Actually, I think they were lightening up a bit and had to report b/c they dropped a little below 5% ownership (now 4.5%), unless I'm reading this wrong..... Notice the checked box under Item 5.
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Item 5.
Ownership of 5 Percent or Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following [ X ].
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I'm not concerned. REX is growing its earnings so fast that other buyers are obviously stepping in to take this stock much higher.
I was checking line by line their earnings from Q1 and trying to do a bit of estimating how they'll do this qtr (Q2) and even when I reduce the selling price of DDGs by 15% for the entire quarter (and I don't think it will be nearly that bad) and even assume slightly less robust crush spread margins (actually, I bet we see even better margins than in Q1), I still keep coming out with EPS of around 3.00 for Q2.
That would be terrific, and likely be easily surpassed by REX in Q3 and Q4 if we get the good corn crop for 2014/2015 that everyone is expecting--and consequent much lower corn prices than even today's futures prices.
So my sense is that, just adding 3.00 EPS for each of Q2, Q3 and Q4, the trailing EPS will be around 8.80s for early Sept earnings report, 10.60s or better for early Dec. report, and 11.60s or higher for full year report next March. A good corn crop would merit a higher P/E for all these ethanol companies, so slap a P/E of 13-17 on those EPS numbers to see the resulting likely shareprice for REX.
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