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

Alta Equipment Group Inc. (NYSE:ALTG) declared a quarterly dividend on Monday, February 3rd,RTT News reports. Stockholders of record on Saturday, February 15th will be paid a dividend of 0.057 per share on Friday, February 28th. This represents a $0.23 annualized dividend and a dividend yield of 3.09%. The ex-dividend date is Friday, February 14th.

Alta Equipment Group has a payout ratio of 209.1% indicating that 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 Trading Up 0.4 %

Shares of NYSE:ALTG opened at $7.39 on Wednesday. The firm has a market capitalization of $245.79 million, a price-to-earnings ratio of -4.35 and a beta of 1.76. The business’s 50 day moving average price is $7.10 and its 200-day moving average price is $6.98. The company has a debt-to-equity ratio of 7.45, a current ratio of 1.35 and a quick ratio of 0.43. Alta Equipment Group has a 1 year low of $5.40 and a 1 year high of $13.67.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ALTG. Northland Capmk downgraded shares of Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 13th. 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 report on Wednesday, November 13th. Finally, Raymond James lowered their price objective on Alta Equipment Group from $10.00 to $9.00 and set a “market perform” rating on the stock in a report on Thursday, November 14th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Alta Equipment Group presently has a consensus rating of “Hold” and a consensus target price 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.