Geoffrey L. Stack, a director at Tejon Ranch Co (NYSE:TRC), recently sold 2,500 shares of the company's common stock. The shares were sold at a price of $16.10 each, resulting in a total transaction value of $40,250. Following this transaction, Stack holds a total of 80,044 shares, with 67,544 shares held indirectly through a non-qualified deferred compensation plan trust and 12,500 shares held directly.
In other recent news, Tejon Ranch Co. announced significant changes to its board of directors. The real estate company has appointed Eric Speron as a new director following a Support Agreement with Nitor Capital Management, LLC and David J. Spier. The agreement includes a standstill period, during which Nitor, a significant shareholder in Tejon Ranch Co., will adhere to specific standstill and voting commitments. If Speron is unable to serve during this period and Nitor maintains a specified level of ownership, Nitor will be able to recommend a replacement director.
In another development, Tejon Ranch Co. disclosed the upcoming retirement of long-standing director Geoffrey L. Stack. Stack, who has contributed significantly to the company's growth since 1998, will conclude his 26-year tenure after a board meeting in December 2024. His roles spanned various committees, including the Real Estate Committee as the lead director, the Audit Committee, and the Compensation Committee. These recent developments reflect changes in the company's leadership structure.
InvestingPro Insights
As Geoffrey L. Stack reduces his stake in Tejon Ranch Co (NYSE:TRC), investors might benefit from a closer look at the company's financial health and market position. According to InvestingPro data, Tejon Ranch has a market capitalization of $426.75 million, with its stock trading at $16.58 as of the previous close.
InvestingPro Tips highlight some key aspects of Tejon Ranch's financial situation. The company is currently not profitable over the last twelve months and does not pay a dividend to shareholders. This aligns with the observed insider selling, as executives may be less inclined to hold onto shares when profitability is challenged.
On a positive note, Tejon Ranch operates with a moderate level of debt and its liquid assets exceed short-term obligations, suggesting a stable financial foundation despite current profitability challenges. The company's Price to Book ratio of 0.91 indicates that the stock may be undervalued relative to its book value.
Revenue for the last twelve months stood at $40.12 million, with a concerning revenue growth decline of 12.83% over the same period. However, the most recent quarterly revenue growth showed a 6.34% increase, potentially signaling a turnaround in the company's sales performance.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and metrics to further evaluate Tejon Ranch's investment potential. There are 7 more InvestingPro Tips available for TRC, providing a deeper insight into the company's financial health and market position.
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