Nitor Capital Management LLC Takes $33.64 Million Position in Tejon Ranch Co $TRC

Key Points

• Nitor Capital Management acquired 1,798,905 Tejon Ranch shares worth approximately $33.64 million, representing about 6.66% of the company and 22.7% of the firm’s portfolio.
• Institutional investors and hedge funds own 60.63% of Tejon Ranch, with several firms recently initiating or increasing positions.
• Tejon Ranch reported quarterly EPS of $0.10, beating the $0.02 consensus estimate, while its shares were rated “Hold” and opened at $16.42, near the lower end of their 52-week range.

Nitor Capital Management LLC bought a new position in Tejon Ranch Co (NYSE:TRC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,798,905 shares of the real estate development and agribusiness company's stock, valued at approximately $33,640,000. Tejon Ranch comprises 22.7% of Nitor Capital Management LLC's holdings, making the stock its biggest holding. Nitor Capital Management LLC owned approximately 6.66% of Tejon Ranch as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TRC. Russell Investments Group Ltd. lifted its holdings in Tejon Ranch by 688.9% in the third quarter. Russell Investments Group Ltd. now owns 1,996 shares of the real estate development and agribusiness company's stock valued at $32,000 after acquiring an additional 1,743 shares during the period. BNP Paribas Financial Markets boosted its position in Tejon Ranch by 59.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,200 shares of the real estate development and agribusiness company's stock worth $37,000 after purchasing an additional 823 shares in the last quarter. Strs Ohio acquired a new stake in shares of Tejon Ranch during the 1st quarter worth approximately $65,000. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Tejon Ranch during the 4th quarter worth approximately $87,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Tejon Ranch during the 2nd quarter valued at approximately $122,000. 60.63% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of Tejon Ranch from a "sell (d+)" rating to a "hold (c)" rating in a research note on Tuesday, August 11th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Tejon Ranch has an average rating of "Hold".

Tejon Ranch Price Performance

NYSE:TRC opened at $16.42 on Monday. The company has a quick ratio of 2.06, a current ratio of 2.92 and a debt-to-equity ratio of 0.19. Tejon Ranch Co has a 52 week low of $15.31 and a 52 week high of $21.31. The stock's 50-day moving average price is $17.76 and its 200-day moving average price is $18.38. The stock has a market capitalization of $443.67 million, a PE ratio of 71.39 and a beta of 0.59.

Tejon Ranch (NYSE:TRC - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The real estate development and agribusiness company reported $0.10 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.08. The company had revenue of $14.26 million during the quarter, compared to analysts' expectations of $8.64 million. Tejon Ranch had a return on equity of 1.23% and a net margin of 10.62%. As a group, equities analysts expect that Tejon Ranch Co will post 0.11 EPS for the current fiscal year.

About Tejon Ranch

Tejon Ranch Corporation NYSE: TRC is one of California's largest private landowners, with a diversified portfolio spanning agriculture, real estate development and natural resource operations. Headquartered in Lebec, California, the company's holdings encompass approximately 270,000 acres in Kern and Los Angeles counties. Established in 1937 on the historic Rancho Tejon land grant, Tejon Ranch has leveraged its strategic location along Interstate 5 to build a multifaceted enterprise serving both local and regional markets.

In agriculture, Tejon Ranch grows a variety of row crops and permanent plantings, including almonds, pistachios, table grapes and citrus.

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