Standex International Corp (NYSE:SXI) Director Charles H. Cannon Jr. has sold a total of 2,460 shares of company stock, according to a recent SEC filing. The transaction, dated May 9, 2024, was executed at an average price of $178.023 per share, resulting in a total value of approximately $437,936.
The sale has adjusted Cannon's direct holding in the company to 862 shares. In addition to his direct holdings, Cannon holds 17,872 shares indirectly as a trustee of a trust, demonstrating continued vested interest in the company's performance.
Standex International, a manufacturer specializing in refrigeration and service industry machinery, is based in Salem, New Hampshire. The company's stock is publicly traded on the New York Stock Exchange under the ticker symbol NYSE:SXI.
The transaction comes as part of the regular financial activities of corporate executives, with the details publicly disclosed to maintain transparency and comply with SEC regulations. Investors often monitor such sales as they may provide insights into an executive's perspective on the company's current valuation and future prospects.
The filing was signed by Alan J. Glass on behalf of Charles H. Cannon Jr. on May 13, 2024, affirming the accuracy and completeness of the report. Standex International Corp has not issued any official statement regarding the transaction at the time of this report.
InvestingPro Insights
In light of the recent transaction by Standex International Corp (NYSE:SXI) Director Charles H. Cannon Jr., investors may find the following metrics and InvestingPro Tips from InvestingPro particularly insightful:
The company has demonstrated a strong commitment to returning value to shareholders, having raised its dividend for 13 consecutive years and maintaining dividend payments for an impressive 54 consecutive years. This consistency in dividend growth, with a recent increase of 7.14% as of the last twelve months leading up to Q3 2024, underscores Standex International's financial stability and commitment to its shareholders.
Standex International's market capitalization stands at $2.07 billion, and while its P/E ratio of 28.09 suggests a premium valuation relative to earnings, the adjusted P/E ratio for the last twelve months as of Q3 2024 is slightly lower at 25.7, potentially indicating a more favorable earnings perspective moving forward. Additionally, the company's stock has seen a significant price uptick, with a 6-month total return of 31.82% and a year-to-date return of 13.11%, reflecting strong market performance.
Despite some analysts revising their earnings downwards for the upcoming period and an expectation of a net income drop this year, the InvestingPro Tips indicate that the company's cash flows can sufficiently cover interest payments, and its liquid assets exceed short-term obligations. This suggests a healthy financial position that may reassure investors about the company's ability to manage its finances amidst challenges.
For those seeking more in-depth analysis and additional insights, InvestingPro offers a range of tips that can further inform investment decisions. Currently, there are 12 additional InvestingPro Tips available for Standex International Corp, which users can access to gain a comprehensive understanding of the company's financial health and market position. To explore these insights, investors are encouraged to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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