Millennium Management LLC Trims Holdings in Farmland Partners Inc (FPI)
Millennium Management LLC trimmed its holdings in shares of Farmland Partners Inc (NYSE:FPI) by 62.7% during the second quarter, Holdings Channel reports. The fund owned 69,064 shares of the financial services provider’s stock after selling 116,002 shares during the quarter. Millennium Management LLC’s holdings in Farmland Partners were worth $608,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. Tocqueville Asset Management L.P. grew its holdings in Farmland Partners by 6.8% during the 2nd quarter. Tocqueville Asset Management L.P. now owns 383,705 shares of the financial services provider’s stock worth $3,377,000 after acquiring an additional 24,300 shares during the last quarter. BlackRock Inc. grew its holdings in Farmland Partners by 3.5% during the 2nd quarter. BlackRock Inc. now owns 2,086,114 shares of the financial services provider’s stock worth $18,357,000 after acquiring an additional 70,839 shares during the last quarter. Global Alpha Capital Management Ltd. grew its holdings in Farmland Partners by 1.0% during the 2nd quarter. Global Alpha Capital Management Ltd. now owns 1,423,725 shares of the financial services provider’s stock worth $12,529,000 after acquiring an additional 13,400 shares during the last quarter. Taylor Frigon Capital Management LLC bought a new stake in Farmland Partners during the 2nd quarter worth approximately $1,128,000. Finally, Pier 88 Investment Partners LLC bought a new stake in Farmland Partners during the 2nd quarter worth approximately $1,090,000. 50.45% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE FPI opened at $7.48 on Friday. The company has a market capitalization of $249.79 million, a PE ratio of 40.00 and a beta of -0.05. Farmland Partners Inc has a 52-week low of $5.15 and a 52-week high of $9.68.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Tuesday, January 1st will be given a $0.05 dividend. The ex-dividend date of this dividend is Friday, December 28th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.67%. Farmland Partners’s dividend payout ratio (DPR) is currently 55.56%.
In related news, CEO Paul A. Pittman bought 8,800 shares of the company’s stock in a transaction that occurred on Wednesday, October 10th. The shares were bought at an average price of $6.22 per share, for a total transaction of $54,736.00. Following the transaction, the chief executive officer now directly owns 1,229,521 shares of the company’s stock, valued at $7,647,620.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Paul A. Pittman bought 6,457 shares of the company’s stock in a transaction that occurred on Thursday, August 23rd. The shares were bought at an average price of $6.66 per share, for a total transaction of $43,003.62. Following the transaction, the chief executive officer now directly owns 1,210,243 shares in the company, valued at $8,060,218.38. The disclosure for this purchase can be found here. Insiders bought a total of 44,030 shares of company stock worth $284,976 in the last 90 days. Corporate insiders own 2.76% of the company’s stock.
A number of brokerages have recently issued reports on FPI. Zacks Investment Research upgraded shares of Farmland Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, October 16th. ValuEngine upgraded shares of Farmland Partners from a “strong sell” rating to a “sell” rating in a research report on Tuesday, August 14th. Finally, Raymond James upgraded shares of Farmland Partners from a “market perform” rating to an “outperform” rating in a research report on Wednesday, July 18th. They noted that the move was a valuation call. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $8.42.
About Farmland Partners
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.
Further Reading: Rule of 72
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