Alta Equipment Group Inc. (ALTG) to Issue Quarterly Dividend of $0.06 on February 29th

Alta Equipment Group Inc. (NYSE:ALTGGet Free Report) announced a quarterly dividend on Friday, February 2nd, Zacks reports. Stockholders of record on Thursday, February 15th will be given a dividend of 0.057 per share on Thursday, February 29th. This represents a $0.23 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend is Wednesday, February 14th.

Alta Equipment Group has a dividend payout ratio of -2,300.0% 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 research analysts expect Alta Equipment Group to earn $0.16 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 143.8%.

Alta Equipment Group Trading Down 0.3 %

NYSE ALTG opened at $11.71 on Monday. The stock has a market capitalization of $379.05 million, a price-to-earnings ratio of 55.76 and a beta of 1.64. Alta Equipment Group has a one year low of $8.76 and a one year high of $20.60. The company has a debt-to-equity ratio of 4.35, a current ratio of 1.38 and a quick ratio of 0.51. The business’s fifty day moving average is $11.45 and its 200-day moving average is $12.07.

Insider Transactions at Alta Equipment Group

In related news, major shareholder B. Riley Financial, Inc. sold 2,757,308 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $11.00, for a total value of $30,330,388.00. Following the sale, the insider now directly owns 211,175 shares in the company, valued at approximately $2,322,925. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Zachary E. Savas acquired 5,000 shares of the stock in a transaction that occurred on Monday, November 27th. The shares were acquired at an average cost of $9.74 per share, for a total transaction of $48,700.00. Following the purchase, the director now owns 99,711 shares of the company’s stock, valued at approximately $971,185.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder B. Riley Financial, Inc. sold 2,757,308 shares of the business’s 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 sale, the insider now owns 211,175 shares in the company, valued at $2,322,925. The disclosure for this sale can be found here. Company insiders own 20.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Deutsche Bank AG grew its holdings in Alta Equipment Group by 17.2% during the 3rd quarter. Deutsche Bank AG now owns 11,130 shares of the company’s stock valued at $134,000 after buying an additional 1,636 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Alta Equipment Group by 2.0% during the 2nd quarter. Renaissance Technologies LLC now owns 88,300 shares of the company’s stock valued at $792,000 after buying an additional 1,700 shares in the last quarter. Rhumbline Advisers grew its holdings in Alta Equipment Group by 7.0% during the 3rd quarter. Rhumbline Advisers now owns 27,447 shares of the company’s stock valued at $331,000 after buying an additional 1,787 shares in the last quarter. State of Wyoming purchased a new position in Alta Equipment Group during the 2nd quarter valued at about $31,000. Finally, Tower Research Capital LLC TRC grew its holdings in Alta Equipment Group by 383.1% during the 3rd quarter. Tower Research Capital LLC TRC now owns 2,633 shares of the company’s stock valued at $32,000 after buying an additional 2,088 shares in the last quarter. Hedge funds and other institutional investors own 70.94% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Raymond James lowered their target price on Alta Equipment Group from $22.00 to $19.50 and set an “outperform” rating on the stock in a research note on Tuesday, November 14th.

View Our Latest Stock Analysis on ALTG

Alta Equipment Group Company Profile

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Alta Equipment Group Inc owns and operates integrated equipment dealership platforms in the United States. It operates in two segments, Material Handling and Construction Equipment. 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 aerial work platforms, earthmoving equipment, environmental processing equipment, and other material handling and construction equipment.

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Dividend History for Alta Equipment Group (NYSE:ALTG)

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