BidaskClub Lowers Alico, Inc. (NASDAQ:ALCO) to Buy
BidaskClub lowered shares of Alico, Inc. (NASDAQ:ALCO) from a strong-buy rating to a buy rating in a research note released on Thursday.
Alico (ALCO) opened at 30.90 on Thursday. The company has a market cap of $256.13 million, a price-to-earnings ratio of 48.28 and a beta of 1.34. The firm’s 50-day moving average price is $31.31 and its 200-day moving average price is $28.66. Alico has a 1-year low of $25.01 and a 1-year high of $33.20.
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The business also recently announced a quarterly dividend, which was paid on Saturday, July 15th. Shareholders of record on Friday, June 30th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.24 annualized dividend and a dividend yield of 0.78%. Alico’s dividend payout ratio is currently 37.50%.
Alico announced that its board has initiated a stock repurchase program on Thursday, May 25th that authorizes the company to buyback $2.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 0.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
In other news, Director Joseph Sambuco purchased 1,972 shares of the firm’s stock in a transaction dated Tuesday, July 11th. The shares were purchased at an average price of $30.50 per share, with a total value of $60,146.00. Following the completion of the acquisition, the director now owns 2,409 shares in the company, valued at approximately $73,474.50. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 62.70% of the company’s stock.
Alico, Inc is an agribusiness and natural resources management company. The Company’s segments include Orange Co, Conservation and Environmental Resources and, Other Operations. Its principal lines of business are citrus groves, cattle ranching and conservation. The Orange Co segment includes activities related to planting, owning, cultivating and/or managing citrus groves in order to produce fruit for sale to fresh and processed citrus markets, including activities related to the purchase and resale of fruit and value-added services, which include contracting for the harvesting, marketing and hauling of citrus.
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