipment Group will post -1.08 earnings per share for the current year.

Insider Activity

In other Alta Equipment Group news, major shareholder Voss Capital, Lp sold 11,311 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $6.31, for a total value of $71,372.41. Following the completion of the transaction, the insider now owns 963,689 shares in the company, valued at $6,080,877.59. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Andrew P. Studdert acquired 10,000 shares of the company’s stock in a transaction on Monday, August 12th. The shares were bought at an average cost of $5.65 per share, with a total value of $56,500.00. Following the transaction, the director now owns 86,591 shares in the company, valued at approximately $489,239.15. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Voss Capital, Lp sold 11,311 shares of Alta Equipment Group stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $6.31, for a total value of $71,372.41. Following the sale, the insider now directly owns 963,689 shares of the company’s stock, valued at $6,080,877.59. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 19.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on ALTG shares. Raymond James reaffirmed a “market perform” rating and set a $10.00 price objective (down previously from $14.00) on shares of Alta Equipment Group in a research report on Friday, August 9th. DA Davidson lowered their price target on 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.

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.