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

Alta Equipment Group Inc. (NYSE:ALTG - Get Free Report) announced a quarterly dividend on Friday, May 2nd, RTT News reports. Investors of record on Thursday, May 15th will be given a dividend of 0.057 per share on Friday, May 30th. This represents a $0.23 annualized dividend and a yield of 4.86%.

Alta Equipment Group has a dividend payout ratio of -39.7% 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 ($1.25) 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 -18.4%.

Alta Equipment Group Price Performance

Shares of NYSE:ALTG traded up $0.21 during midday trading on Friday, hitting $4.69. The stock had a trading volume of 6,456 shares, compared to its average volume of 201,548. The company's 50-day moving average price is $4.69 and its 200-day moving average price is $6.27. Alta Equipment Group has a fifty-two week low of $3.54 and a fifty-two week high of $12.09. The company has a quick ratio of 0.43, a current ratio of 1.35 and a debt-to-equity ratio of 7.45. The company has a market capitalization of $154.18 million, a P/E ratio of -2.76 and a beta of 1.55.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ALTG. B. Riley assumed coverage on Alta Equipment Group in a research note on Thursday, March 27th. They issued a "buy" rating and a $10.00 price target on the stock. Raymond James reduced their price objective on Alta Equipment Group from $9.00 to $8.50 and set a "market perform" rating on the stock in a research note on Monday, March 10th. Three investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Alta Equipment Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $12.63.

Insider Transactions at Alta Equipment Group

In related news, COO Craig Brubaker sold 5,294 shares of Alta Equipment Group stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $5.00, for a total value of $26,470.00. Following the transaction, the chief operating officer now directly owns 98,640 shares of the company's stock, valued at $493,200. The trade was a 5.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 19.90% of the stock is owned by company insiders.

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.

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