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

Alta Equipment Group Inc. (NYSE:ALTG) announced a quarterly dividend on Friday, August 2nd, Zacks reports. Investors of record on Thursday, August 15th will be paid a dividend of 0.057 per share on Friday, August 30th. This represents a $0.23 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date of this dividend is Thursday, August 15th.

Alta Equipment Group has a dividend payout ratio of 53.5% indicating that 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 Price Performance

Shares of Alta Equipment Group stock traded up $0.34 on Wednesday, hitting $5.93. The company’s stock had a trading volume of 207,661 shares, compared to its average volume of 375,890. The company has a market capitalization of $196.56 million, a price-to-earnings ratio of -28.10 and a beta of 1.69. Alta Equipment Group has a 1 year low of $5.40 and a 1 year high of $15.07. The company has a debt-to-equity ratio of 4.93, a quick ratio of 0.43 and a current ratio of 1.30. The firm has a fifty day moving average price of $8.83 and a 200-day moving average price of $10.32.

Alta Equipment Group (NYSE:ALTG) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.34). 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 $488.10 million during the quarter, compared to analysts’ expectations of $497.57 million. During the same quarter last year, the firm earned $0.16 earnings per share. As a group, sell-side analysts anticipate that Alta Equipment Group will post -0.23 earnings per share for the current fiscal year.

Insider Transactions at Alta Equipment Group

In other Alta Equipment Group news, Director Andrew P. Studdert acquired 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was bought at an average price of $5.65 per share, with a total value of $56,500.00. Following the purchase, the director now owns 86,591 shares in the company, valued at $489,239.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Jeffrey Alan Hoover purchased 4,000 shares of Alta Equipment Group stock in a transaction dated Friday, June 7th. The shares were acquired at an average price of $8.17 per share, for a total transaction of $32,680.00. Following the acquisition, the insider now directly owns 11,601 shares in the company, valued at $94,780.17. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Andrew P. Studdert acquired 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average cost of $5.65 per share, with a total value of $56,500.00. Following the acquisition, the director now directly owns 86,591 shares of the company’s stock, valued at approximately $489,239.15. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 323,100 shares of company stock valued at $2,810,131. Corporate insiders own 19.90% of the company’s stock.

Wall Street Analyst Weigh In

ALTG has been the topic of several research analyst reports. DA Davidson dropped their target price on shares of Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday. Raymond James reissued a “market perform” rating and set a $10.00 target price (down previously from $14.00) on shares of Alta Equipment Group in a report on Friday, August 9th.

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.