5 Dividend Stocks That Have Doubled Their Payouts

2. Alico, Inc. (NASDAQ:ALCO)

Number of Hedge Fund Holders: 10

Dividend Yield: 5.6%

Alico, Inc. (NASDAQ:ALCO) is an agricultural products company based in the US. It operates through its Alico Citrus and Land Management and Other Operations segments. It hiked its dividend this year by 178%, making it one of the top dividend stocks that have doubled their payout.

In the third quarter of 2021, Alico, Inc. (NASDAQ:ALCO) had an EPS of $3.61, beating estimates by $3.32. Its revenue was $34.89 million, beating estimates by $5.49 million.

Our data shows that 10 hedge funds held stakes in Alico, Inc. (NASDAQ:ALCO) in the third quarter, worth $12.2 million. Comparatively, in the second quarter, seven hedge funds held stakes in the company worth $11.1 million.

Third Avenue Management, an investment management firm, mentioned Alico, Inc. (NASDAQ:ALCO) in its first-quarter 2021 investor letter. Here’s what they said:

“We also exited the Fund’s investment in long-time holding Alico, one of the largest citrus producers in the US. While Alico’s management has made good progress in streamlining and bettering the company, competition from foreign producers has weighed on industry pricing and we believe this is likely to remain a constraint on the industry for the foreseeable future.”