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TEJON RANCH, Calif. - Tejon Ranch Co. (NYSE: TRC), a real estate and agribusiness company with a market capitalization of $443 million and current share price of $16.48, has called on its shareholders to vote in favor of its slate of director nominees at the upcoming Annual Meeting of Shareholders set for May 13, 2025. According to InvestingPro analysis, the company maintains a solid financial position with a current ratio of 2.68, though it currently trades at a relatively high P/E ratio of 206.56. The company has recommended its 10 nominees in opposition to an alternative proposal by Bulldog Investors, which seeks to install three of its own candidates.
Tejon Ranch’s management has emphasized the experience and qualifications of its director nominees, citing their expertise in California’s commercial and residential real estate industry as crucial to the company’s strategic growth. The company has demonstrated some positive momentum with revenue growth of 7.04% over the last twelve months, though InvestingPro analysis indicates challenges ahead with a weak overall Financial Health Score. The company has warned that Bulldog Investors’ nominees lack relevant experience and that their election could jeopardize the company’s long-term value creation and master-planned community developments.
In a statement, Tejon Ranch highlighted endorsements from leading proxy advisory firms ISS, Glass Lewis, and Egan-Jones, which have all recommended the company’s nominees. The company underscored the importance of every shareholder’s vote, regardless of the number of shares owned, and urged immediate action to ensure the company’s continued progress.
Bulldog Investors, on the other hand, is criticized by Tejon Ranch for not providing a credible plan for the company’s future and for potentially disrupting ongoing development efforts. Tejon Ranch asserts that its board’s leadership and commitment are essential as the company enters a critical phase of growth. Financial data from InvestingPro shows the company operates with a moderate debt level, with a debt-to-equity ratio of 0.16, suggesting reasonable financial flexibility for its development plans. Get access to 7 additional exclusive ProTips and comprehensive financial metrics with an InvestingPro subscription.
The company has made available additional information and voting instructions on its website and has engaged D.F. King & Co., Inc. to assist shareholders with the voting process. Tejon Ranch’s Senior Vice President of Corporate Communications & Public Affairs, Nicholas Ortiz, and legal advisor Gibson, Dunn & Crutcher LLP are among the contacts listed for further inquiries.
Tejon Ranch Co., with its significant land holding north of Los Angeles, is actively involved in real estate development and agriculture. The company has made it clear that this press release contains forward-looking statements and has directed shareholders to its SEC filings for a comprehensive understanding of the risks involved in its business.
This news is based on a press release statement from Tejon Ranch Co.
In other recent news, Tejon Ranch Co. has reported a notable 15% year-over-year increase in total revenue, reaching $21.6 million, alongside a significant 186% rise in GAAP net income attributable to common shareholders, totaling $4.5 million. The company is actively engaged in a proxy battle with Bulldog Investors, with both parties vying for control over board nominations at the upcoming Annual Meeting of Shareholders. Tejon Ranch is urging shareholders to support its slate of director nominees, emphasizing their experience and alignment with the company’s strategic direction, while cautioning against Bulldog Investors’ nominees, whom they believe lack the necessary expertise.
Kern County leaders have publicly backed Tejon Ranch’s board, expressing concern that Bulldog’s proposals could undermine local economic stability. Independent advisory firms such as Egan-Jones Proxy Services, Glass Lewis & Co., and Institutional Shareholder Services have recommended voting for Tejon’s nominees, citing Bulldog’s lack of a compelling case for change. Meanwhile, Glenbrook Capital Management, a shareholder of Tejon Ranch, has endorsed Bulldog’s nominees and supports a proposal allowing shareholders to call special meetings, citing dissatisfaction with the current board’s management.
Tejon Ranch has been proactive in enhancing shareholder communication, planning an Investor Day at the New York Stock Exchange and an event at the ranch in 2026. The company has also refreshed its board with four new independent directors in the past six months and appointed Matt Walker as the new President and CEO, effective April 1, 2025. The ongoing proxy contest has become a significant point of discussion, with both sides presenting their visions for the future of Tejon Ranch.
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