Zacks Investment Research upgraded shares of Alico (NASDAQ:ALCO) from a sell rating to a hold rating in a report issued on Wednesday morning, Zacks.com reports.

According to Zacks, “Alico, Inc. is an agribusiness company operating in Central and Southwest Florida. The company is involved in various operations and activities including citrus fruit production, cattle ranching, sugarcane and sod production, and forestry. The company also leases land for farming, cattle grazing, recreation, and oil exploration. “

Several other research analysts have also recently weighed in on the company. TheStreet raised Alico from a c rating to a b rating in a research report on Thursday, December 10th. Roth Capital assumed coverage on Alico in a research report on Monday, December 21st. They set a buy rating and a $40.00 price objective for the company.

Shares of Alico stock opened at $28.89 on Wednesday. Alico has a 1 year low of $26.17 and a 1 year high of $34.00. The business has a 50-day moving average of $29.98 and a two-hundred day moving average of $30.43. The company has a market capitalization of $216.85 million, a P/E ratio of 9.14 and a beta of 0.68. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.45 and a quick ratio of 0.52.

Alico (NASDAQ:ALCO) last announced its quarterly earnings results on Wednesday, February 3rd. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.02). Alico had a negative return on equity of 0.87% and a net margin of 25.58%. The business had revenue of $13.73 million during the quarter, compared to the consensus estimate of $12.90 million. On average, equities analysts anticipate that Alico will post 0.88 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 9th. Stockholders of record on Friday, March 26th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, March 25th. This represents a $0.72 annualized dividend and a dividend yield of 2.49%. Alico’s dividend payout ratio is currently -300.00%.

In related news, major shareholder Remy W. Trafelet sold 65,000 shares of the stock in a transaction that occurred on Thursday, March 4th. The stock was sold at an average price of $29.10, for a total transaction of $1,891,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.70% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Citigroup Inc. boosted its position in Alico by 276.5% during the fourth quarter. Citigroup Inc. now owns 945 shares of the company’s stock valued at $29,000 after purchasing an additional 694 shares during the last quarter. Panagora Asset Management Inc. lifted its position in shares of Alico by 197.3% in the fourth quarter. Panagora Asset Management Inc. now owns 3,193 shares of the company’s stock valued at $99,000 after buying an additional 2,119 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Alico by 27.9% in the third quarter. JPMorgan Chase & Co. now owns 5,876 shares of the company’s stock valued at $169,000 after buying an additional 1,282 shares during the last quarter. Rhumbline Advisers acquired a new stake in shares of Alico in the fourth quarter valued at approximately $245,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Alico in the fourth quarter valued at approximately $302,000. 46.76% of the stock is owned by hedge funds and other institutional investors.

About Alico

Alico, Inc, together with its subsidiaries, operates as an agribusiness and land management company in the United States. The company operates in two segments, Alico Citrus, and Land Management and Other Operations. The Alico Citrus segment cultivates citrus trees to produce citrus for delivery to the processed and fresh citrus markets.

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