In a recent transaction, Corre Partners Management, LLC, along with its associated funds, has acquired additional shares of Team Inc (NYSE:TISI), a company specializing in miscellaneous repair services. The purchase, which took place on June 14, 2024, involved buying 4,000 shares at a price of $8.288 per share, amounting to a total investment of $33,152.
This move has increased the collective holdings of Corre Partners Management and its related entities, which now include Corre Opportunities Qualified Master Fund, LP, Corre Horizon Fund, LP, and Corre Horizon II Fund, LP. Post-transaction, the shares are held directly by the funds, with Corre Opportunities Qualified Master Fund, LP holding 1,040,951 shares, Corre Horizon Fund, LP with 249,942 shares, and Corre Horizon II Fund, LP owning 268,627 shares of Team Inc's common stock.
The funds are managed by Corre Partners Management, LLC, which has been delegated investment management authority by Corre Partners Advisors, LLC, the general partner of the funds. John Barrett and Eric Soderlund, as co-owners and managing members of the Investment Adviser and the General Partner, oversee the investment strategies for these funds.
Investors may view these purchases as a sign of confidence from the fund managers in the future prospects of Team Inc, as buying activity from insiders and large stakeholders is often closely monitored by the market. The details of the transaction were disclosed in a Form 4 filing with the Securities and Exchange Commission, dated June 17, 2024.
In other recent news, Team Inc. has announced the expansion of its Board of Directors with the appointment of Pamela J. McGinnis as a Class II director. The addition of Ms. McGinnis has increased the Board's size from six to seven directors, and she will also serve on the Board's Compensation Committee. With over three decades of experience from her tenure at Phillips 66 (NYSE:PSX) and its predecessor companies, Conoco and ConocoPhillips (NYSE:COP), her roles have included Corporate Vice President of Global Sales, Retail Operations and Marketing, and Chief Procurement Officer. Her extensive commercial, procurement, and operational expertise in the oil and gas industry are expected to contribute to Team's strategic goals. Ms. McGinnis will serve until the company's annual meeting of shareholders in 2024, with an intention to stand for re-election for a term until 2027. These are among the recent developments at Team Inc.
InvestingPro Insights
Team Inc (NYSE:TISI) has recently been the subject of increased investor attention following Corre Partners Management, LLC's additional share acquisition. In light of this transaction, a closer look at Team Inc's financial health and market performance using InvestingPro's real-time data and insights provides a clearer picture of the company's current position.
InvestingPro data indicates that Team Inc has a market capitalization of $35.19 million, reflecting its size within the miscellaneous repair services industry. Despite a challenging financial performance over the last twelve months, as evidenced by a negative price-to-earnings (P/E) ratio of -0.52, the company has shown a strong return on investment recently. The price total return over the last three months has surged to 42.44%, coupled with a notable six-month price total return of 32.22%. This recent uptick in performance aligns with the 1 Month Price Total Return of 13.56%, suggesting a positive short-term trend for the stock.
Two InvestingPro Tips shed additional light on Team Inc's situation: First, the company operates with a significant debt burden, which may raise concerns about its ability to make interest payments on its debt. Second, despite the high price volatility that characterizes Team Inc's stock, it is important to note that the company's liquid assets exceed its short-term obligations, providing some financial flexibility.
For investors considering a deeper dive into Team Inc's financials and future outlook, InvestingPro offers a comprehensive suite of additional tips. With PRONEWS24, new subscribers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are 8 more InvestingPro Tips available that can provide further guidance on whether Team Inc's recent performance is a sign of a turnaround or a temporary surge.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.