BlackRock Inc. Invests $18.43 Million in Alico, Inc. $ALCO

Key Points

• BlackRock acquired 445,439 shares of Alico in the second quarter, worth approximately $18.43 million and representing a 6.01% stake. Institutional investors collectively own 62.28% of the company.
• Alico reported quarterly earnings of $0.29 per share, exceeding consensus expectations of a $0.74 loss, while revenue reached $9.04 million versus estimates of $2.75 million.
• Analyst sentiment is broadly positive, with Alico holding a consensus “Buy” rating and a $45 target price; the company also pays a quarterly dividend of $0.05, yielding approximately 0.5%.

BlackRock Inc. purchased a new stake in Alico, Inc. (NASDAQ:ALCO - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 445,439 shares of the company's stock, valued at approximately $18,428,000. BlackRock Inc. owned approximately 6.01% of Alico as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Deutsche Bank AG purchased a new stake in Alico during the 2nd quarter worth about $239,000. Bank of New York Mellon Corp purchased a new stake in shares of Alico in the second quarter worth about $2,268,000. GSA Capital Partners LLP bought a new position in shares of Alico in the second quarter valued at approximately $200,000. Marquette Asset Management LLC bought a new position in shares of Alico in the second quarter valued at approximately $652,000. Finally, Byrne Asset Management LLC grew its stake in Alico by 15.5% during the second quarter. Byrne Asset Management LLC now owns 5,011 shares of the company's stock valued at $207,000 after acquiring an additional 671 shares in the last quarter. 62.28% of the stock is currently owned by institutional investors.

Alico Trading Down 0.7%

Shares of ALCO opened at $39.99 on Friday. Alico, Inc. has a 1-year low of $31.32 and a 1-year high of $45.01. The company has a market capitalization of $296.73 million, a P/E ratio of 181.78 and a beta of 0.92. The company has a debt-to-equity ratio of 0.81, a current ratio of 7.96 and a quick ratio of 7.93. The firm's 50 day simple moving average is $40.11 and its 200 day simple moving average is $40.66.

Alico (NASDAQ:ALCO - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of ($0.74) by $1.03. The business had revenue of $9.04 million during the quarter, compared to analysts' expectations of $2.75 million. Alico had a net margin of 8.98% and a negative return on equity of 20.77%. Sell-side analysts forecast that Alico, Inc. will post -3.52 earnings per share for the current fiscal year.

Alico Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 16th. Investors of record on Thursday, July 2nd were given a $0.05 dividend. The ex-dividend date was Thursday, July 2nd. This represents a $0.20 annualized dividend and a yield of 0.5%. Alico's payout ratio is 90.91%.

Analyst Ratings Changes

ALCO has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Alico from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Freedom Capital raised shares of Alico from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 11th. Finally, Weiss Ratings upgraded Alico from a "sell (d)" rating to a "hold (c-)" rating in a research report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Alico has an average rating of "Buy" and a consensus target price of $45.00.

Insider Transactions at Alico

In other news, Director Eric Speron bought 1,250 shares of Alico stock in a transaction that occurred on Thursday, August 20th. The shares were acquired at an average price of $39.73 per share, with a total value of $49,662.50. Following the completion of the purchase, the director directly owned 2,310 shares in the company, valued at $91,776.30. The trade was a 117.92% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 6.70% of the company's stock.

About Alico

Alico, Inc is an agribusiness and land management company headquartered in Fort Myers, Florida. The company owns and manages over 110,000 acres of land in southwestern Florida, with operations focused on citrus groves, sugarcane production, forestry and other row crops. Alico leverages its extensive land holdings to support integrated agricultural and environmental stewardship practices.

In its citrus division, Alico cultivates and markets fresh oranges for both the retail and processing markets, while its sugarcane segment supplies raw cane to domestic sugar mills.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source