Consolidated-Tomoka Land Co. (CTO) Raised to “Buy” at Zacks Investment Research
Consolidated-Tomoka Land Co. (NYSE:CTO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The brokerage currently has a $65.00 price objective on the stock. Zacks Investment Research‘s price target points to a potential upside of 11.07% from the company’s previous close.
According to Zacks, “Consolidated-Tomoka Land Co. is primarily engaged in the real estate industry through its wholly owned subsidiaries. Real estate operations include commercial real estate, real estate development, residential and golf operations, property leasing, leasing properties for oil and mineral exploration and the sale of forest products. “
Separately, FBR & Co set a $80.00 price objective on shares of Consolidated-Tomoka Land and gave the company a “buy” rating in a research note on Tuesday.
Consolidated-Tomoka Land (NYSE:CTO) last issued its quarterly earnings data on Wednesday, October 18th. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.04). The firm had revenue of $12.38 million for the quarter, compared to analysts’ expectations of $15.03 million. Consolidated-Tomoka Land had a net margin of 16.11% and a return on equity of 9.30%.
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In related news, CFO Mark E. Patten sold 2,640 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $54.88, for a total transaction of $144,883.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.
A number of hedge funds have recently added to or reduced their stakes in the business. TIAA CREF Investment Management LLC grew its stake in Consolidated-Tomoka Land by 1.3% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 10,917 shares of the company’s stock worth $622,000 after buying an additional 135 shares in the last quarter. Teachers Advisors LLC grew its stake in Consolidated-Tomoka Land by 2.9% in the 2nd quarter. Teachers Advisors LLC now owns 7,051 shares of the company’s stock worth $402,000 after buying an additional 200 shares in the last quarter. Parametric Portfolio Associates LLC grew its stake in Consolidated-Tomoka Land by 5.6% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 4,675 shares of the company’s stock worth $266,000 after buying an additional 247 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Consolidated-Tomoka Land by 11.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,995 shares of the company’s stock worth $228,000 after buying an additional 418 shares in the last quarter. Finally, Wells Fargo & Company MN grew its stake in Consolidated-Tomoka Land by 1.0% in the 2nd quarter. Wells Fargo & Company MN now owns 54,265 shares of the company’s stock worth $3,090,000 after buying an additional 538 shares in the last quarter.
About Consolidated-Tomoka Land
Consolidated-Tomoka Land Co is a real estate operating company. As of December 31, 2016, the Company owned and managed 31 commercial real estate properties in 10 states in the United States. Its segments include Income Properties, Commercial Loan Investments, Real Estate Operations, Golf Operations, and Agriculture and Other.
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