The Successful Investor, in its July, 2014, issue, refreshes its buy of Agrium Inc., recently $99. The Investor said buy 23 times from January, 1997, to April, 2014, at prices ranging from $12 to $114. Assuming an investment of $1,000 for each of the 23 buys, the $23,000 position would now be worth a rewarding $98,901. The fertilizer producer continues to benefit from its plan to expand its retail operations; Agrium's 1,400 outlets in North and South America and Australia now supply 75 per cent of its sales and 40 per cent of its earnings. In October, 2013, the company bought 210 stores from Viterra for $485-million; it is now integrating these operations, which should add $1.7-billion to its annual revenues. Agrium is also expanding its Vanscoy potash mine in Saskatchewan and upgrading its nitrogen fertilizer plant in Borger, Tex. Agrium's long-term debt of $3.1-billion at March 31, 2014, is a moderate 24 per cent of its market capitalization. It also holds cash of $592-million. The stock trades at 15.2 times Agrium's 2014 earnings estimate of $6. It will probably earn $9.27 a share in 2015, giving a more reasonable P/E ratio of 9.8. The current annual dividend of $3 is a 3.3-per-cent yield. Buy.