Alta Equipment Group Inc. (ALTG) to Issue Quarterly Dividend of $0.06 on November 29th

Alta Equipment Group Inc. (NYSE:ALTG) announced a quarterly dividend on Monday, November 4th,Wall Street Journal reports. Investors 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 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date is Friday, November 15th.

Alta Equipment Group has a payout ratio of -67.6% 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 ($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

NYSE ALTG opened at $7.99 on Wednesday. The firm has a market cap of $264.39 million, a P/E ratio of -12.48 and a beta of 1.67. Alta Equipment Group has a 52-week low of $5.40 and a 52-week high of $13.67. The business’s 50-day moving average price is $6.49 and its 200 day moving average price is $7.89. The company has a quick ratio of 0.47, a current ratio of 1.37 and a debt-to-equity ratio of 5.81.

Alta Equipment Group (NYSE:ALTG) last announced its earnings results on Tuesday, November 12th. The company reported ($0.86) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.64). Alta Equipment Group had a negative net margin of 0.95% and a negative return on equity of 13.09%. The company had revenue of $448.80 million during the quarter, compared to analysts’ expectations of $481.09 million. On average, equities research analysts expect that Alta Equipment Group will post -1.08 earnings per share for the current year.

Insider Buying and Selling at Alta Equipment Group

In other Alta Equipment Group news, major shareholder Voss Capital, Lp sold 11,311 shares of Alta Equipment Group stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $6.31, for a total value of $71,372.41. Following the transaction, the insider now owns 963,689 shares in the company, valued at $6,080,877.59. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 19.90% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on ALTG. Northland Securities reaffirmed a “market perform” rating and issued a $20.00 price objective (down previously from $30.00) on shares of Alta Equipment Group in a report on Wednesday. DA Davidson decreased their price target on Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Finally, Raymond James reaffirmed a “market perform” rating and set a $10.00 price objective (down from $14.00) on shares of Alta Equipment Group in a report on Friday, August 9th.

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.