Alta Equipment Group (NYSE:ALTG) Posts Earnings Results, Misses Estimates By $0.34 EPS

Alta Equipment Group (NYSE:ALTG) posted its quarterly earnings results on Wednesday. The company reported ($0.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.34), Zacks reports. Alta Equipment Group had a negative return on equity of 0.35% and a negative net margin of 0.21%. The company had revenue of $488.10 million for the quarter, compared to analyst estimates of $497.57 million. During the same period last year, the company earned $0.16 earnings per share.

Alta Equipment Group Price Performance

Shares of Alta Equipment Group stock traded down $0.40 on Friday, hitting $6.01. The company’s stock had a trading volume of 910,509 shares, compared to its average volume of 371,839. Alta Equipment Group has a 52-week low of $5.77 and a 52-week high of $16.20. The company has a quick ratio of 0.43, a current ratio of 1.30 and a debt-to-equity ratio of 4.93. The firm has a fifty day moving average price of $8.92 and a 200-day moving average price of $10.40. The company has a market capitalization of $199.21 million, a P/E ratio of -28.62 and a beta of 1.69.

Alta Equipment Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Thursday, August 15th will be given a $0.057 dividend. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $0.23 annualized dividend and a dividend yield of 3.79%. Alta Equipment Group’s dividend payout ratio is presently -104.76%.

Analyst Upgrades and Downgrades

ALTG has been the topic of a number of recent analyst reports. DA Davidson lowered their price target on shares of Alta Equipment Group from $22.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, May 21st. Raymond James reiterated a “market perform” rating and issued a $10.00 price objective (down from $14.00) on shares of Alta Equipment Group in a research report on Friday.

Insider Buying and Selling at Alta Equipment Group

In other news, major shareholder Mill Road Capital Iii, L.P. bought 75,486 shares of Alta Equipment Group stock in a transaction on Wednesday, July 31st. The shares were bought at an average cost of $10.35 per share, for a total transaction of $781,280.10. Following the acquisition, the insider now owns 3,969,494 shares in the company, valued at $41,084,262.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, major shareholder Mill Road Capital Iii, L.P. bought 75,486 shares of Alta Equipment Group stock in a transaction on Wednesday, July 31st. The shares were bought at an average cost of $10.35 per share, for a total transaction of $781,280.10. Following the acquisition, the insider now owns 3,969,494 shares in the company, valued at $41,084,262.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jeffrey Alan Hoover acquired 4,000 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were bought at an average price of $8.17 per share, for a total transaction of $32,680.00. Following the completion of the acquisition, the insider now owns 11,601 shares in the company, valued at $94,780.17. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 313,100 shares of company stock worth $2,753,631. Corporate 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.