Good article today from Seeking Alpha. writer brings up a number of good points on why the stock is trading so cheap. he should point out that the company's cash position has increased 40% in 3 years. That's the reason I am waiting for the stock to make another run.
article was a real hatchet job, but ironically contained all the seeds as to why one should invest in the company. 1. Road construction has been in slowdown for a long time, that pendulum will swing---there is a limit as to how long that can last w/o real deleterious effects to the economy, and the recent passing of highway funding offers some near term visibility where none existed before. 2.The doubtful receivables have been drastically reduced. 3. There is risk to the investment portfolio, but it looks pretty conservative w/no level 3 investments, ands at least the company isn't just letting cash sit on the Balance Sheet earning 0.1%. Mgmt. can react if interest rates start to turn, and you are getting the portfolio at a decent discount to cash value, while waiting for the asphalt business to turn. Looks like an acquisition target to me when that happens--hence the classified stock and management wanting to control that process if it happens IMO. I'll agree the co. should really offer some dividend so shareholders get paid to wait.