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

Alta Equipment Group Inc. (NYSE:ALTG) announced 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 dividend on an annualized basis 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 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

ALTG stock traded down $0.16 during midday trading on Tuesday, hitting $6.51. 492,855 shares of the stock were exchanged, compared to its average volume of 353,418. The stock’s 50-day moving average price is $6.37 and its 200-day moving average price is $8.05. 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 has a market cap of $215.42 million, a price-to-earnings ratio of -10.17 and a beta of 1.67. Alta Equipment Group has a fifty-two week low of $5.40 and a fifty-two week high of $13.67.

Alta Equipment Group (NYSE:ALTG) last released its quarterly 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). Alta Equipment Group had a negative return on equity of 13.09% and a negative net margin of 0.95%. The firm had revenue of $488.10 million for the quarter, compared to analyst estimates of $497.57 million. During the same period last year, the firm earned $0.16 EPS. Research analysts predict that Alta Equipment Group will post -1.08 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Raymond James reaffirmed a “market perform” rating and issued a $10.00 target price (down previously from $14.00) on shares of Alta Equipment Group in a research note on Friday, August 9th. DA Davidson reduced their price objective on Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th.

Insider Activity

In other Alta Equipment Group news, major shareholder Voss Capital, Lp sold 11,311 shares of Alta Equipment Group stock in a transaction that occurred 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 sale, 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 is accessible through this hyperlink. In related news, Director Andrew P. Studdert bought 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average cost of $5.65 per share, with a total value of $56,500.00. Following the completion of the transaction, the director now owns 86,591 shares of the company’s stock, valued at approximately $489,239.15. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Voss Capital, Lp sold 11,311 shares of the company’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 $6,080,877.59. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 19.90% of the company’s stock.

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.