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

Alta Equipment Group Inc. (NYSE:ALTG) declared 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 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date is Thursday, August 15th.

Alta Equipment Group has a payout ratio of 53.5% meaning its dividend is sufficiently covered by earnings. Equities 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 Trading Down 4.5 %

Shares of ALTG opened at $5.74 on Tuesday. Alta Equipment Group has a fifty-two week low of $5.40 and a fifty-two week high of $15.07. The company has a market capitalization of $190.26 million, a PE ratio of -27.33 and a beta of 1.69. The stock has a fifty day moving average of $8.87 and a two-hundred day moving average of $10.36. 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 released its earnings results on Wednesday, August 7th. The company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.34). The business had revenue of $488.10 million for the quarter, compared to analysts’ expectations of $497.57 million. Alta Equipment Group had a negative return on equity of 0.35% and a negative net margin of 0.21%. During the same quarter last year, the company posted $0.16 earnings per share. As a group, analysts forecast that Alta Equipment Group will post -0.23 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on ALTG. DA Davidson cut their target price on Alta Equipment Group from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, May 21st. Raymond James restated a “market perform” rating and set a $10.00 price target (down from $14.00) on shares of Alta Equipment Group in a research note on Friday.

Insider Transactions at Alta Equipment Group

In related news, major shareholder Mill Road Capital Iii, L.P. acquired 179,414 shares of Alta Equipment Group stock in a transaction on Wednesday, July 10th. The shares were bought at an average price of $8.05 per share, for a total transaction of $1,444,282.70. Following the completion of the purchase, the insider now directly owns 3,894,008 shares in the company, valued at approximately $31,346,764.40. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Jeffrey Alan Hoover purchased 4,000 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The shares were purchased at an average price of $8.17 per share, with a total value of $32,680.00. Following the purchase, the insider now directly owns 11,601 shares of the company’s stock, valued at approximately $94,780.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Mill Road Capital Iii, L.P. acquired 179,414 shares of the business’s stock in a transaction on Wednesday, July 10th. The stock was purchased at an average price of $8.05 per share, for a total transaction of $1,444,282.70. Following the acquisition, the insider now directly owns 3,894,008 shares in the company, valued at $31,346,764.40. The disclosure for this purchase can be found here. Insiders acquired 313,100 shares of company stock valued at $2,753,631 over the last 90 days. Corporate insiders own 19.90% of the company’s stock.

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.