Geoffrey L. Stack, a director at Tejon Ranch Co. (NYSE:TRC), sold a total of 6,000 shares of the company's common stock on November 22, 2024. The transactions were executed at prices ranging between $15.74 and $15.79 per share, amounting to a total of $94,590.
Following these sales, Stack's direct ownership of Tejon Ranch shares was reduced to 20,000 shares, while he also maintains indirect ownership of 67,544 shares through the Non-Qualified Deferred Compensation Plan Trust.
Tejon Ranch Co., based in Lebec, California, operates in the real estate sector.
In other recent news, Tejon Ranch Co. has witnessed a significant shift in its board of directors. The real estate firm recently announced the appointment of Eric Speron as a new board member, a move that follows a definitive Support Agreement with Nitor Capital Management, LLC, and David J. Spier. As part of the agreement, Nitor, a significant shareholder of Tejon Ranch Co., has agreed to specific standstill and voting commitments.
Simultaneously, the company shared the news of the impending retirement of Geoffrey L. Stack, a long-standing director with a 26-year tenure. Stack's roles included leading the Real Estate Committee and serving on the Audit and Compensation Committees. His departure will be effective following the board meeting in December 2024.
These developments represent recent changes in Tejon Ranch Co.'s leadership structure. The company has acknowledged Stack's significant contributions and expressed that his guidance will be greatly missed. Meanwhile, the appointment of Speron, facilitated by the Support Agreement with Nitor, indicates a new direction for the company's board.
InvestingPro Insights
In light of Geoffrey L. Stack's recent sale of Tejon Ranch Co. (NYSE:TRC) shares, it's worth examining some key financial metrics and insights provided by InvestingPro. The company's market capitalization stands at $423.26 million, reflecting its current valuation in the real estate sector.
InvestingPro data reveals that Tejon Ranch's revenue for the last twelve months as of Q3 2023 was $40.12 million, with a concerning revenue growth decline of 12.83% over the same period. This aligns with one of the InvestingPro Tips, which notes that analysts anticipate a sales decline in the current year.
Another crucial insight from InvestingPro is that Tejon Ranch suffers from weak gross profit margins. This is evident in the reported gross profit margin of -4.57% for the last twelve months as of Q3 2023, indicating challenges in the company's core operations.
Despite these concerns, InvestingPro Tips also highlight that Tejon Ranch operates with a moderate level of debt and its liquid assets exceed short-term obligations, suggesting some financial stability amidst the operational challenges.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 5 more InvestingPro Tips available for Tejon Ranch, providing a deeper understanding of the company's financial health and market position.
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