Joseph Patrick Daly, a director and significant shareholder of Butler National Corp (OTC:BUKS), recently acquired additional shares of the company. According to a recent SEC filing, Daly purchased 5,000 shares of Butler National Corp at a price of $1.38 per share on October 15, 2024. This transaction totaled $6,899 and increased Daly's direct ownership to 4,035,000 shares.
In addition to his direct holdings, Daly also holds an indirect interest in 4,130,000 shares through EssigPR, Inc., bringing his total ownership to a significant level. The purchase underscores Daly's continued investment in the company, which operates in the miscellaneous amusement and recreation services sector.
In other recent news, Butler National Corporation has announced a significant change in its Board of Directors. The company has welcomed retired Lieutenant General Michael Loh, following the voluntary departure of Aric Peters. Loh, a U.S. Air Force Academy graduate, brings over 40 years of service and an impressive military career, which includes managing a $14 billion budget and overseeing policies for over 108,400 personnel.
His experience, particularly his pilot perspective, is expected to be beneficial for Butler National's growth, especially in the aviation sector. As part of this recent development, potential expansion in sales opportunities, particularly regarding Special Mission Modifications, has been highlighted. This change in the board is part of the company's recent developments aimed at bolstering its operations. These updates are based on recent news items and do not include any personal opinion or speculation.
InvestingPro Insights
Joseph Patrick Daly's recent purchase of Butler National Corp (OTC:BUKS) shares aligns with several positive indicators highlighted by InvestingPro. The company's stock has shown remarkable performance, with InvestingPro data revealing a 100% price total return over the past year and a 71.25% return over the last six months. This strong momentum is further supported by an InvestingPro Tip noting that BUKS has delivered a high return over the last year.
The company's financial health appears robust, with an InvestingPro Tip indicating that liquid assets exceed short-term obligations. This is particularly relevant in the context of Daly's increased investment, suggesting confidence in the company's financial stability. Additionally, BUKS operates with a moderate level of debt, which could be seen as a prudent approach in the current economic climate.
From a valuation perspective, BUKS is trading at an attractive P/E ratio of 6.72, which InvestingPro classifies as a low earnings multiple. This could indicate that the stock is undervalued relative to its earnings potential, potentially explaining Daly's decision to increase his stake.
For investors seeking more comprehensive analysis, InvestingPro offers 7 additional tips for BUKS, providing a deeper understanding of the company's financial position and market performance.
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