Winmill & Co. Inc buys global self storage shares worth over $13k

Winmill & Co. Inc, an investment advisory firm, recently made notable purchases of shares in Global Self Storage, Inc. (NASDAQ:SELF), a real estate investment trust. According to recent filings, the company acquired a total of 2,636 shares of Global Self Storage, with the transactions valued at over $13,756.

The purchases were made in two separate transactions. On August 29, 2024, Winmill & Co. Inc bought 800 shares at a price of $5.23 per share. The following day, the company added 1,836 shares to its holdings, paying an average price of $5.2137 per share. These transactions have expanded Winmill & Co. Inc's position in the company, now holding a total of 40,183 shares of Global Self Storage.

Investors often look at such purchases as a sign of confidence from significant shareholders or company insiders. The recent acquisitions by Winmill & Co. Inc reflect a commitment to Global Self Storage, as the company increases its stake in the real estate investment trust.

The reporting person indicated in the filing may be considered an affiliate of the issuer. It is noted that the Winmill Family Trust owns all of the voting stock of the reporting person, with Thomas B. Winmill and Mark C. Winmill serving as trustees. They may be deemed to have indirect beneficial ownership of the shares due to their positions. However, they have disclaimed beneficial ownership of these shares, a common practice when reporting such transactions.

The transactions were signed off by Donald Klimoski II on behalf of Winmill & Co. Incorporated, as stated in the ownership document filed on August 30, 2024. For investors keeping an eye on insider activity, these recent purchases by Winmill & Co. Inc offer insights into the company's movements in the stock market, specifically regarding Global Self Storage, Inc.

In other recent news, Global Self Storage Inc. has renewed its $15 million revolving credit facility with The Huntington National Bank, extending it for an additional three years. This financial move is part of the company's broader strategy to bolster its balance sheet and fuel growth initiatives. The credit line's interest rate on withdrawn funds is set at the one-month SOFR plus 3.00%.

In more developments, the company rejected a buyout offer from Etude Storage Partners LLC. The offer proposed purchasing all outstanding shares of Global Self Storage for $6.15 each in cash, but the Board of Directors unanimously deemed it insufficient. The board believes that executing the company's strategic business plan will yield greater long-term value for shareholders than the proposed acquisition.

Global Self Storage's strategic plan includes funding acquisitions and expanding existing properties. The company's management team is confident in their ability to continue executing this strategic business plan, focusing on capital formation, debt and equity management, dividend policy, and maintaining optimal cash levels to support financial performance measures. These recent developments underscore the company's commitment to its strategic initiatives over a sale.

InvestingPro Insights

Global Self Storage, Inc. (NASDAQ:SELF) has been the subject of recent investment interest, as evidenced by the purchase of shares by Winmill & Co. Inc. To provide further context to these transactions, it's worth considering some key financial metrics and insights from InvestingPro.

As of the latest data, Global Self Storage has a market capitalization of $58.37 million and a P/E ratio of 26.24, indicating the price investors are willing to pay for each dollar of earnings. This valuation comes in the wake of a significant price increase, as the company's stock has seen a 27.37% uptick over the last six months. This aligns with one of the InvestingPro Tips, which points out that the company has experienced a large price uptick in this period.

Regarding the company's financial health, Global Self Storage appears to be in a stable position. It operates with a moderate level of debt and has liquid assets that exceed its short-term obligations. Moreover, the company has been profitable over the last twelve months, a positive sign for potential investors. These insights come from additional InvestingPro Tips, which also highlight that the company has a poor free cash flow yield, suggesting that investors should be cautious about the company's ability to generate cash.

For those interested in dividend income, Global Self Storage currently offers a dividend yield of 5.53%, with the ex-date of the last dividend being June 17, 2024. This could be an attractive feature for income-focused investors.

InvestingPro has a wealth of additional tips on Global Self Storage, Inc., with a total of 5 tips available at https://www.investing.com/pro/SELF. These tips may provide investors with a deeper understanding of the company's performance and potential investment risks or opportunities.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.