Bank of New York Mellon Corp Invests $1.79 Million in Alto Ingredients, Inc. $ALTO

Key Points

• Bank of New York Mellon initiated a $1.79 million position in Alto Ingredients, buying 314,862 shares and owning approximately 0.41% of the company. Institutional investors collectively hold 42.44% of ALTO.
• Director Gilbert Nathan purchased 50,000 shares for $207,500, increasing his ownership by 6.2%; insiders now own 4.28% of the stock.
• Alto Ingredients exceeded quarterly expectations, reporting $0.15 in EPS versus $0.08 expected and revenue of $245.7 million versus $231.24 million expected. Despite a $10 consensus price target, analysts’ overall rating remains Hold.

Bank of New York Mellon Corp bought a new stake in Alto Ingredients, Inc. (NASDAQ:ALTO - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 314,862 shares of the company's stock, valued at approximately $1,795,000. Bank of New York Mellon Corp owned 0.41% of Alto Ingredients at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vontobel Holding Ltd. purchased a new stake in shares of Alto Ingredients in the fourth quarter valued at about $33,000. Leonteq Securities AG purchased a new stake in Alto Ingredients during the 4th quarter valued at approximately $44,000. CreativeOne Wealth LLC purchased a new stake in Alto Ingredients during the 4th quarter valued at approximately $46,000. Virtu Financial LLC acquired a new stake in Alto Ingredients during the 3rd quarter worth approximately $52,000. Finally, Sei Investments Co. acquired a new stake in Alto Ingredients during the 1st quarter worth approximately $58,000. Hedge funds and other institutional investors own 42.44% of the company's stock.

Insider Activity

In related news, Director Gilbert Nathan purchased 50,000 shares of Alto Ingredients stock in a transaction dated Tuesday, August 11th. The stock was bought at an average cost of $4.15 per share, for a total transaction of $207,500.00. Following the transaction, the director owned 856,393 shares in the company, valued at approximately $3,554,030.95. The trade was a 6.20% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 4.28% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ALTO. Weiss Ratings restated a "hold (c)" rating on shares of Alto Ingredients in a research note on Friday, July 31st. HC Wainwright restated a "buy" rating on shares of Alto Ingredients in a research report on Thursday, August 6th. Scotiabank set a $10.00 target price on shares of Alto Ingredients in a research note on Thursday, August 6th. Finally, Zacks Research downgraded shares of Alto Ingredients from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Alto Ingredients currently has a consensus rating of "Hold" and a consensus target price of $10.00.

Alto Ingredients Price Performance

Alto Ingredients stock opened at $4.11 on Wednesday. The company has a market cap of $318.80 million, a P/E ratio of 6.13 and a beta of 0.16. Alto Ingredients, Inc. has a one year low of $0.92 and a one year high of $6.11. The business has a fifty day moving average of $4.72 and a two-hundred day moving average of $4.69. 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 EPS for the quarter, beating the consensus estimate of $0.08 by $0.07. Alto Ingredients had a net margin of 5.51% and a return on equity of 18.54%. The firm had revenue of $245.70 million during the quarter, compared to analysts' expectations of $231.24 million. As a group, analysts predict that Alto Ingredients, Inc. will post 0.39 earnings per share for the current fiscal year.

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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