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

Alta Equipment Group Inc. (NYSE:ALTG) declared a quarterly dividend on Friday, August 2nd, Zacks reports. Shareholders of record on Thursday, August 15th will be paid a dividend of 0.057 per share on Friday, August 30th. This represents a $0.23 annualized dividend and a yield of 2.50%. The ex-dividend date is Thursday, August 15th.

Alta Equipment Group has a payout ratio of 53.5% indicating that its dividend is sufficiently covered by earnings. Research 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 10.6 %

NYSE ALTG traded down $1.08 on Friday, reaching $9.13. The company had a trading volume of 590,732 shares, compared to its average volume of 358,508. The firm has a market cap of $302.63 million, a price-to-earnings ratio of -43.48 and a beta of 1.69. The company has a debt-to-equity ratio of 4.93, a current ratio of 1.30 and a quick ratio of 0.43. Alta Equipment Group has a fifty-two week low of $7.62 and a fifty-two week high of $17.96. The business has a 50 day moving average of $9.02 and a two-hundred day moving average of $10.51.

Alta Equipment Group (NYSE:ALTG) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.17). The company had revenue of $441.60 million during the quarter, compared to analyst estimates of $416.35 million. Alta Equipment Group had a negative net margin of 0.21% and a negative return on equity of 0.35%. Analysts forecast that Alta Equipment Group will post -0.23 EPS for the current year.

Insider Activity

In other Alta Equipment Group news, insider Jeffrey Alan Hoover bought 4,000 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was acquired at an average price of $8.17 per share, with a total value of $32,680.00. Following the completion of the purchase, the insider now directly owns 11,601 shares of the company’s stock, valued at approximately $94,780.17. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, major shareholder Mill Road Capital Iii, L.P. acquired 75,486 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were purchased at an average price of $10.35 per share, for a total transaction of $781,280.10. Following the completion of the acquisition, the insider now owns 3,969,494 shares of the company’s stock, valued at $41,084,262.90. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jeffrey Alan Hoover acquired 4,000 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were bought at an average cost of $8.17 per share, for a total transaction of $32,680.00. Following the transaction, the insider now directly owns 11,601 shares in the company, valued at $94,780.17. The disclosure for this purchase can be found here. Insiders have acquired 258,900 shares of company stock valued at $2,258,243 in the last ninety days. 19.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, DA Davidson dropped their price target on shares of 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.

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.