Bastion Asset Management Inc. Takes Position in Proficient Auto Logistics, Inc. (NASDAQ:PAL)

Key Points

• Bastion Asset Management Inc. acquired a new stake in Proficient Auto Logistics, purchasing 412,767 shares valued at approximately $3,455,000, making it the firm's 26th largest investment.
• Proficient Auto Logistics reported a loss of ($0.03) earnings per share, which was below analysts' expectations, despite achieving quarterly revenues of $95.21 million.
• Stifel Nicolaus has lowered their price target for Proficient Auto Logistics from $17.00 to $14.00, while maintaining a "buy" rating on the stock.

Bastion Asset Management Inc. acquired a new stake in Proficient Auto Logistics, Inc. (NASDAQ:PAL - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The firm acquired 412,767 shares of the company's stock, valued at approximately $3,455,000. Proficient Auto Logistics comprises 1.9% of Bastion Asset Management Inc.'s holdings, making the stock its 26th largest position. Bastion Asset Management Inc. owned 1.52% of Proficient Auto Logistics as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. American Century Companies Inc. increased its stake in shares of Proficient Auto Logistics by 12.4% during the 4th quarter. American Century Companies Inc. now owns 1,453,428 shares of the company's stock worth $11,729,000 after purchasing an additional 160,032 shares during the last quarter. Alyeska Investment Group L.P. grew its stake in Proficient Auto Logistics by 5.8% in the 4th quarter. Alyeska Investment Group L.P. now owns 458,991 shares of the company's stock valued at $3,704,000 after buying an additional 25,000 shares in the last quarter. Diamond Hill Capital Management Inc. grew its stake in Proficient Auto Logistics by 54.0% in the 1st quarter. Diamond Hill Capital Management Inc. now owns 389,753 shares of the company's stock valued at $3,262,000 after buying an additional 136,723 shares in the last quarter. Geode Capital Management LLC grew its stake in Proficient Auto Logistics by 5.8% in the 4th quarter. Geode Capital Management LLC now owns 367,933 shares of the company's stock valued at $2,970,000 after buying an additional 20,181 shares in the last quarter. Finally, Franklin Resources Inc. grew its stake in Proficient Auto Logistics by 258.1% in the 4th quarter. Franklin Resources Inc. now owns 363,670 shares of the company's stock valued at $2,935,000 after buying an additional 262,123 shares in the last quarter.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus reduced their price objective on shares of Proficient Auto Logistics from $17.00 to $14.00 and set a "buy" rating for the company in a research note on Thursday, May 8th.

Proficient Auto Logistics Stock Up 0.8%

Proficient Auto Logistics stock traded up $0.06 during mid-day trading on Wednesday, hitting $7.79. The company's stock had a trading volume of 27,842 shares, compared to its average volume of 261,186. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.25 and a current ratio of 1.25. The business has a 50 day moving average price of $7.42 and a 200-day moving average price of $8.60. Proficient Auto Logistics, Inc. has a 12 month low of $6.55 and a 12 month high of $21.01.

Proficient Auto Logistics (NASDAQ:PAL - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.05). The business had revenue of $95.21 million during the quarter, compared to the consensus estimate of $94.65 million. Proficient Auto Logistics had a negative return on equity of 2.05% and a negative net margin of 3.49%. Research analysts anticipate that Proficient Auto Logistics, Inc. will post 0.34 earnings per share for the current year.

Insider Activity

In other Proficient Auto Logistics news, CEO Richard D. Odell sold 49,300 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $8.24, for a total transaction of $406,232.00. Following the completion of the transaction, the chief executive officer owned 836,172 shares of the company's stock, valued at approximately $6,890,057.28. This trade represents a 5.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 13.90% of the stock is owned by corporate insiders.

About Proficient Auto Logistics

Proficient Auto Logistics, Inc focuses on providing auto transportation and logistics services in North America. It primarily focuses on transporting and delivering finished vehicles from automotive production facilities, ports of entry, and rail yards to a network of automotive dealerships. The company operates approximately 1,130 auto transport vehicles and trailers, including 615 company-owned transport vehicles and trailers.