Allspring Global Investments Holdings LLC Sells 187,941 Shares of Custom Truck One Source, Inc. $CTOS

Key Points

• Allspring Global Investments sold 187,941 shares in Q4, trimming its position by 4.3% to 4,201,414 shares (about 1.85% ownership) valued at roughly $24.37 million.
• Canvas Wealth Advisors materially increased its stake by 48.5% to 7,050,221 shares ($40.61 million), and institutional/hedge funds now hold about 90.07% of CTOS.
• Custom Truck posted Q results with EPS $0.09 (beat $0.07) but revenue of $528.18M missed the $584.76M estimate; the stock trades ~ $6.58, carries a negative P/E and high leverage (debt/equity 2.0), and the analyst consensus is a Hold with an average target of $7.40.

Allspring Global Investments Holdings LLC lessened its position in shares of Custom Truck One Source, Inc. (NYSE:CTOS - Free Report) by 4.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,201,414 shares of the company's stock after selling 187,941 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 1.85% of Custom Truck One Source worth $24,368,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the company. Canvas Wealth Advisors LLC boosted its stake in Custom Truck One Source by 48.5% in the 4th quarter. Canvas Wealth Advisors LLC now owns 7,050,221 shares of the company's stock valued at $40,609,000 after buying an additional 2,303,504 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of Custom Truck One Source by 24.4% during the fourth quarter. SG Americas Securities LLC now owns 44,358 shares of the company's stock worth $256,000 after purchasing an additional 8,705 shares during the last quarter. Voleon Capital Management LP acquired a new stake in shares of Custom Truck One Source in the third quarter valued at $1,718,000. Verition Fund Management LLC acquired a new stake in shares of Custom Truck One Source in the third quarter valued at $630,000. Finally, Sandler Capital Management bought a new stake in shares of Custom Truck One Source during the third quarter valued at approximately $1,421,000. 90.07% of the stock is currently owned by institutional investors and hedge funds.

Custom Truck One Source Trading Down 0.2%

Shares of NYSE CTOS opened at $6.58 on Friday. The stock has a market cap of $1.49 billion, a P/E ratio of -43.83 and a beta of 1.12. The firm has a 50 day moving average price of $6.69 and a two-hundred day moving average price of $6.31. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.26 and a current ratio of 1.33. Custom Truck One Source, Inc. has a 52-week low of $3.18 and a 52-week high of $7.75.

Custom Truck One Source (NYSE:CTOS - Get Free Report) last released its earnings results on Tuesday, March 10th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.07 by $0.02. Custom Truck One Source had a negative return on equity of 3.88% and a negative net margin of 1.60%.The business had revenue of $528.18 million during the quarter, compared to analysts' expectations of $584.76 million. During the same quarter last year, the firm posted $0.12 earnings per share. The firm's revenue was up 1.4% on a year-over-year basis. As a group, equities analysts forecast that Custom Truck One Source, Inc. will post -0.21 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Custom Truck One Source in a research note on Wednesday, January 21st. JPMorgan Chase & Co. cut their price target on shares of Custom Truck One Source from $6.50 to $6.00 and set an "underweight" rating on the stock in a research note on Wednesday, March 11th. Finally, DA Davidson reissued a "buy" rating and issued a $8.50 price target on shares of Custom Truck One Source in a research note on Wednesday, March 11th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $7.40.

Custom Truck One Source Company Profile

Custom Truck One Source, Inc NYSE: CTOS is a North American provider of specialty rental equipment, parts and services. The company's fleet encompasses a wide range of assets, including cranes, aerial work platforms, trench safety and shoring equipment, fluid management solutions, generators and other industrial machinery. Customers rely on Custom Truck One Source to support projects in construction, energy, telecommunications, industrial manufacturing, municipalities and large-scale events.

Headquartered in Plano, Texas, Custom Truck One Source has expanded through a combination of organic growth and strategic acquisitions to establish a network of more than 140 branch locations across the United States and Canada.

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