Ingalls & Snyder LLC Reduces Position in Cadiz, Inc. $CDZI

Ingalls & Snyder LLC decreased its stake in shares of Cadiz, Inc. (NASDAQ:CDZI) by 4.9% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 98,600 shares of the company’s stock after selling 5,100 shares during the quarter. Ingalls & Snyder LLC’s holdings in Cadiz were worth $295,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CDZI. Alyeska Investment Group L.P. purchased a new stake in Cadiz during the 1st quarter worth about $8,016,000. American Assets Investment Management LLC grew its holdings in shares of Cadiz by 1,158.1% during the first quarter. American Assets Investment Management LLC now owns 1,897,217 shares of the company’s stock worth $5,559,000 after buying an additional 1,746,416 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Cadiz during the first quarter worth about $452,000. Levin Capital Strategies L.P. grew its holdings in shares of Cadiz by 4.7% during the first quarter. Levin Capital Strategies L.P. now owns 3,066,380 shares of the company’s stock worth $8,984,000 after buying an additional 136,528 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Cadiz by 55.6% in the 1st quarter. Bank of New York Mellon Corp now owns 158,312 shares of the company’s stock worth $464,000 after acquiring an additional 56,593 shares during the period. Hedge funds and other institutional investors own 79.75% of the company’s stock.

Cadiz Price Performance

CDZI stock opened at $5.47 on Tuesday. The stock has a 50-day moving average price of $4.38 and a two-hundred day moving average price of $3.47. Cadiz, Inc. has a 12-month low of $2.13 and a 12-month high of $6.10. The company has a current ratio of 1.81, a quick ratio of 1.55 and a debt-to-equity ratio of 2.40. The company has a market cap of $448.65 million, a PE ratio of -10.73 and a beta of 1.89.

Cadiz (NASDAQ:CDZI) last issued its earnings results on Wednesday, August 13th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). Cadiz had a negative return on equity of 97.55% and a negative net margin of 217.49%.The firm had revenue of $4.13 million for the quarter, compared to analysts’ expectations of $3.90 million. As a group, research analysts predict that Cadiz, Inc. will post -0.47 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on CDZI. Wall Street Zen raised shares of Cadiz from a “sell” rating to a “hold” rating in a research note on Saturday, August 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cadiz in a research report on Wednesday, October 8th. Finally, Zacks Research raised Cadiz from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 14th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $10.00.

Cadiz Profile

Cadiz Inc, together with its subsidiaries, provides water solutions in the United States. The company operates through Land and Water Resources; and Water Filtration Technology segments. It offers water supply, water storage, water conveyance, and water filtration services. In addition, the company is involved in the cultivation of grain crops and alfalfa, as well as provides water filtration solutions for impaired or contaminated groundwater sources.