RE:RE:Value and momentumGood explanation of some factors that have traditionally caused HMM.A to trade for a fraction of its intrinsic value.
Keep in mind, if the company keeps up its strong earnings, book value and intrinsic value will continue growing at a nice clip. So investors will reap a good return, even if the stock keeps trading at the same fraction of intrinsic value.
However, it would not take unexpected news to make the stock really pop. If earnings remain strong for another quarter or two, the stock may be re-rated, and may finally catch up to and surpass book value. This is by no means assured, but nor is it a big stretch. Should such a re-rating happen, then as the share price moved north of $5 on the way to book value, some of the other factors you discuss such as liquidity, marginability, and analyst coverage might finally change.
One other factor you do not mention is that many of Hammond's long-tern shareholders have a basis in the $2 range, and with the share price stagnant over recent years while the company has performed well, they have had no motivation to sell. If the share price should climb above $5, some of these long-tern shareholders would be obliged to trim their holdings in order to maintain an appropriate stock weighting in their portfolios. This prying of hands would finally bring some shares to market and help solve the liquidity problem.
These are just my musings and conjectures, and not investment advice. Please do your own due diligence.