Bank of America Corp DE Acquires 514,600 Shares of Alto Ingredients, Inc. $ALTO

Key Points

• Bank of America significantly increased its Alto Ingredients stake by purchasing 514,600 shares in the first quarter, bringing its holdings to 550,294 shares worth approximately $2.66 million, or 0.71% of the company.
• Several other institutional investors established new positions, while institutional investors collectively owned 42.44% of Alto Ingredients. Director Gilbert E. Nathan also bought 50,000 shares at $4.15 each.
• Alto Ingredients exceeded quarterly expectations, reporting $0.15 in EPS versus the $0.08 consensus and $245.7 million in revenue versus $231.24 million expected. Despite a $10 average analyst price target, the stock carried a consensus “Hold” rating and opened at $3.96.

Bank of America Corp DE increased its holdings in shares of Alto Ingredients, Inc. (NASDAQ:ALTO - Free Report) by 1,441.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 550,294 shares of the company's stock after purchasing an additional 514,600 shares during the quarter. Bank of America Corp DE owned approximately 0.71% of Alto Ingredients worth $2,663,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in ALTO. Bank of New York Mellon Corp acquired a new position in shares of Alto Ingredients during the 1st quarter worth about $49,000. Vontobel Holding Ltd. acquired a new stake in shares of Alto Ingredients in the 4th quarter valued at approximately $33,000. Sei Investments Co. acquired a new stake in shares of Alto Ingredients in the 1st quarter valued at approximately $58,000. Leonteq Securities AG bought a new position in shares of Alto Ingredients in the fourth quarter valued at $44,000. Finally, CreativeOne Wealth LLC acquired a new position in Alto Ingredients during the fourth quarter worth $46,000. Institutional investors own 42.44% of the company's stock.

Insider Transactions at Alto Ingredients

In other news, Director Gilbert E. Nathan acquired 50,000 shares of the stock in a transaction on Tuesday, August 11th. The stock was acquired at an average cost of $4.15 per share, for a total transaction of $207,500.00. Following the completion of the transaction, the director directly owned 856,393 shares in the company, valued at approximately $3,554,030.95. This trade represents a 6.20% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 4.28% of the stock is owned by company insiders.

Alto Ingredients Stock Performance

ALTO opened at $3.96 on Tuesday. The firm has a market cap of $307.18 million, a P/E ratio of 5.91 and a beta of 0.17. The business's fifty day moving average is $4.86 and its 200-day moving average is $4.63. Alto Ingredients, Inc. has a 52-week low of $0.92 and a 52-week high of $6.11. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.17 and a current ratio of 3.19.

Alto Ingredients (NASDAQ:ALTO - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.08 by $0.07. The firm had revenue of $245.70 million for the quarter, compared to the consensus estimate of $231.24 million. Alto Ingredients had a net margin of 5.51% and a return on equity of 18.54%. Sell-side analysts expect that Alto Ingredients, Inc. will post 0.39 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ALTO has been the subject of a number of analyst reports. HC Wainwright reissued a "buy" rating on shares of Alto Ingredients in a research report on Thursday, August 6th. Zacks Research cut shares of Alto Ingredients from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. Scotiabank set a $10.00 price target on Alto Ingredients in a report on Thursday, August 6th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Alto Ingredients in a research report on Friday, July 31st. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $10.00.

Alto Ingredients Profile

Alto Ingredients, Inc NASDAQ: ALTO is a diversified producer of alcohol-based products and specialty ingredients for industrial, food, beverage and personal care applications. The company’s core offering centers on ethanol produced for fuel markets, as well as an expanding portfolio of natural and organic alcohols, glycerin and other ingredient solutions. Alto’s product lines serve a range of end markets, including renewable fuels, confectionery, flavorings, cosmetics and sanitizers.

Headquartered in Dallas, Texas, Alto Ingredients operates a network of production facilities across the United States.

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