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

Alta Equipment Group Inc. (NYSE:ALTG) announced a quarterly dividend on Thursday, May 2nd, Zacks reports. Shareholders of record on Wednesday, May 15th will be paid a dividend of 0.057 per share on Friday, May 31st. This represents a $0.23 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date is Tuesday, May 14th.

Alta Equipment Group has a dividend payout ratio of 26.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Alta Equipment Group to earn $0.52 per share next year, which means the company should continue to be able to cover its $0.23 annual dividend with an expected future payout ratio of 44.2%.

Alta Equipment Group Trading Up 1.3 %

ALTG stock opened at $11.70 on Friday. Alta Equipment Group has a 52 week low of $8.76 and a 52 week high of $17.98. The company has a market cap of $383.71 million, a price-to-earnings ratio of 64.97 and a beta of 1.67. The company has a quick ratio of 0.48, a current ratio of 1.32 and a debt-to-equity ratio of 4.40. The business has a fifty day simple moving average of $11.90 and a 200-day simple moving average of $11.31.

Alta Equipment Group (NYSE:ALTG) last released its quarterly earnings data on Thursday, March 14th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.03). The firm had revenue of $521.50 million during the quarter, compared to analysts’ expectations of $478.68 million. Alta Equipment Group had a return on equity of 8.60% and a net margin of 0.47%. On average, equities research analysts expect that Alta Equipment Group will post 0.12 EPS for the current year.

Insider Buying and Selling

In other news, CFO Anthony Colucci sold 17,222 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $11.45, for a total transaction of $197,191.90. Following the transaction, the chief financial officer now directly owns 156,609 shares of the company’s stock, valued at $1,793,173.05. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Anthony Colucci sold 17,222 shares of Alta Equipment Group stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $11.45, for a total transaction of $197,191.90. Following the sale, the chief financial officer now directly owns 156,609 shares of the company’s stock, valued at $1,793,173.05. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder B. Riley Financial, Inc. sold 2,757,308 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $11.00, for a total value of $30,330,388.00. Following the completion of the transaction, the insider now directly owns 211,175 shares of the company’s stock, valued at approximately $2,322,925. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,816,886 shares of company stock valued at $31,011,780. Corporate insiders own 20.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on ALTG shares. DA Davidson restated a “buy” rating and issued a $22.00 price target on shares of Alta Equipment Group in a report on Friday, March 15th. B. Riley reissued a “buy” rating and issued a $22.00 target price (down previously from $25.00) on shares of Alta Equipment Group in a research note on Friday, March 15th.

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.