Tejon Ranch Co. (NYSE:TRC – Get Rating) was the target of a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 284,600 shares, an increase of 68.3% from the February 28th total of 169,100 shares. Based on an average trading volume of 48,300 shares, the days-to-cover ratio is presently 5.9 days. Approximately 1.2% of the company’s shares are sold short.
Hedge funds have recently modified their holdings of the stock. PNC Financial Services Group Inc. increased its holdings in Tejon Ranch by 442.2% during the third quarter. PNC Financial Services Group Inc. now owns 2,765 shares of the real estate development and agribusiness company’s stock valued at $50,000 after buying an additional 2,255 shares during the period. Acadian Asset Management LLC acquired a new stake in Tejon Ranch in the fourth quarter valued at approximately $103,000. Metropolitan Life Insurance Co NY acquired a new stake in Tejon Ranch in the third quarter valued at approximately $102,000. Citigroup Inc. boosted its stake in Tejon Ranch by 84.4% in the fourth quarter. Citigroup Inc. now owns 6,437 shares of the real estate development and agribusiness company’s stock valued at $123,000 after acquiring an additional 2,946 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in Tejon Ranch by 19.9% in the third quarter. Russell Investments Group Ltd. now owns 6,648 shares of the real estate development and agribusiness company’s stock valued at $117,000 after acquiring an additional 1,102 shares in the last quarter. 61.26% of the stock is currently owned by institutional investors.
Separately, StockNews.com raised shares of Tejon Ranch from a “sell” rating to a “hold” rating in a report on Monday, March 7th.
TRC stock traded down $0.05 during trading on Monday, hitting $18.09. 39,823 shares of the company’s stock traded hands, compared to its average volume of 46,787. The company has a market capitalization of $477.72 million, a price-to-earnings ratio of 86.38 and a beta of 0.58. The stock’s fifty day moving average price is $17.21. The company has a debt-to-equity ratio of 0.11, a current ratio of 4.04 and a quick ratio of 3.67. Tejon Ranch has a 1 year low of $14.79 and a 1 year high of $21.69.
About Tejon Ranch (Get Rating)
Tejon Ranch Co operates as a real estate development and agribusiness company. It operates through the following segments: Real Estate-Commercial and Industrial Development, Real Estate-Resort and Residential Development, Mineral Resources, Farming, and Ranch Operations. The Real Estate-Commercial and Industrial Development segment’s activities include: the entitling, planning, and permitting of land for development, the construction of infrastructure, the construction of pre-leased buildings, the construction of buildings to be leased or sold, and the sale of land to third parties for their own development.
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