AgJunction Inc

AJX-T

Analysis and Opinions about AJX-T

Signal
Opinion
Expert
BUY
BUY
April 23, 2019
They do steering systems for tractors. They moved their operations from Canada to Kansas and are consolidating operations to reduce costs. It doesn't trade much, a small company, so beware of putting in a market order. This could double in price. They sold off some of their operations, which may make them a one-trick pony (he hopes not). This sell-off may ease their over-buying.
AgJunction Inc (AJX-T)
April 23, 2019
They do steering systems for tractors. They moved their operations from Canada to Kansas and are consolidating operations to reduce costs. It doesn't trade much, a small company, so beware of putting in a market order. This could double in price. They sold off some of their operations, which may make them a one-trick pony (he hopes not). This sell-off may ease their over-buying.
Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.690
Owned
Yes
BUY
BUY
June 21, 2018

He sold it and bought back lower. He cannot find a good catalyst to make it move. Revenues went up 5 straight quarters, but this company cannot make money. He likes it now. It is on his buy list but he does not know what is the next catalyst. Maybe it is profitability.

He sold it and bought back lower. He cannot find a good catalyst to make it move. Revenues went up 5 straight quarters, but this company cannot make money. He likes it now. It is on his buy list but he does not know what is the next catalyst. Maybe it is profitability.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.880
Owned
Yes
PAST TOP PICK
PAST TOP PICK
January 16, 2018

(A Top Pick Feb 7/17. Down 5%.) This does GPS's in agricultural. Has lost money most years. He made quite a bit of change before, buying it at $.50 and selling it for around $1.30. Last quarter revenues went up 35%. The balance sheet has no debt, and they have $16 million in the bank.

AgJunction Inc (AJX-T)
January 16, 2018

(A Top Pick Feb 7/17. Down 5%.) This does GPS's in agricultural. Has lost money most years. He made quite a bit of change before, buying it at $.50 and selling it for around $1.30. Last quarter revenues went up 35%. The balance sheet has no debt, and they have $16 million in the bank.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.520
Owned
Yes
COMMENT
COMMENT
December 8, 2017

Precision agriculture. Still on his Buy list. It hasn’t worked out at all for him. Agriculture seems to be doing better, but this one has been left on the rails.

AgJunction Inc (AJX-T)
December 8, 2017

Precision agriculture. Still on his Buy list. It hasn’t worked out at all for him. Agriculture seems to be doing better, but this one has been left on the rails.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.530
Owned
Yes
WATCH
WATCH
August 14, 2017

They did a merger with another company that doubled their size, but then the revenues went below their previous levels. A lot of the AG companies are doing well. He is happy to hold it, but does not know when there will be a breakthrough.

AgJunction Inc (AJX-T)
August 14, 2017

They did a merger with another company that doubled their size, but then the revenues went below their previous levels. A lot of the AG companies are doing well. He is happy to hold it, but does not know when there will be a breakthrough.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.520
Owned
Yes
DON'T BUY
DON'T BUY
April 3, 2017

They have a far bit of cash. They have no debt. They continue to lose money. They can lose money in good times and in bad. Their sales now are less than before they merged.

They have a far bit of cash. They have no debt. They continue to lose money. They can lose money in good times and in bad. Their sales now are less than before they merged.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.580
Owned
Unknown
TOP PICK
TOP PICK
February 7, 2017

A GPS system for agriculture. A speculative play. Did a merger over a year ago, and unfortunately the revenues are now less than when they merged. In the recent quarter, they lost $14 million, but about 11 million of that was a good will write off. No debt and $15 million in the bank. Doesn’t expect a turnaround soon, because the agriculture market isn’t that good.

AgJunction Inc (AJX-T)
February 7, 2017

A GPS system for agriculture. A speculative play. Did a merger over a year ago, and unfortunately the revenues are now less than when they merged. In the recent quarter, they lost $14 million, but about 11 million of that was a good will write off. No debt and $15 million in the bank. Doesn’t expect a turnaround soon, because the agriculture market isn’t that good.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.540
Owned
Yes
SPECULATIVE BUY
SPECULATIVE BUY
December 22, 2016

The AG space was exciting a couple of years ago. It is a necessary space. Their merger left their sales back where they were pre-merger. It is taking some tax loss selling now. Management is reasonable. They have no debt.

AgJunction Inc (AJX-T)
December 22, 2016

The AG space was exciting a couple of years ago. It is a necessary space. Their merger left their sales back where they were pre-merger. It is taking some tax loss selling now. Management is reasonable. They have no debt.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.520
Owned
Yes
COMMENT
COMMENT
September 22, 2016

Did a merger with Novarient about a year ago. Usually when companies of equal size merge, there are often a lot of write offs, which has happened somewhat in this case. He likes the company and thinks it has a lot of potential. It wouldn’t surprise him if there was a lot of tax loss selling towards the end of the year. Before buying, he would probably wait towards the end of the year just in case there is more tax loss selling, but you could do well by buying now.

AgJunction Inc (AJX-T)
September 22, 2016

Did a merger with Novarient about a year ago. Usually when companies of equal size merge, there are often a lot of write offs, which has happened somewhat in this case. He likes the company and thinks it has a lot of potential. It wouldn’t surprise him if there was a lot of tax loss selling towards the end of the year. Before buying, he would probably wait towards the end of the year just in case there is more tax loss selling, but you could do well by buying now.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.710
Owned
Yes
COMMENT
COMMENT
August 5, 2016

This company does agricultural GPS and steering systems. Merged with Novariant, which is going fairly well. They are dealing with some write offs. Whenever 2 companies of about the same size merge, there are always write-downs and it always takes awhile for them to gain traction. Thinks this could go up 4 or 5 times.

AgJunction Inc (AJX-T)
August 5, 2016

This company does agricultural GPS and steering systems. Merged with Novariant, which is going fairly well. They are dealing with some write offs. Whenever 2 companies of about the same size merge, there are always write-downs and it always takes awhile for them to gain traction. Thinks this could go up 4 or 5 times.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.640
Owned
Yes
BUY
BUY
June 28, 2016

This is GPS for agriculture. They also concentrate on steering for tractors. Just did a deal today with a much bigger company, and provide the steering that it needs. A clean balance sheet with no debt. Thinks it can do well going forward.

This is GPS for agriculture. They also concentrate on steering for tractors. Just did a deal today with a much bigger company, and provide the steering that it needs. A clean balance sheet with no debt. Thinks it can do well going forward.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.670
Owned
Yes
COMMENT
COMMENT
January 20, 2016

GPS systems in agriculture in order to help farmers on yields. An individual in Europe had to sell a lot of shares of the change in some European laws. He likes the company. Have merged with another company, and there may be hiccups because of write-downs. The company could triple or quadruple, but that could take a while.

AgJunction Inc (AJX-T)
January 20, 2016

GPS systems in agriculture in order to help farmers on yields. An individual in Europe had to sell a lot of shares of the change in some European laws. He likes the company. Have merged with another company, and there may be hiccups because of write-downs. The company could triple or quadruple, but that could take a while.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.620
Owned
Yes
COMMENT
COMMENT
December 1, 2015

The merger with Novariant will have an impact on the company. It gives it more size which is important. When 2 companies of about the same size merge, you can have write-downs for a little while. The agricultural space they deal in, GPS for the most part is not doing very well. Longer-term it is a good space to be in. He likes the company. They have a clean balance sheet and revenues. He is happy to hold. It is possible they could quadruple from here. Expects there will be tax loss selling in the next few weeks.

AgJunction Inc (AJX-T)
December 1, 2015

The merger with Novariant will have an impact on the company. It gives it more size which is important. When 2 companies of about the same size merge, you can have write-downs for a little while. The agricultural space they deal in, GPS for the most part is not doing very well. Longer-term it is a good space to be in. He likes the company. They have a clean balance sheet and revenues. He is happy to hold. It is possible they could quadruple from here. Expects there will be tax loss selling in the next few weeks.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.640
Owned
Yes
COMMENT
COMMENT
September 18, 2015

The European owner had to sell a lot of shares because of regulations and the stock went down about $0.40. They are currently merging with another company, and need approval in California. Even though this is based in Kansas City now, it is still a Canadian company because it was based in Calgary. The share count is going to go up quite a bit, over 120 million. If it weakens a fair bit, he could actually possibly buy more.

AgJunction Inc (AJX-T)
September 18, 2015

The European owner had to sell a lot of shares because of regulations and the stock went down about $0.40. They are currently merging with another company, and need approval in California. Even though this is based in Kansas City now, it is still a Canadian company because it was based in Calgary. The share count is going to go up quite a bit, over 120 million. If it weakens a fair bit, he could actually possibly buy more.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.540
Owned
Yes
PAST TOP PICK
PAST TOP PICK
August 4, 2015

(A Top Pick Aug 26/14. Down 38.51%.) Right now they are looking at a merger with Novariant, a company in California. This is a Calgary-based company that moved to Kansas City, so there are more hoops to jump through, because the California regulators have to approve it. The GPS space is not doing very well right now. They are going to have costs because of all the legal issues, which are expected this quarter and next. Thinks there will be tax loss selling, so don’t Buy at this time. Longer-term he thinks it will do well. Likes management and the space, but short-term he does not expect anything exciting.

AgJunction Inc (AJX-T)
August 4, 2015

(A Top Pick Aug 26/14. Down 38.51%.) Right now they are looking at a merger with Novariant, a company in California. This is a Calgary-based company that moved to Kansas City, so there are more hoops to jump through, because the California regulators have to approve it. The GPS space is not doing very well right now. They are going to have costs because of all the legal issues, which are expected this quarter and next. Thinks there will be tax loss selling, so don’t Buy at this time. Longer-term he thinks it will do well. Likes management and the space, but short-term he does not expect anything exciting.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.460
Owned
Yes
HOLD
HOLD
July 17, 2015

A lot of people got scared this week because on Monday an investor dumped 1.5 million shares. Thinks the company will have problems in the next little while. Doing a merger with Novariant which has to be passed in California by the regulators. Part of the problem is that they are based in Kansas City as a Canadian company, so it has to go through a few more hoops. Mergers are quite costly, so he expects the next couple of quarters won’t be very good. Also, thinks there will be tax loss selling. He wouldn’t buy any right now, but would wait until the end of the year when tax loss selling is on.

A lot of people got scared this week because on Monday an investor dumped 1.5 million shares. Thinks the company will have problems in the next little while. Doing a merger with Novariant which has to be passed in California by the regulators. Part of the problem is that they are based in Kansas City as a Canadian company, so it has to go through a few more hoops. Mergers are quite costly, so he expects the next couple of quarters won’t be very good. Also, thinks there will be tax loss selling. He wouldn’t buy any right now, but would wait until the end of the year when tax loss selling is on.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.520
Owned
Yes
BUY
BUY
June 19, 2015

It is on his buy list. He likes it. They are doing a merger that will double their size. The agriculture space is less hot now. You have to be patient with this one. His sell target is $3.49. He doesn’t expect anything to happen right away.

It is on his buy list. He likes it. They are doing a merger that will double their size. The agriculture space is less hot now. You have to be patient with this one. His sell target is $3.49. He doesn’t expect anything to happen right away.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.590
Owned
Yes
PAST TOP PICK
PAST TOP PICK
March 26, 2015

(Top Pick Apr 4/14, Down 17.02%) They are looking at a merger with a company of equal size. They will double in size and loose a little bit of money. They say this will help them with more excellent technology in the agricultural technology space. They are moving from about 72 Million to 120 Million shares so that is quite a bit of dilution and will affect his target price. They have a clean balance sheet and money in the bank.

AgJunction Inc (AJX-T)
March 26, 2015

(Top Pick Apr 4/14, Down 17.02%) They are looking at a merger with a company of equal size. They will double in size and loose a little bit of money. They say this will help them with more excellent technology in the agricultural technology space. They are moving from about 72 Million to 120 Million shares so that is quite a bit of dilution and will affect his target price. They have a clean balance sheet and money in the bank.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.780
Owned
Yes
PAST TOP PICK
PAST TOP PICK
February 3, 2015

(A Top Pick Jan 8/14. Down 51.75%.) This has just got absolutely killed. There have been some problems in the agricultural sector. It doesn’t look like things are going to turn around for awhile, however he is happy to hold onto it. He doesn’t see it moving very far.

AgJunction Inc (AJX-T)
February 3, 2015

(A Top Pick Jan 8/14. Down 51.75%.) This has just got absolutely killed. There have been some problems in the agricultural sector. It doesn’t look like things are going to turn around for awhile, however he is happy to hold onto it. He doesn’t see it moving very far.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.550
Owned
Yes
PAST TOP PICK
PAST TOP PICK
December 23, 2014

(A Top Pick Jan 8/14. Down 50%.) Still likes this. His purchase price was $0.66. Agriculture has been out-of-favour. That might change to some degree because some of the inputs are going to be less expensive. They changed the way they account for revenues, which lowers the revenues by about 20%, but at the end of the day it doesn’t affect the bottom line. Likes management. A very small player in an industry that has some big competitors like John Deere. He is willing to hold onto it. Balance sheet is beautiful, have money in the bank, no debt, and they are playing around breakeven.

AgJunction Inc (AJX-T)
December 23, 2014

(A Top Pick Jan 8/14. Down 50%.) Still likes this. His purchase price was $0.66. Agriculture has been out-of-favour. That might change to some degree because some of the inputs are going to be less expensive. They changed the way they account for revenues, which lowers the revenues by about 20%, but at the end of the day it doesn’t affect the bottom line. Likes management. A very small player in an industry that has some big competitors like John Deere. He is willing to hold onto it. Balance sheet is beautiful, have money in the bank, no debt, and they are playing around breakeven.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.560
Owned
Yes
WAIT
WAIT
November 17, 2014

This is out of favour, but at some point will come back into favour. Recent revenues were down about 16%. The balance sheet is great even if they are losing a little bit of money. It may get caught by tax loss selling.

AgJunction Inc (AJX-T)
November 17, 2014

This is out of favour, but at some point will come back into favour. Recent revenues were down about 16%. The balance sheet is great even if they are losing a little bit of money. It may get caught by tax loss selling.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.620
Owned
Yes
TOP PICK
TOP PICK
August 26, 2014

(A Top Pick Aug 12/13. Down 27.27%.) Not dealing well with the slowdown in the agricultural sector. Revenues went down to 37% over the past year. New management has been very transparent. His Initial Sell Target is $3.49. Even with the drop in revenues, they only lost about $600,000 because they cut a lot of workers from about 270 to 170. They are very, very diligent on expenses.

AgJunction Inc (AJX-T)
August 26, 2014

(A Top Pick Aug 12/13. Down 27.27%.) Not dealing well with the slowdown in the agricultural sector. Revenues went down to 37% over the past year. New management has been very transparent. His Initial Sell Target is $3.49. Even with the drop in revenues, they only lost about $600,000 because they cut a lot of workers from about 270 to 170. They are very, very diligent on expenses.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.730
Owned
Yes
PAST TOP PICK
PAST TOP PICK
July 9, 2014

(A Top Pick June 28/13. Down 18.95%.) Did a lot in terms of a turnaround. New management came in and moved headquarters from Calgary to Kansas City. Cut employees from about 270 to about 100. Company was making money, but seem to be having difficulties in the marketplace now. Has this as a Buy, and is confident in management. Said revenues are going to go down, but expects to remain profitable for this year.

(A Top Pick June 28/13. Down 18.95%.) Did a lot in terms of a turnaround. New management came in and moved headquarters from Calgary to Kansas City. Cut employees from about 270 to about 100. Company was making money, but seem to be having difficulties in the marketplace now. Has this as a Buy, and is confident in management. Said revenues are going to go down, but expects to remain profitable for this year.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.770
Owned
Yes
PAST TOP PICK
PAST TOP PICK
May 23, 2014

(A Top Pick June 28/13. 0% return.) Company was doing really well until the last two quarters and they foresaw that revenues were going to go down. Went down about 10% this past quarter, but because they had cut expenses so much, they actually still made money. Likes the new management which is getting very, very good guidance. His target price is $3.49. There is no rush to Buy into this one.

(A Top Pick June 28/13. 0% return.) Company was doing really well until the last two quarters and they foresaw that revenues were going to go down. Went down about 10% this past quarter, but because they had cut expenses so much, they actually still made money. Likes the new management which is getting very, very good guidance. His target price is $3.49. There is no rush to Buy into this one.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.950
Owned
Yes
TOP PICK
TOP PICK
April 1, 2014

(BNN has dates shown as April 1/14. April Fools’ joke? I’m taking their word for it because I can’t match anything!!! Bill.)

(A Top Pick April 1/14. Up 13.75%.) Past quarter was really good. Revenues were up 37%. What scared a lot of people was the viewpoint going forward that things were slowing down a bit and management perceived it was going to be slow in the near future and tough slogging.

(BNN has dates shown as April 1/14. April Fools’ joke? I’m taking their word for it because I can’t match anything!!! Bill.)

(A Top Pick April 1/14. Up 13.75%.) Past quarter was really good. Revenues were up 37%. What scared a lot of people was the viewpoint going forward that things were slowing down a bit and management perceived it was going to be slow in the near future and tough slogging.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.960
Owned
Yes
PAST TOP PICK
PAST TOP PICK
February 18, 2014

(A Top Pick Feb 20/13. Up 31%.) Liked management which seemed to be focused. Made a lot of changes that he questioned. They are profitable at this point in time. Great balance sheet. His initial sell target is $3.49. Still a Buy.

AgJunction Inc (AJX-T)
February 18, 2014

(A Top Pick Feb 20/13. Up 31%.) Liked management which seemed to be focused. Made a lot of changes that he questioned. They are profitable at this point in time. Great balance sheet. His initial sell target is $3.49. Still a Buy.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$1.070
Owned
Yes
TOP PICK
TOP PICK
January 8, 2014

This is Hemisphere GPS. It has done well. Have done a huge turnaround. Moved from Calgary to Kansas City and got rid of about 100 workers. Appears the write-downs are all done. His target price is $3.49. About $10 million in the bank and have no debt.

AgJunction Inc (AJX-T)
January 8, 2014

This is Hemisphere GPS. It has done well. Have done a huge turnaround. Moved from Calgary to Kansas City and got rid of about 100 workers. Appears the write-downs are all done. His target price is $3.49. About $10 million in the bank and have no debt.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$1.140
Owned
Yes
PAST TOP PICK
PAST TOP PICK
November 11, 2013

(Top Pick Nov 9/12, Up 55.07%) Move through the tough slogging, taking tremendous write-downs, which are now a thing of the past. Has a large upside. GPS is now completely focused on agriculture, which is soft and it could hurt them.

AgJunction Inc (AJX-T)
November 11, 2013

(Top Pick Nov 9/12, Up 55.07%) Move through the tough slogging, taking tremendous write-downs, which are now a thing of the past. Has a large upside. GPS is now completely focused on agriculture, which is soft and it could hurt them.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$1.080
Owned
Yes
TOP PICK
TOP PICK
September 26, 2013

Has really moved along on their turnaround. New management moved operations from Calgary to Kansas City. Let a lot of staff go and lowered the breakeven. Sold off all the non-agricultural sector. About $12 million in the bank. No debt on the balance sheet. Next year or two could do very well by them.

AgJunction Inc (AJX-T)
September 26, 2013

Has really moved along on their turnaround. New management moved operations from Calgary to Kansas City. Let a lot of staff go and lowered the breakeven. Sold off all the non-agricultural sector. About $12 million in the bank. No debt on the balance sheet. Next year or two could do very well by them.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.980
Owned
Yes
TOP PICK
TOP PICK
August 12, 2013

He can see this going to the $3.50 level. Has undergone major, major transformation. New management within the last year. Their breakeven costs have gone way down. Good balance sheet. Sold off the agricultural division for about $15 million. No debt.

AgJunction Inc (AJX-T)
August 12, 2013

He can see this going to the $3.50 level. Has undergone major, major transformation. New management within the last year. Their breakeven costs have gone way down. Good balance sheet. Sold off the agricultural division for about $15 million. No debt.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.990
Owned
Yes
TOP PICK
TOP PICK
June 28, 2013

Company has changed dramatically over the past 9 months. New CEO made changes which he thinks were for the best. Sold all the non-agricultural divisions. Have $13 million in the bank. No debt. Have taken virtually all the costs out. Should be pretty clear sailing after this quarter.

Company has changed dramatically over the past 9 months. New CEO made changes which he thinks were for the best. Sold all the non-agricultural divisions. Have $13 million in the bank. No debt. Have taken virtually all the costs out. Should be pretty clear sailing after this quarter.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.950
Owned
Yes
BUY
BUY
April 17, 2013

Likes this but has become a little more concerned about it recently. Lost about $30 million last quarter but most of that is in write-downs. Sold off a non-agricultural division for almost $15 million. This gives them enough money for their transition to Kansas City. Management has been buying a lot of shares lately. Has a price target of $3.24, which should take years.

AgJunction Inc (AJX-T)
April 17, 2013

Likes this but has become a little more concerned about it recently. Lost about $30 million last quarter but most of that is in write-downs. Sold off a non-agricultural division for almost $15 million. This gives them enough money for their transition to Kansas City. Management has been buying a lot of shares lately. Has a price target of $3.24, which should take years.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.780
Owned
Yes
DON'T BUY
DON'T BUY
April 3, 2013

Does not have a consistent track record of being profitable. He wants a company that year after year will give him his 15%-20% growth with a certain amount of predictability to it.

Does not have a consistent track record of being profitable. He wants a company that year after year will give him his 15%-20% growth with a certain amount of predictability to it.

Jason Donville
President & CEO, Donville Kent Asset Management
Price
$0.720
Owned
No
TOP PICK
TOP PICK
February 20, 2013

(A Top Pick Feb 16/12. Down 12.63%.) New management came in last fall. Was a little concerned when they decided to move the head office from Calgary to Kansas City because of the costs and elimination of 100 employees. Recently sold their precision operation for $15 million. Could get hit this quarter by write-offs but after that sailing should be somewhat smoother.

AgJunction Inc (AJX-T)
February 20, 2013

(A Top Pick Feb 16/12. Down 12.63%.) New management came in last fall. Was a little concerned when they decided to move the head office from Calgary to Kansas City because of the costs and elimination of 100 employees. Recently sold their precision operation for $15 million. Could get hit this quarter by write-offs but after that sailing should be somewhat smoother.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.820
Owned
Yes
WAIT
WAIT
January 18, 2013

Going through huge, huge changes. New CEO. No debt. Cutting workforce from 270 to 170, which will cost them a bunch. Moving HO from Calgary to Kansas City and will lose more employees because of this. Thinks this could be a bad quarter with a lot of write-offs and thinks it could be cheaper. Target price of $3.49.

AgJunction Inc (AJX-T)
January 18, 2013

Going through huge, huge changes. New CEO. No debt. Cutting workforce from 270 to 170, which will cost them a bunch. Moving HO from Calgary to Kansas City and will lose more employees because of this. Thinks this could be a bad quarter with a lot of write-offs and thinks it could be cheaper. Target price of $3.49.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.750
Owned
Yes
DON'T BUY
DON'T BUY
December 28, 2012

Moving their head office from Calgary to Kansas which is a cost-cutting measure. Stock has been in decline for about 18 months. Seem to be falling behind on the product cycle curve. Up against much larger competitors.

AgJunction Inc (AJX-T)
December 28, 2012

Moving their head office from Calgary to Kansas which is a cost-cutting measure. Stock has been in decline for about 18 months. Seem to be falling behind on the product cycle curve. Up against much larger competitors.

James Hodgins
Chief Investment Officer, Curvature Hedge Strategies
Price
$0.720
Owned
No
TOP PICK
TOP PICK
November 9, 2012

(Top Pick Nov 3/11, Up 9.38%) This quarter will probably not be good because of the drought in the states. The new CEO had a company that he sold to them in 2005 and so he is acquainted with selling companies and maybe he will sell this one. There may be tax loss selling this year and if they report a loss, then you could get it at a lower level than it is now.

AgJunction Inc (AJX-T)
November 9, 2012

(Top Pick Nov 3/11, Up 9.38%) This quarter will probably not be good because of the drought in the states. The new CEO had a company that he sold to them in 2005 and so he is acquainted with selling companies and maybe he will sell this one. There may be tax loss selling this year and if they report a loss, then you could get it at a lower level than it is now.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.690
Owned
Yes
SELL
SELL
October 3, 2012

(Market Call Minute) Doesn't like it because not enough consistency to their profitability.

AgJunction Inc (AJX-T)
October 3, 2012

(Market Call Minute) Doesn't like it because not enough consistency to their profitability.

Jason Donville
President & CEO, Donville Kent Asset Management
Price
$0.680
Owned
Unknown
WATCH
WATCH
September 6, 2012

Good company but has been highly leveraged to grain prices. Incorporates GPS systems for precision agriculture. Management has been an issue because they’ve been consistently disappointing on account of their earnings. Earnings and revenues have been pretty lumpy. Just had a new CEO installed who was actually the founder. Expecting some cost reductions and strategic shifts into the agriculture sector. Stock is cheap but he has always had problems with its earnings power.

AgJunction Inc (AJX-T)
September 6, 2012

Good company but has been highly leveraged to grain prices. Incorporates GPS systems for precision agriculture. Management has been an issue because they’ve been consistently disappointing on account of their earnings. Earnings and revenues have been pretty lumpy. Just had a new CEO installed who was actually the founder. Expecting some cost reductions and strategic shifts into the agriculture sector. Stock is cheap but he has always had problems with its earnings power.

Prakash Hariharan
Portfolio Manager, Analytixinsight Inc.
Price
$0.640
Owned
No
WAIT
WAIT
August 16, 2012

Have just lowered their guidance because of the drought in the US so revenues should increase by about 10% instead of 25% this year. This will hit profitability. Looks like it will take longer to turn around than he anticipated. He buys companies usually at the end of the year because that is when companies are out-of-favour because of tax loss selling. It could be cheaper in a few months. Still likes it. Clean balance sheet and no debt with a fair bit of money in the bank.

AgJunction Inc (AJX-T)
August 16, 2012

Have just lowered their guidance because of the drought in the US so revenues should increase by about 10% instead of 25% this year. This will hit profitability. Looks like it will take longer to turn around than he anticipated. He buys companies usually at the end of the year because that is when companies are out-of-favour because of tax loss selling. It could be cheaper in a few months. Still likes it. Clean balance sheet and no debt with a fair bit of money in the bank.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.610
Owned
Yes
BUY
BUY
June 25, 2012
They always seem to over promise and under deliver. Likes agricultural space. Follow it an possibly buy it in September.
They always seem to over promise and under deliver. Likes agricultural space. Follow it an possibly buy it in September.
Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.670
Owned
Yes
TOP PICK
TOP PICK
May 31, 2012
Typically over promised and under delivered. Finally made a profit. Agricultural sector. Farmers are having record revenues. Clean balance sheet. John deer might take them out (slight chance).
Typically over promised and under delivered. Finally made a profit. Agricultural sector. Farmers are having record revenues. Clean balance sheet. John deer might take them out (slight chance).
Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.720
Owned
Yes
COMMENT
COMMENT
April 17, 2012
Management has said they will make a profit in the last 6 months of the year. In the past, they have overpromised and under delivered and he hopes that doesn't happen this time. Record profits in agriculture in the US and Canada. This company has record revenues but continue to lose money.
AgJunction Inc (AJX-T)
April 17, 2012
Management has said they will make a profit in the last 6 months of the year. In the past, they have overpromised and under delivered and he hopes that doesn't happen this time. Record profits in agriculture in the US and Canada. This company has record revenues but continue to lose money.
Benj Gallander
President, Contra the Heard Investment Letter
Price
$0.810
Owned
Yes
PAST TOP PICK
PAST TOP PICK
April 9, 2012
(A Top Pick March 17/11. Down 41%.) Sells GPS devices into the agriculture market. Grain prices have come down so expectations for the company have also come down. He exited this position.
(A Top Pick March 17/11. Down 41%.) Sells GPS devices into the agriculture market. Grain prices have come down so expectations for the company have also come down. He exited this position.
James Hodgins
Chief Investment Officer, Curvature Hedge Strategies
Price
$0.830
Owned
No
TOP PICK
TOP PICK
April 4, 2012
Probably pretty fairly valued right and $.81. Company has disappointed investors frequently. Last year had record revenues but still lost money. They need to figure out how to improve margins. Environment right now is very good as farmers have had excellent incomes over the last couple of years and can afford the product. They need to figure out how to sell into that market for a more consistent profit.
Probably pretty fairly valued right and $.81. Company has disappointed investors frequently. Last year had record revenues but still lost money. They need to figure out how to improve margins. Environment right now is very good as farmers have had excellent incomes over the last couple of years and can afford the product. They need to figure out how to sell into that market for a more consistent profit.
Ben Stadelmann
Vice President, Contra the Heard
Price
$0.810
Owned
Yes
TOP PICK
TOP PICK
February 16, 2012
Had record revenues in the last quarter, which is normally their weaker quarter. No debt and about $10 million in the bank. Target price is $3.49.
AgJunction Inc (AJX-T)
February 16, 2012
Had record revenues in the last quarter, which is normally their weaker quarter. No debt and about $10 million in the bank. Target price is $3.49.