Geoffrey L. Stack, a director at Tejon Ranch Co (NYSE:TRC), recently sold 2,500 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The real estate development company, currently valued at $428 million, has shown mixed financial signals according to InvestingPro data. The shares were sold at a price of $16 each, totaling $40,000. Following this transaction, Stack holds 70,044 shares directly, and indirectly owns 67,544 shares through a Non-Qualified Deferred Compensation Plan Trust. The sale was part of a pre-arranged trading plan. While the company maintains strong liquidity with a current ratio of 2.84, InvestingPro analysis indicates the company is currently trading above its Fair Value, with analysts anticipating sales decline in the current year. Get access to 5 more exclusive InvestingPro Tips and comprehensive financial metrics at InvestingPro.
"In other recent news, Tejon Ranch Co. has seen significant changes in its board of directors. The company recently announced the appointment of Eric Speron as a new board member, following a definitive Support Agreement with Nitor Capital Management, LLC and David J. Spier. This agreement includes a standstill period extending up to the company's 2026 Annual Meeting of Shareholders, during which Nitor, a significant shareholder, has agreed to certain standstill and voting commitments. In the event of Speron's inability to serve, and if Nitor maintains a specified level of ownership, the investment firm will have the opportunity to recommend a replacement director.
Simultaneously, Tejon Ranch Co. disclosed the impending retirement of long-standing director Geoffrey L. Stack. With a tenure spanning 26 years, Stack's departure will be effective following the board meeting on December 11, 2024. His significant contributions to the company's growth, particularly in the Real Estate Committee, Audit Committee, and Compensation Committee, have been recognized by the board. These recent developments mark a notable transition period for Tejon Ranch Co.'s leadership."
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