In a flash, the price per share soared by $7.73 to a 52-week high.
By the time trading ceased for the day, shares in the La Belle, FL-based company closed up $4.25 or 22.91% at $22.80 on volume of 595,200.
It appears Alico shareholders profited from an article published in the Barron's financial journal. "That's apparently what is doing it," W. Bernard Lester, Alico president tells GlobeSt.com. On the apparent recommendation of a reader, Barron's re-examined the company's growth and a string of land transactions over the past several years
In an item published in mid-April, GlobeSt.com reported Alico granted options to Ginn Development Co. on about 4,500 acres in Lee County in a deal valued at about $112 million or $24,888 per acre (57 cents per sf).
In shareholder reports, Alico lays claim to about 142,000 acres of land in Collier, Lee, Hendry and Polk counties. The estimated appraised value of the dirt is $32.6 million or $230 per acre (five cents per sf), according to GlobeSt.com research. Alico is selling the dirt for 10 times that amount, according to country real estate records.
Last August, Alico contracted to sell 488 acres to a Florida university for $10.6 million or $21,721 per acre (50 cents per sf).
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