Alta Equipment Group (NYSE:ALTG) Issues Earnings Results

Alta Equipment Group (NYSE:ALTG) announced its earnings results on Wednesday. The company reported ($0.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.34), Zacks reports. The firm had revenue of $488.10 million during the quarter, compared to analysts’ expectations of $497.57 million. Alta Equipment Group had a negative net margin of 0.21% and a negative return on equity of 0.35%. During the same period in the previous year, the firm earned $0.16 EPS.

Alta Equipment Group Stock Down 6.2 %

Shares of NYSE:ALTG traded down $0.40 during trading on Friday, hitting $6.01. The company’s stock had a trading volume of 910,509 shares, compared to its average volume of 371,839. The business has a 50 day moving average price of $8.92 and a two-hundred day moving average price of $10.40. The company has a market capitalization of $199.21 million, a PE ratio of -28.62 and a beta of 1.69. The company has a debt-to-equity ratio of 4.93, a quick ratio of 0.43 and a current ratio of 1.30. Alta Equipment Group has a fifty-two week low of $5.77 and a fifty-two week high of $16.20.

Alta Equipment Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Thursday, August 15th will be paid a $0.057 dividend. The ex-dividend date is Thursday, August 15th. This represents a $0.23 annualized dividend and a dividend yield of 3.79%. Alta Equipment Group’s dividend payout ratio (DPR) is -104.76%.

Insider Buying and Selling

In other news, major shareholder Mill Road Capital Iii, L.P. bought 179,414 shares of the stock in a transaction that occurred on Wednesday, July 10th. The stock was purchased at an average price of $8.05 per share, for a total transaction of $1,444,282.70. Following the completion of the purchase, the insider now owns 3,894,008 shares in the company, valued at approximately $31,346,764.40. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, major shareholder Mill Road Capital Iii, L.P. acquired 179,414 shares of the firm’s stock in a transaction on Wednesday, July 10th. The stock was bought at an average price of $8.05 per share, for a total transaction of $1,444,282.70. Following the completion of the purchase, the insider now directly owns 3,894,008 shares of the company’s stock, valued at approximately $31,346,764.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jeffrey Alan Hoover acquired 4,000 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was bought at an average price of $8.17 per share, with a total value of $32,680.00. Following the purchase, the insider now directly owns 11,601 shares of the company’s stock, valued at $94,780.17. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 313,100 shares of company stock worth $2,753,631. Corporate insiders own 19.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Raymond James reissued a “market perform” rating and issued a $10.00 target price (down previously from $14.00) on shares of Alta Equipment Group in a research report on Friday. DA Davidson dropped their price target on shares of Alta Equipment Group from $22.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, May 21st.

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.