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

Alta Equipment Group Inc. (NYSE:ALTG) announced a quarterly dividend on Monday, February 3rd,RTT News reports. Investors of record on Saturday, February 15th will be given a dividend of 0.057 per share on Friday, February 28th. This represents a $0.23 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend is Friday, February 14th.

Alta Equipment Group has a dividend payout ratio of 209.1% 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 ($1.00) 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 -23.0%.

Alta Equipment Group Trading Up 6.4 %

Shares of NYSE:ALTG opened at $7.32 on Wednesday. The company has a market cap of $243.46 million, a PE ratio of -4.31 and a beta of 1.76. The company’s 50 day moving average is $7.14 and its two-hundred day moving average is $7.10. Alta Equipment Group has a 52 week low of $5.40 and a 52 week high of $13.67. The company has a current ratio of 1.35, a quick ratio of 0.43 and a debt-to-equity ratio of 7.45.

Analysts Set New Price Targets

Several research analysts have commented on the company. Northland Capmk lowered Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 13th. Raymond James lowered their price target on shares of Alta Equipment Group from $10.00 to $9.00 and set a “market perform” rating on the stock in a research note on Thursday, November 14th. Finally, Northland Securities restated a “market perform” rating and set a $20.00 target price (down from $30.00) on shares of Alta Equipment Group in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $15.75.

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.