DAVENPORT, IA – In a recent transaction, Steven C. Fletcher, a director at Lee Enterprises, Incorporated (NYSE:LEE), expanded his stake in the company through the purchase of shares valued at $12,370. The transaction, which took place on May 7, 2024, involved 1,000 shares of common stock at a weighted average price of $12.37 each.
This latest acquisition by Fletcher was executed in multiple trades, as noted in a footnote in the filing. The footnote also indicates Fletcher's commitment to provide full details of the transaction, including the number of shares and the prices at which the transaction was effected, upon request to the SEC staff, the issuer, or a security holder of the issuer.
Following the purchase, Fletcher's reported ownership in Lee Enterprises is 6,000 shares held indirectly through the Fletcher Family Trust. The transaction reflects confidence in the company by one of its directors, adding to the common stock he already owns directly.
Lee Enterprises, a leading provider of local news, information, and advertising in 77 markets, has seen its stock perform in a manner closely watched by investors. Transactions by company insiders, such as directors and executives, are often scrutinized for hints about the company's future performance and strategic direction.
Investors and market watchers alike pay attention to such insider trades, as they may provide insights into the company's prospects or the value its own leaders see in the stock. Fletcher's recent purchase will likely be of interest to those following Lee Enterprises' market activity and financial health.
InvestingPro Insights
As Steven C. Fletcher demonstrates his belief in Lee Enterprises' potential through direct stock purchases, investors are keenly observing the company's financial metrics and forecasts. According to InvestingPro data, Lee Enterprises has a market capitalization of $74.45 million, indicating the size of the company in the market. Notably, the company's P/E ratio stands at -5.97, reflecting its current lack of profitability. However, in alignment with Fletcher's actions, the adjusted P/E ratio for the last twelve months as of Q2 2024 is projected at a more favorable 4.25.
The company's performance over recent months shows a strong return, with a 24.44% total price return over the last three months and an even more impressive 34.48% over the last six months. This uptick in price aligns with the InvestingPro Tips that suggest a large price uptick over the last six months and a strong return over the last three months. Moreover, analysts predict the company will be profitable this year, which could further justify Fletcher's investment decision.
While Lee Enterprises does not pay dividends, the potential for capital appreciation might be a compelling aspect for investors. It's worth noting that there are additional InvestingPro Tips available to help investors make informed decisions, and users can access these tips by visiting InvestingPro's dedicated page for Lee Enterprises. For those interested in a deeper dive into the company's analytics, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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