| | Huntco has recently been delisted from the NYSE so this message is being posted in a limbo of sorts. But the best ask at this date is $1.00, a screaming buy. Here is what I have posted in the past (Note that the increase in institutional holdings is not correct. The error resulted from a typo at the source.)...
06-05-2001
I don't usually have conversations with myself, but...
There may be other reasons to buy HCO at 1.12 as of today's close.
1) Bush administration announced today the beginning of serious investigations into dumping
of foreign steel that wreck US markets.
2) Buddy Hunter must be in his seventies now and I think in the frame of mind to get as much
as he can in a sale. Translation: pump up the stock price to about $2.50 then sell for $4.00
3) Institutional ownership increased by 376,000 shares in the latest quarter
05-04-2001
HCO has suffered from neglect and mismanagement for quite some years now, but it
looks as if managment may now be motivated to turn things around. The deal with Enron
for the sale of the Blythesville, AR plant rids the company of a major loss-producing asset
and allows management to concentrate on its profitable hot rolled steel businesses. After
the deal and revaluation of assets, the true book value of the company will probably be
somewhere around $5.00 per share; debt-to-equity will be lower; costs will be more
manageable; cash flow will improve. So at $1.21 per share as of this writing, I think the
potential for an upside move is pretty good. |
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