Cigna earnings beat by $0.04, revenue topped estimates
Geoffrey L. Stack, a director at Tejon Ranch Co. (NYSE:TRC), recently sold 2,500 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The $409 million market cap company currently shows a Fair financial health rating according to InvestingPro data, with a strong current ratio of 2.84x indicating solid short-term liquidity. The shares were sold at a price of $15.60 each, totaling $39,000. The sale price was slightly above the current trading price of $15.23, with analysts setting a higher target of $26.25. Following this transaction, Stack indirectly owns 67,544 shares through the Non-Qualified Deferred Compensation Plan Trust. InvestingPro analysis reveals additional insights about the company's financial outlook, with 7 more key tips available to subscribers. This sale was conducted under a pre-established trading plan, as noted in the filing.
In other recent news, Tejon Ranch Co. has declared a series of significant changes in its executive leadership and board of directors. President and CEO, Gregory S. Bielli, has postponed his retirement from the end of 2024 to March 31, 2025, to ensure smooth leadership transition. The company is currently in the process of finding Mr. Bielli's successor with the help of an ad hoc search committee.
Moreover, Allen E. Lyda, a key executive with a 35-year tenure, is set to retire on March 1, 2025. His roles included Executive Vice President, Chief Operating Officer, Assistant Secretary, and Assistant Treasurer. Also, Geoffrey L. Stack, a director with a 26-year tenure, will retire following the December 11, 2024 board meeting.
In terms of board changes, Tejon Ranch Co. has appointed Eric Speron as a new director following a Support Agreement with Nitor Capital Management, LLC, and David J. Spier. If Speron is unable to serve, Nitor, a significant shareholder, has the opportunity to recommend a replacement director.
These recent developments come as the company faces profitability challenges with declining revenues, as noted by InvestingPro. Despite these challenges, the company maintains strong liquidity with a current ratio of 2.84.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.