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

Alta Equipment Group Inc. (NYSE:ALTG) announced a quarterly dividend on Friday, August 2nd, Zacks reports. Stockholders of record on Thursday, August 15th will be given a dividend of 0.057 per share on Friday, August 30th. This represents a $0.23 annualized dividend and a dividend yield of 2.50%. The ex-dividend date of this dividend is Thursday, August 15th.

Alta Equipment Group has a payout ratio of 53.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect Alta Equipment Group to earn $0.01 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 2,300.0%.

Alta Equipment Group Stock Performance

NYSE:ALTG traded down $1.08 during mid-day trading on Friday, reaching $9.13. The stock had a trading volume of 590,732 shares, compared to its average volume of 358,508. Alta Equipment Group has a twelve month low of $7.62 and a twelve month high of $17.96. The business has a 50 day simple moving average of $9.02 and a 200 day simple moving average of $10.51. The firm has a market capitalization of $302.63 million, a price-to-earnings ratio of -43.48 and a beta of 1.69. The company has a debt-to-equity ratio of 4.93, a quick ratio of 0.43 and a current ratio of 1.30.

Alta Equipment Group (NYSE:ALTG) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.17). Alta Equipment Group had a negative net margin of 0.21% and a negative return on equity of 0.35%. The business had revenue of $441.60 million during the quarter, compared to analyst estimates of $416.35 million. On average, analysts expect that Alta Equipment Group will post -0.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Jeffrey Alan Hoover bought 4,000 shares of the stock in a transaction on Friday, June 7th. The shares were bought at an average price of $8.17 per share, with a total value of $32,680.00. Following the completion of the acquisition, the insider now owns 11,601 shares of the company’s stock, valued at $94,780.17. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Alta Equipment Group news, insider Jeffrey Alan Hoover bought 4,000 shares of the business’s stock in a transaction on Friday, June 7th. The stock was bought at an average price of $8.17 per share, for a total transaction of $32,680.00. Following the completion of the transaction, the insider now owns 11,601 shares in the company, valued at approximately $94,780.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Mill Road Capital Iii, L.P. purchased 179,414 shares of the stock in a transaction dated Wednesday, July 10th. The stock was acquired at an average price of $8.05 per share, for a total transaction of $1,444,282.70. Following the completion of the transaction, the insider now directly owns 3,894,008 shares of the company’s stock, valued at $31,346,764.40. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 258,900 shares of company stock valued at $2,258,243. 19.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Separately, DA Davidson cut their price target on shares of Alta Equipment Group from $22.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, May 21st.

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.