Alto Ingredients (NASDAQ:ALTO) Announces Earnings Results

Alto Ingredients (NASDAQ:ALTO) issued its earnings results on Wednesday. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.07, FiscalAI reports. The firm had revenue of $245.70 million during the quarter, compared to analysts’ expectations of $231.24 million. Alto Ingredients had a net margin of 3.20% and a return on equity of 9.77%.

Alto Ingredients Trading Down 4.3%

Shares of ALTO traded down $0.23 during trading on Wednesday, reaching $5.06. 2,355,753 shares of the company traded hands, compared to its average volume of 1,975,331. The stock has a market cap of $392.10 million, a PE ratio of 13.68 and a beta of 0.17. The company has a quick ratio of 2.54, a current ratio of 3.81 and a debt-to-equity ratio of 0.29. Alto Ingredients has a twelve month low of $0.92 and a twelve month high of $6.11. The stock has a 50-day simple moving average of $5.30 and a 200-day simple moving average of $4.42.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. HC Wainwright lifted their price target on Alto Ingredients from $5.50 to $10.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Zacks Research downgraded shares of Alto Ingredients from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Alto Ingredients in a report on Friday. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Alto Ingredients currently has an average rating of “Hold” and a consensus price target of $10.00.

Insider Activity

In other news, Director Gilbert E. Nathan bought 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were purchased at an average price of $4.61 per share, with a total value of $92,200.00. Following the purchase, the director owned 769,741 shares in the company, valued at approximately $3,548,506.01. The trade was a 2.67% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 4.28% of the company’s stock.

Institutional Investors Weigh In On Alto Ingredients

A number of hedge funds have recently added to or reduced their stakes in ALTO. GWN Securities Inc. acquired a new stake in shares of Alto Ingredients in the fourth quarter valued at $378,000. Empowered Funds LLC grew its holdings in shares of Alto Ingredients by 10.6% during the fourth quarter. Empowered Funds LLC now owns 373,927 shares of the company’s stock worth $1,077,000 after buying an additional 35,761 shares during the last quarter. Millennium Management LLC raised its position in Alto Ingredients by 2,967.5% during the 4th quarter. Millennium Management LLC now owns 369,513 shares of the company’s stock worth $1,064,000 after buying an additional 357,467 shares during the last quarter. Engineers Gate Manager LP increased its position in Alto Ingredients by 756.1% during the 4th quarter. Engineers Gate Manager LP now owns 168,257 shares of the company’s stock worth $485,000 after purchasing an additional 148,604 shares during the period. Finally, Squarepoint Ops LLC acquired a new position in Alto Ingredients during the fourth quarter worth $326,000. 42.44% of the stock is currently owned by institutional investors and hedge funds.

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.