AgJunction Inc

AJX-T

Analysis and Opinions about AJX-T

Signal
Opinion
Expert
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
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