Alto Ingredients (NASDAQ:ALTO) Stock Rating Upgraded by Zacks Research

Alto Ingredients (NASDAQ:ALTO) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other brokerages also recently issued reports on ALTO. Weiss Ratings raised shares of Alto Ingredients from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 4th. HC Wainwright boosted their price objective on shares of Alto Ingredients from $5.50 to $10.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Finally, Wall Street Zen raised shares of Alto Ingredients from a “buy” rating to a “strong-buy” rating in a research report on Monday, March 23rd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, Alto Ingredients presently has a consensus rating of “Buy” and a consensus price target of $10.00.

Alto Ingredients Stock Down 2.5%

Shares of NASDAQ ALTO opened at $5.53 on Tuesday. Alto Ingredients has a 12-month low of $0.92 and a 12-month high of $5.99. The company has a market capitalization of $428.52 million, a PE ratio of 14.95 and a beta of 0.13. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.81 and a quick ratio of 2.54. The firm’s 50-day moving average is $4.93 and its two-hundred day moving average is $3.58.

Alto Ingredients (NASDAQ:ALTO) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.13. Alto Ingredients had a net margin of 3.20% and a return on equity of 9.77%. The company had revenue of $224.68 million for the quarter, compared to the consensus estimate of $215.65 million. Equities analysts anticipate that Alto Ingredients will post 0.54 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Gilbert E. Nathan purchased 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The stock was purchased at an average price of $4.61 per share, with a total value of $92,200.00. Following the completion of the transaction, the director owned 769,741 shares of the company’s stock, valued at approximately $3,548,506.01. This trade represents a 2.67% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 5.26% of the company’s stock.

Hedge Funds Weigh In On Alto Ingredients

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE increased its position in Alto Ingredients by 1,441.7% during the first quarter. Bank of America Corp DE now owns 550,294 shares of the company’s stock worth $2,663,000 after purchasing an additional 514,600 shares during the last quarter. Empowered Funds LLC increased its position in shares of Alto Ingredients by 9.9% in the first quarter. Empowered Funds LLC now owns 411,047 shares of the company’s stock worth $1,989,000 after acquiring an additional 37,120 shares in the last quarter. Corsair Capital Management L.P. increased its position in shares of Alto Ingredients by 4.0% in the first quarter. Corsair Capital Management L.P. now owns 260,200 shares of the company’s stock worth $1,259,000 after acquiring an additional 10,000 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Alto Ingredients by 9.8% in the first quarter. Renaissance Technologies LLC now owns 1,673,657 shares of the company’s stock worth $8,100,000 after acquiring an additional 149,657 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Alto Ingredients by 67.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,790,263 shares of the company’s stock worth $8,665,000 after acquiring an additional 723,996 shares in the last quarter. Institutional investors and hedge funds own 42.44% of the company’s stock.

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.