Custom Truck One Source, Inc. $CTOS is Canvas Wealth Advisors LLC's Largest Position

Key Points

• Canvas Wealth Advisors reduced its CTOS position by 14.8%, selling 1.04 million shares, but still held 5.98 million shares worth approximately $70.7 million. Custom Truck One Source remains the firm’s largest portfolio holding, representing 9.9% of its assets.
• Institutional ownership remains high at 90.07%, with several funds—including M&T Bank, Heartland Advisors, Arrowstreet Capital and Dimensional Fund Advisors—adding shares.
• CTOS reported quarterly EPS of $0.05 versus estimates of $0.01, while revenue rose 10.2% year over year to $563.45 million. Analysts maintain a “Moderate Buy” consensus with an average price target of $11.21, compared with a stock price of $10.63.

Canvas Wealth Advisors LLC lowered its position in shares of Custom Truck One Source, Inc. (NYSE:CTOS - Free Report) by 14.8% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 5,982,649 shares of the company's stock after selling 1,036,877 shares during the quarter. Custom Truck One Source comprises about 9.9% of Canvas Wealth Advisors LLC's portfolio, making the stock its largest position. Canvas Wealth Advisors LLC owned about 2.64% of Custom Truck One Source worth $70,655,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. M&T Bank Corp increased its holdings in Custom Truck One Source by 3,477.5% in the 4th quarter. M&T Bank Corp now owns 938,098 shares of the company's stock worth $5,403,000 after buying an additional 911,876 shares during the period. Heartland Advisors Inc. lifted its stake in Custom Truck One Source by 42.9% during the 1st quarter. Heartland Advisors Inc. now owns 1,000,000 shares of the company's stock valued at $6,570,000 after acquiring an additional 300,000 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in Custom Truck One Source by 154.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,056,550 shares of the company's stock valued at $6,942,000 after acquiring an additional 642,109 shares during the period. Empowered Funds LLC boosted its holdings in shares of Custom Truck One Source by 9.9% in the 1st quarter. Empowered Funds LLC now owns 810,115 shares of the company's stock valued at $5,322,000 after acquiring an additional 72,935 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Custom Truck One Source by 15.3% in the first quarter. Dimensional Fund Advisors LP now owns 5,602,838 shares of the company's stock worth $36,806,000 after acquiring an additional 741,857 shares during the period. Hedge funds and other institutional investors own 90.07% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CTOS. Cantor Fitzgerald boosted their target price on shares of Custom Truck One Source from $11.00 to $13.00 and gave the company an "overweight" rating in a research report on Tuesday, May 26th. Capital One Financial set a $13.00 price target on Custom Truck One Source in a research report on Tuesday, May 26th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Custom Truck One Source in a research note on Friday, July 17th. JPMorgan Chase & Co. boosted their price objective on Custom Truck One Source from $6.00 to $8.00 and gave the company an "underweight" rating in a report on Wednesday, April 29th. Finally, Robert W. Baird upped their target price on Custom Truck One Source from $10.00 to $12.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $11.21.

Custom Truck One Source Stock Performance

NYSE CTOS opened at $10.63 on Wednesday. The stock has a market capitalization of $2.42 billion, a price-to-earnings ratio of 118.10 and a beta of 1.38. Custom Truck One Source, Inc. has a twelve month low of $5.18 and a twelve month high of $12.23. The company has a current ratio of 1.34, a quick ratio of 0.29 and a debt-to-equity ratio of 2.03. The stock has a 50-day moving average of $10.61 and a 200 day moving average of $8.67.

Custom Truck One Source (NYSE:CTOS - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $509.76 million. During the same quarter in the prior year, the business posted ($0.13) earnings per share. Custom Truck One Source's revenue for the quarter was up 10.2% on a year-over-year basis. Sell-side analysts anticipate that Custom Truck One Source, Inc. will post 0.13 EPS for the current fiscal year.

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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