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Insiders Are Buying Consolidated-Tomoka Land
Posted by: maarnio (IP Logged)
Date: August 30, 2013 10:34AM
Consolidated-Tomoka Land (CTO) saw intensive insider buying in March 2012 when the stock was trading below $30. The stock ran to $42.46 in July this year or 51.5% above the low made in March 2012.
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Intensive insider buying can be defined by the following three criteria:
Insider Buying During the Last 30 Days
Consolidated-Tomoka reported the second-quarter financial results on July 24 with the following highlights:
The company has seen revenue growth during the last three years.
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The real estate business, generally, is highly competitive and fragmented.
As of Dec. 31, 2012, Consolidated-Tomoka's thirty-one income properties were located in seven states with 17 properties located in Florida, five properties located in California and four properties located in Georgia. Consolidated-Tomoka's real estate operations primarily comprised of its land holdings and its subsurface interests, with substantially all of its land holdings located in Daytona Beach, Volusia County, Fla.
Consolidated-Tomoka competes with many developers and land owners of varying sizes ranging from local to national level businesses to complete land transactions. The potential parties interested in Consolidated-Tomoka's land holdings are primarily residential and commercial developers and commercial businesses and competition for these transactions is based on, among other things, price, location, land use or optionality of land use.
Consolidated-Tomoka's golf operations consist of a single property located in Daytona Beach, Fla., with two 18-hole championship golf courses, practice facility, and clubhouse facilities including a restaurant and bar operation. The primary competition for Consolidated-Tomoka's golf operations comes from other private and public golf operations in the local market.
There have been three different insiders buying Consolidated-Tomoka and there have not been any insiders selling Consolidated-Tomoka during the last 30 days. All three of these insiders increased their holdings by more than 10%. Consolidated-Tomoka has an insider ownership of 1.10%.
Consolidated-Tomoka has a book value of $19.82 per share and the stock has a dividend yield of 0.17%. The stock is currently trading right at its 200-day moving average, which could be a good entry point for the stock.
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Disclosure: I have no position in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Stocks Discussed: CTO,
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