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

Alta Equipment Group Inc. (NYSE:ALTG) announced a quarterly dividend on Monday, November 4th,Wall Street Journal reports. Stockholders of record on Friday, November 15th will be paid a dividend of 0.057 per share on Friday, November 29th. This represents a $0.23 annualized dividend and a dividend yield of 2.85%. The ex-dividend date is Friday, November 15th.

Alta Equipment Group has a payout ratio of -67.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Alta Equipment Group to earn ($0.60) 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 -38.3%.

Alta Equipment Group Stock Performance

Alta Equipment Group stock opened at $7.99 on Wednesday. The company has a debt-to-equity ratio of 5.81, a quick ratio of 0.47 and a current ratio of 1.37. Alta Equipment Group has a one year low of $5.40 and a one year high of $13.67. The stock’s 50 day moving average price is $6.49 and its 200 day moving average price is $7.89. The firm has a market capitalization of $264.39 million, a PE ratio of -12.48 and a beta of 1.67.

Alta Equipment Group (NYSE:ALTG) last posted its earnings results on Tuesday, November 12th. The company reported ($0.86) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.64). Alta Equipment Group had a negative return on equity of 13.09% and a negative net margin of 0.95%. The firm had revenue of $448.80 million for the quarter, compared to analyst estimates of $481.09 million. As a group, sell-side analysts expect that Alta Equipment Group will post -1.08 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. 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 note on Wednesday. DA Davidson lowered their price objective on Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Finally, Raymond James reaffirmed a “market perform” rating and issued a $10.00 target price (down from $14.00) on shares of Alta Equipment Group in a research report on Friday, August 9th.

Insider Activity

In other Alta Equipment Group news, major shareholder Voss Capital, Lp sold 11,311 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $6.31, for a total transaction of $71,372.41. Following the transaction, the insider now owns 963,689 shares of the company’s stock, valued at $6,080,877.59. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company 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.