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

Alta Equipment Group Inc. (NYSE:ALTG) declared a quarterly dividend on Monday, February 3rd,RTT News reports. Shareholders 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 annualized dividend and a yield of 3.33%.

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 Stock Down 7.7 %

Shares of NYSE ALTG opened at $6.85 on Monday. The company has a current ratio of 1.35, a quick ratio of 0.43 and a debt-to-equity ratio of 7.45. Alta Equipment Group has a 12-month low of $5.40 and a 12-month high of $13.67. The firm’s 50-day moving average price is $7.18 and its 200-day moving average price is $7.14. The stock has a market capitalization of $227.83 million, a price-to-earnings ratio of -4.13 and a beta of 1.76.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on ALTG shares. Northland Capmk downgraded Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 13th. Raymond James decreased their target price on Alta Equipment Group from $10.00 to $9.00 and set a “market perform” rating for the company in a research report on Thursday, November 14th. Finally, Northland Securities restated a “market perform” rating and set a $20.00 price target (down previously from $30.00) on shares of Alta Equipment Group in a research note on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $15.75.

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.