Alto Ingredients (NASDAQ:ALTO) Downgraded to “Hold” Rating by Zacks Research

Zacks Research downgraded shares of Alto Ingredients (NASDAQ:ALTO) from a strong-buy rating to a hold rating in a research note released on Monday morning,Zacks.com reports.

Several other research analysts have also recently weighed in on the company. Wall Street Zen upgraded Alto Ingredients from a “buy” rating to a “strong-buy” rating in a research report on Monday, March 23rd. Weiss Ratings raised shares of Alto Ingredients from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Hold”.

Alto Ingredients Trading Up 9.5%

Shares of NASDAQ:ALTO opened at $5.99 on Monday. Alto Ingredients has a 12-month low of $0.80 and a 12-month high of $6.00. The stock has a market cap of $462.97 million, a PE ratio of 37.44 and a beta of 0.14. The business has a 50 day moving average of $4.39 and a 200-day moving average of $3.03. The company has a quick ratio of 1.60, a current ratio of 2.64 and a debt-to-equity ratio of 0.26.

Alto Ingredients (NASDAQ:ALTO) last announced its earnings results on Wednesday, March 4th. The company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. The company had revenue of $231.97 million for the quarter, compared to analyst estimates of $234.83 million. Alto Ingredients had a return on equity of 2.99% and a net margin of 1.45%. As a group, equities research analysts forecast that Alto Ingredients will post 0.19 earnings per share for the current year.

Hedge Funds Weigh In On Alto Ingredients

Hedge funds have recently added to or reduced their stakes in the stock. Marshall Wace LLP acquired a new position in Alto Ingredients in the 4th quarter valued at $3,324,000. Hillsdale Investment Management Inc. grew its holdings in shares of Alto Ingredients by 590.1% during the 1st quarter. Hillsdale Investment Management Inc. now owns 1,000,703 shares of the company’s stock worth $4,843,000 after purchasing an additional 855,703 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Alto Ingredients by 169.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 715,180 shares of the company’s stock worth $2,060,000 after purchasing an additional 449,697 shares during the period. Millennium Management LLC increased its position in shares of Alto Ingredients by 2,967.5% in the fourth quarter. Millennium Management LLC now owns 369,513 shares of the company’s stock worth $1,064,000 after purchasing an additional 357,467 shares during the period. Finally, Truffle Hound Capital LLC acquired a new position in Alto Ingredients in the fourth quarter valued at about $864,000. Institutional investors own 42.44% of the company’s stock.

Alto Ingredients Company Profile

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.