SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

   Non-TechIncome Investing


Previous 10 Next 10 
To: E_K_S who wrote (34181)7/11/2018 10:04:14 PM
From: Gridbird
   of 48846
 
Re: Do not own or follow but just saw FPI off 15% plus..? Tariffs?

I seen that but I am not thinking about being that fortunate. I was actually thinking relief rally and management coming up with some info that counters and calms the issue down and price rises some. This has kind of been a dog with fleas to begin with. But a little flea powder may stop some of the scratching. I will sleep tonight and decide if I want to buy a bit more and believe management can refute some of this effectively.

Share RecommendKeepReplyMark as Last Read


To: E_K_S who wrote (34181)7/11/2018 10:28:43 PM
From: Gridbird
1 Recommendation   of 48846
 
Re: Do not own or follow but just saw FPI off 15% plus..? Tariffs?

EKS, here is something to consider.....

Preferred Stock Trader, Contributor
Comments (1133) | Following

For those looking at the FPI preferred stock, in the Pannick Report chat room, Richard Lajeune noted that in the propectus for FPI-B preferred stock (covenant on page S-48), the preferred can be forced to convert to common stock with a cap of 5.7 shares of common per preferred share. Thus if the common stock of FPI should get down to $2.00 per share, for example, FPI could redeem each preferred share for $11.40/share of common stock which would help get the preferred off of their books and really put a hurt on preferred shareholders. So the common stock price performance can impact the preferred stock at some point if things deteriorate at FPI. It isn't strictly bankruptcy or insolvency that preferred stockholders need to worry about.

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: Gridbird who wrote (34183)7/11/2018 10:35:43 PM
From: E_K_S
   of 48846
 
Re: Do not own or follow but just saw FPI off 15% plus..? Tariffs?

Based on that formula, $18.00/share for the preferred would equal $3.15/share FPI common on a forced redemption.

Interesting arbitrage as the preferred is not superior to the common if/when common shares get stressed.

Wonder if the LAND preferreds have such a provision? It's in the details where things get interesting.

Thanks for the info.

EKS

Share RecommendKeepReplyMark as Last ReadRead Replies (2)


To: E_K_S who wrote (34184)7/11/2018 10:48:48 PM
From: Gridbird
   of 48846
 
do Re: Do not own or follow but just saw FPI off 15% plus..? Tariffs?

Its definitely something to ponder. But $3 is still a good distance from after hours trades of $6.20. If some holes are in the thesis of the writer then one would think the conversion would not be in play. Its a casino game at this point....Or a Clint Eastwood moment... “Do I feel lucky? Well do ya punk?”.

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


From: 1610lsd7/12/2018 8:20:15 AM
   of 48846
 
30 Day Federal Funds Futures Quotes Globex

Data from CME FF Futures..... Current Funds Rate @ 1.75% to 2.00%

Implied FF Rates...

August.....1.915%

Sept........1.945%

Dec.........2.195%

............................................................................... OPEN..............................###....

JUL 2018 Show Price Chart 98.0875UNCH98.087598.0998.0998.087561506:48:37 CT
12 Jul 2018
AUG 2018 Show Price Chart 98.08-0.00598.08598.08598.08598.0815,69206:48:57 CT
12 Jul 2018
SEP 2018 Show Price Chart 98.05-0.00598.05598.05598.05598.0513,82406:48:57 CT
12 Jul 2018
OCT 2018 Show Price Chart 97.87-0.00597.87597.87597.87597.879,42806:55:52 CT
12 Jul 2018
NOV 2018 Show Price Chart 97.86-0.0197.8797.86597.86597.862,31406:10:26 CT
12 Jul 2018
DEC 2018 Show Price Chart 97.80-0.0197.8197.80597.805

Share RecommendKeepReplyMark as Last Read


To: Gridbird who wrote (34185)7/12/2018 8:50:21 AM
From: E_K_S
2 Recommendations   of 48846
 
Re: do Re: Do not own or follow but just saw FPI off 15% plus..? Tariffs?

Watching FPIpB today. I see pre-market some trades at $19.49/share +7.4%. Common shares are higher too on pre-market trades; last $5.92/share +12%.

Will watch where this settles, vol/price reversal

Farmland Partners bounces nearly 14% in premarket action

Farmland Partners (NYSE: FPI) plunged 39% yesterday after Seeking Alpha contributor Rota Fortunae called out company management for playing accounting games.

The company's CEO denied the allegations after the close, and this morning B. Riley's Craig Kucera upgrades to Buy from Neutral. He trimmed his price target to $8 from $8.50, but that's still 50% upside from Wednesday's close.

There's fresh analysis on Seeking Alpha as well, with contributors Beyond Saving and Trapping Value mulling the re-priced FPI.

Shares up 13.6% premarket to $6.00.

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: E_K_S who wrote (34187)7/12/2018 9:54:55 AM
From: Gridbird
   of 48846
 
Re: do Re: Do not own or follow but just saw FPI off 15% plus..? Tariffs?

Ah, let the giant casino open up for business. I must have put vodka in my coffee mistakenly and instead of selling my purchase, I “loaded up” and bought 100 more premarket and it is up already too. Maybe when the vodka clears the system I will sell and take GF out for a very nice steak dinner, lol.

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: Gridbird who wrote (34188)7/12/2018 10:02:50 AM
From: E_K_S
1 Recommendation   of 48846
 
Re: do Re: Do not own or follow but just saw FPI off 15% plus..? Tariffs?

Ha . . maybe move those proceeds into LANDP . .

They need scale to make these AG REITs work. Small market cap even if FPI/LAND assets are combined. Remember U.S. the best at growing food/Ag but still early for the AG REIT business model. The COOP model working but no 'pure' investment other than CHSCP.

FWIW, looking at CTT as my AG play in trees. Have GTC order in at $12.35/share and only 4.4% div yield.

My main AG play now is ADM.

Good Investing & swing trade gambling...:-)

EKS

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: E_K_S who wrote (34189)7/12/2018 10:19:16 AM
From: Gridbird
   of 48846
 
Re: do Re: Do not own or follow but just saw FPI off 15% plus..? Tariffs?

EKS, lets delete the investing part, and just leave it at gambling, lol.....In the long run, I probably would be better off having it go to zero to teach me a lesson! This issue is a long ways away from my WELPM type holdings, lol.

Share RecommendKeepReplyMark as Last Read


From: lumpygravy7/12/2018 12:18:18 PM
2 Recommendations   of 48846
 
FPI upgraded to Buy at BRileyFBR....................................................................

Analyst Craig Kucera.


Farmland Partners Inc. (FPI - $5.28, Buy; $8.00 PT); Opinion Upgrade -

• Upgrading from Neutral to Buy, PT from $8.50 to $8.00; after stock hit hard (-39%) on Seeking Alpha hatchet job.

• Crux of article was inside dealing on loans representing 1% of assets/1% of revenue, questionable valuation assumptions, nonexistent, in
our view, concerns about solvency.

• Firm hasn't recommended the stock since mid 2017 at ~$10.59, but at $5.28 represents potential for big total return (60%+), though
chance for dividend cut down the road (not likely in 2018).

• Lowering estimates on falling commodities prices/potential for trade war ($0.04/yr), NAV down ~$1; still compelling.

• Not a fan of sector and farming fundamentals weakening, but not to this extent; trades at 53% of NAV/14.2x 2018E AFFO vs. group
basically at NAV/20x.

Share RecommendKeepReplyMark as Last Read
Previous 10 Next 10