Geoffrey L. Stack, a director at Tejon Ranch Co. (NYSE:TRC), recently sold 2,338 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The shares were sold at a price of $16 each, totaling $37,408. Following this transaction, Stack holds 93,544 shares, with 67,544 shares indirectly owned through a Non-Qualified Deferred Compensation Plan Trust and 26,000 shares directly owned. Tejon Ranch Co. is a real estate company based in Lebec, California.
In other recent news, Tejon Ranch Co. has seen significant changes in its board of directors. The company announced the appointment of Eric Speron as a new director, following a Support Agreement with Nitor Capital Management and David J. Spier. This agreement also includes a standstill period, during which Nitor, a significant shareholder in Tejon Ranch Co., has agreed to certain standstill and voting commitments. If Speron is unable to serve during this period and Nitor maintains a specified level of ownership, Nitor will have the opportunity to recommend a replacement director.
Furthermore, Tejon Ranch Co. disclosed the impending retirement of its long-standing director, Geoffrey L. Stack. Stack, who has served on the company's board since 1998, will conclude his 26-year tenure following 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. His expertise in the real estate sector and business acumen have been recognized as invaluable assets to the company. These developments mark a new phase 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 $428.36 million, with its stock trading at $16 per share as of the previous close.
InvestingPro Tips highlight some challenges facing the company. Analysts anticipate a sales decline in the current year, which aligns with the reported revenue growth of -12.83% over the last twelve months. Additionally, Tejon Ranch suffers from weak gross profit margins, with a negative gross profit margin of -4.57% in the same period.
On a more positive note, InvestingPro data shows that Tejon Ranch's liquid assets exceed its short-term obligations, suggesting a stable short-term financial position. The company also operates with a moderate level of debt, which could provide some flexibility in its operations and future development plans.
It's worth noting that Tejon Ranch's price-to-book ratio stands at 0.92, indicating that the stock might be undervalued relative to its book value. This could be of interest to value investors, especially considering the company's real estate focus.
For those seeking a more comprehensive analysis, InvestingPro offers additional insights, with 7 more tips available for Tejon Ranch. These extra tips could provide valuable context for understanding the company's prospects in light of recent insider selling activity.
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