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

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 paid a dividend of 0.057 per share on Friday, May 30th. This represents a $0.23 dividend on an annualized basis and a dividend yield of 5.06%. The ex-dividend date of this dividend is Thursday, May 15th.

Alta Equipment Group has a payout ratio of -39.7% 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 ($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 Stock Performance

ALTG stock traded down $0.26 during midday trading on Wednesday, reaching $4.51. The company had a trading volume of 49,369 shares, compared to its average volume of 313,006. The firm has a market capitalization of $148.20 million, a PE ratio of -2.64 and a beta of 1.53. 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 stock has a 50 day moving average price of $4.64 and a 200 day moving average price of $6.24.

Insider Buying and Selling

In related news, COO Craig Brubaker sold 5,294 shares of the business's 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 completion of the sale, the chief operating officer now owns 98,640 shares of the company's stock, valued at approximately $493,200. The trade was a 5.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 19.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on ALTG shares. B. Riley started coverage on shares of Alta Equipment Group in a research note on Thursday, March 27th. They issued a "buy" rating and a $10.00 price objective on the stock. Raymond James decreased their price objective on Alta Equipment Group from $9.00 to $8.50 and set a "market perform" rating for the company in a research report on Monday, March 10th. Three equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Alta Equipment Group has an average rating of "Moderate Buy" and an average price target of $12.63.

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.