Unfortunately most of joe's properties are in a generally rural slow growth part of the state.combine that with bloated exec officer compensation,virtually no dividend,not to mention the bad economy,especially in the small town part of the state---and you have a recipe for disaster...it will take a long time before this stock reverses it's trend, maybe years into the future.......
Joe has some cash. 150 million bucks after debt...not bad.
Joe has some land. 577,000 acres or so (down from almost 1 million with little to show from shareholders other than 10 bucks of dividends in half a generation).
Some people feel that JOE land is worth much money.
In the mania, JOE was making hay while the sun shone but got greedy. Instead of doing what they historically do which is to screw everyone they have ever dealt with, they decided to drink their own koolaid and magnanimously parcel out the land. THEY GOT STUCK. And if you own JOE, you got stuck.
Now the question is, how long do you hold onto a dream praying to be rescued by some big dumb money or greedy yankees with dollarsigns in their eyes?
THE BOOMERS ARE IN THEIR TERMINAL PHASE. That is all you need to know when you think about this stock.
If mgt is so bad...do you not think that the heavy concentration of top holders that aggregate to well >50% will move to force a change of behavior by management or a replacement of mgt?
Also, longs do not own this for the baby boom retirement play. This is more about a continuation of the migration from colder northern spots such as Buffalo or Cleveland or Omaha to warm, cheap living near the ocean. Geico's next call center should be near P City, not Buffalo, etc.
There is no reason a person should stay and freeze in Ohio when for next to nothing one can afford a nice home, a boat on the ocean, and warmer weather. This trend will not move the numbers this quarter or this year, but the trend of the southern state population increasing is unmistakable and continuous.