Bank of America Corp DE Has $7.86 Million Holdings in Custom Truck One Source, Inc. $CTOS

Key Points

• Bank of America reduced its Custom Truck One Source stake by 19.2% in the first quarter, selling 284,294 shares and retaining 1.20 million shares worth approximately $7.86 million. Institutional investors and hedge funds collectively own 90.07% of CTOS.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $11.36. Recent target increases include Oppenheimer’s move to $13 and Stifel Nicolaus’s move to $11.
• Custom Truck One Source reported quarterly revenue of $563.45 million, up 10.2% year over year and above estimates, while earnings of $0.05 per share exceeded the $0.01 consensus forecast.

Bank of America Corp DE lowered its stake in shares of Custom Truck One Source, Inc. (NYSE:CTOS - Free Report) by 19.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,195,836 shares of the company's stock after selling 284,294 shares during the quarter. Bank of America Corp DE owned about 0.53% of Custom Truck One Source worth $7,857,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Parallel Advisors LLC acquired a new position in Custom Truck One Source in the fourth quarter valued at about $28,000. BNP Paribas Financial Markets increased its holdings in Custom Truck One Source by 92.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,859 shares of the company's stock valued at $29,000 after buying an additional 2,809 shares during the period. Quantbot Technologies LP bought a new position in Custom Truck One Source in the 2nd quarter valued at about $35,000. Jane Street Group LLC acquired a new position in shares of Custom Truck One Source in the 2nd quarter valued at approximately $58,000. Finally, AQR Capital Management LLC acquired a new position in shares of Custom Truck One Source in the 1st quarter valued at approximately $63,000. 90.07% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CTOS has been the subject of several research analyst reports. Oppenheimer boosted their price objective on shares of Custom Truck One Source from $11.00 to $13.00 and gave the company an "outperform" rating in a research report on Wednesday, August 5th. Stifel Nicolaus increased their target price on shares of Custom Truck One Source from $8.00 to $11.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. JPMorgan Chase & Co. raised their price target on shares of Custom Truck One Source from $6.00 to $8.00 and gave the company an "underweight" rating in a research note on Wednesday, April 29th. Capital One Financial set a $13.00 price target on shares of Custom Truck One Source in a research note on Tuesday, May 26th. Finally, Zacks Research raised shares of Custom Truck One Source from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $11.36.

Custom Truck One Source Price Performance

Custom Truck One Source stock opened at $9.66 on Wednesday. The stock has a 50-day moving average price of $10.56 and a two-hundred day moving average price of $8.93. Custom Truck One Source, Inc. has a 12 month low of $5.18 and a 12 month high of $12.23. The company has a market capitalization of $2.20 billion, a PE ratio of 107.39 and a beta of 1.38. The company has a current ratio of 1.34, a quick ratio of 0.29 and a debt-to-equity ratio of 2.03.

Custom Truck One Source (NYSE:CTOS - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.04. Custom Truck One Source had a return on equity of 2.66% and a net margin of 1.05%.The company had revenue of $563.45 million during the quarter, compared to the consensus estimate of $509.76 million. During the same quarter in the prior year, the firm posted ($0.13) earnings per share. The firm's revenue was up 10.2% compared to the same quarter last year. Analysts expect that Custom Truck One Source, Inc. will post 0.13 EPS for the current year.

Custom Truck One Source 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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