Canada Pension Plan Investment Board acquired a new position in shares of Alto Ingredients, Inc. (NASDAQ:ALTO – Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 148,600 shares of the company’s stock, valued at approximately $847,000.
A number of other hedge funds also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Alto Ingredients in the second quarter worth approximately $31,322,000. Marshall Wace LLP purchased a new stake in shares of Alto Ingredients in the 4th quarter valued at approximately $3,324,000. Hillsdale Investment Management Inc. lifted its position in shares of Alto Ingredients by 590.1% in the 1st quarter. Hillsdale Investment Management Inc. now owns 1,000,703 shares of the company’s stock valued at $4,843,000 after acquiring an additional 855,703 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Alto Ingredients in the 2nd quarter valued at approximately $4,878,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Alto Ingredients by 67.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,790,263 shares of the company’s stock worth $8,665,000 after purchasing an additional 723,996 shares during the period. 42.44% of the stock is owned by hedge funds and other institutional investors.
Alto Ingredients Price Performance
Shares of ALTO opened at $3.96 on Tuesday. The business’s 50-day moving average is $4.86 and its 200-day moving average is $4.63. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.19 and a quick ratio of 2.17. The company has a market capitalization of $307.18 million, a price-to-earnings ratio of 5.91 and a beta of 0.17. Alto Ingredients, Inc. has a fifty-two week low of $0.92 and a fifty-two week high of $6.11.
Insiders Place Their Bets
In related news, Director Gilbert E. Nathan bought 50,000 shares of the business’s stock in a transaction on Tuesday, August 11th. The stock was bought at an average price of $4.15 per share, for a total transaction of $207,500.00. Following the transaction, the director directly owned 856,393 shares in the company, valued at $3,554,030.95. This represents a 6.20% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 4.28% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have weighed in on ALTO. HC Wainwright reiterated a “buy” rating on shares of Alto Ingredients in a research report on Thursday, August 6th. Weiss Ratings restated a “hold (c)” rating on shares of Alto Ingredients in a report on Friday, July 31st. Scotiabank set a $10.00 target price on Alto Ingredients in a research report on Thursday, August 6th. Finally, Zacks Research downgraded Alto Ingredients from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $10.00.
Check Out Our Latest Analysis on ALTO
About Alto Ingredients
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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