Bank of New York Mellon Corp Takes $1.84 Million Position in Custom Truck One Source, Inc. $CTOS

Key Points

• Bank of New York Mellon acquired 155,990 shares of Custom Truck One Source, valued at approximately $1.84 million, representing about 0.07% of the company.
• Institutional investors and hedge funds own approximately 90.07% of CTOS, with several major investors—including Dimensional Fund Advisors, Vanguard and Alyeska Investment Group—increasing their positions.
• Custom Truck One Source exceeded quarterly expectations, reporting $0.05 in earnings per share and $563.45 million in revenue, up 10.2% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $11.36.

Bank of New York Mellon Corp bought a new stake in Custom Truck One Source, Inc. (NYSE:CTOS - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 155,990 shares of the company's stock, valued at approximately $1,842,000. Bank of New York Mellon Corp owned about 0.07% of Custom Truck One Source as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its position in shares of Custom Truck One Source by 15.3% during the first quarter. Dimensional Fund Advisors LP now owns 5,602,838 shares of the company's stock worth $36,806,000 after buying an additional 741,857 shares in the last quarter. Boston Partners boosted its holdings in shares of Custom Truck One Source by 0.8% in the third quarter. Boston Partners now owns 5,475,307 shares of the company's stock valued at $35,150,000 after acquiring an additional 42,232 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Custom Truck One Source by 2.2% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,310,114 shares of the company's stock valued at $34,090,000 after acquiring an additional 112,519 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Custom Truck One Source by 4.3% during the third quarter. Vanguard Group Inc. now owns 3,276,088 shares of the company's stock worth $21,032,000 after acquiring an additional 135,192 shares during the period. Finally, Alyeska Investment Group L.P. grew its stake in shares of Custom Truck One Source by 42.9% during the 4th quarter. Alyeska Investment Group L.P. now owns 2,500,229 shares of the company's stock worth $14,401,000 after purchasing an additional 750,000 shares during the period. 90.07% of the stock is currently owned by institutional investors and hedge funds.

Custom Truck One Source Price Performance

Custom Truck One Source stock opened at $9.40 on Wednesday. Custom Truck One Source, Inc. has a 1 year low of $5.18 and a 1 year high of $12.23. The company has a debt-to-equity ratio of 2.03, a quick ratio of 0.29 and a current ratio of 1.34. The firm has a 50 day moving average price of $10.12 and a 200 day moving average price of $9.08. The company has a market cap of $2.14 billion, a price-to-earnings ratio of 104.49 and a beta of 1.35.

Custom Truck One Source (NYSE:CTOS - Get Free Report) last issued its earnings results on Monday, August 3rd. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.04. The business had revenue of $563.45 million for the quarter, compared to analyst estimates of $509.76 million. Custom Truck One Source had a return on equity of 2.66% and a net margin of 1.05%.The business's quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the company posted ($0.13) EPS. Sell-side analysts predict that Custom Truck One Source, Inc. will post 0.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CTOS. Robert W. Baird raised their price target on Custom Truck One Source from $10.00 to $12.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 4th. Oppenheimer increased their price objective on Custom Truck One Source from $11.00 to $13.00 and gave the company an "outperform" rating in a research note on Wednesday, August 5th. Zacks Research upgraded Custom Truck One Source from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 5th. Cantor Fitzgerald upped their target price on shares of Custom Truck One Source from $13.00 to $14.00 and gave the company an "overweight" rating in a report on Monday, August 17th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Custom Truck One Source in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $11.36.

About Custom Truck One Source

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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