Zacks Investment Research Upgrades Farmland Partners (FPI) to “Hold”
Farmland Partners (NYSE:FPI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Farmland Partners Inc. operates as a real estate company. It owns and seeks to acquire primary row crop farmland located in agricultural markets throughout North America. The substantial majority of the farms in its portfolio include primary row crops, such as corn and soybeans. Farmland Partners Inc. is based in United States. “
Several other research analysts have also recently commented on FPI. ValuEngine cut shares of Farmland Partners from a “hold” rating to a “sell” rating in a report on Monday, July 2nd. Raymond James upgraded shares of Farmland Partners from a “market perform” rating to an “outperform” rating in a report on Wednesday, July 18th. They noted that the move was a valuation call. Finally, B. Riley upgraded shares of Farmland Partners from a “neutral” rating to a “buy” rating and lowered their price target for the stock from $8.50 to $8.00 in a report on Thursday, July 12th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $8.42.
Farmland Partners (NYSE:FPI) last announced its quarterly earnings data on Wednesday, August 8th. The financial services provider reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.04). The business had revenue of $11.42 million during the quarter, compared to analyst estimates of $12.23 million. Farmland Partners had a net margin of 18.22% and a return on equity of 2.52%. Research analysts expect that Farmland Partners will post 0.29 EPS for the current fiscal year.
In other news, CEO Paul A. Pittman purchased 8,800 shares of the stock in a transaction on Wednesday, October 10th. The stock was bought at an average price of $6.22 per share, for a total transaction of $54,736.00. Following the acquisition, the chief executive officer now directly owns 1,229,521 shares of the company’s stock, valued at approximately $7,647,620.62. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Chris A. Downey purchased 15,395 shares of the stock in a transaction on Monday, October 15th. The shares were purchased at an average price of $6.27 per share, with a total value of $96,526.65. Following the acquisition, the director now directly owns 7,386 shares in the company, valued at $46,310.22. The disclosure for this purchase can be found here. Insiders have acquired a total of 72,030 shares of company stock valued at $465,996 in the last quarter. 10.10% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. North Star Investment Management Corp. acquired a new position in shares of Farmland Partners in the 2nd quarter valued at $2,054,000. Taylor Frigon Capital Management LLC acquired a new position in shares of Farmland Partners in the 2nd quarter valued at $1,128,000. Pier 88 Investment Partners LLC acquired a new position in shares of Farmland Partners in the 2nd quarter valued at $1,090,000. BlackRock Inc. boosted its holdings in shares of Farmland Partners by 3.5% in the 2nd quarter. BlackRock Inc. now owns 2,086,114 shares of the financial services provider’s stock valued at $18,357,000 after buying an additional 70,839 shares in the last quarter. Finally, Tocqueville Asset Management L.P. boosted its holdings in shares of Farmland Partners by 6.8% in the 2nd quarter. Tocqueville Asset Management L.P. now owns 383,705 shares of the financial services provider’s stock valued at $3,377,000 after buying an additional 24,300 shares in the last quarter. Institutional investors own 51.75% of the company’s stock.
Farmland Partners Company Profile
Farmland Partners Inc is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of the date of this release, the Company owns over 165,000 acres in 17 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota, Texas and Virginia.
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