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Superior Group of Companies, Inc. (NASDAQ:SGC), a leading firm in the apparel and fabric products industry with a market capitalization of $172 million, reported the results of its Annual Meeting of Shareholders held on Thursday. According to InvestingPro data, the company maintains a strong dividend track record, having paid dividends for 49 consecutive years, with a current yield of 5.48%. The company, headquartered in St. Petersburg, Florida, announced the outcome of several key proposals that were submitted to a vote by its security holders.
During the meeting, shareholders elected seven directors to serve until the next annual meeting or until their successors are elected and qualified. The elected directors include Michael Benstock, Paul Mellini, Todd Siegel, Venita Fields, Andrew D. Demott, Jr., Susan Lattmann, and Loreen Spencer. InvestingPro analysis indicates the company maintains solid financial health with a current ratio of 2.68, suggesting strong liquidity to meet short-term obligations.
Additionally, the compensation of the named executive officers was approved on an advisory basis. Shareholders also favored the advisory proposal to hold future votes on executive compensation every three years, as opposed to every year or two years.
Another critical decision made at the meeting was the ratification of Grant Thornton LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025. This proposal passed with a significant majority.
Of the 16,477,805 shares outstanding and entitled to vote, 14,719,216 shares were present in person or by proxy, indicating a high level of shareholder engagement.
The SEC filing detailing the results of the meeting emphasized the importance of shareholder participation in corporate governance. The filing, made on Thursday, is a standard disclosure following such shareholder meetings as required by the Securities Exchange Act of 1934.
In other recent news, Superior Group of Companies reported its fourth-quarter earnings for 2024, which fell short of analyst expectations. The company posted an earnings per share (EPS) of $0.13, missing the forecasted $0.17, and reported revenue of $145.4 million, slightly below the anticipated $146.53 million. Despite these misses, Superior Group of Companies experienced substantial full-year growth, with a 435% increase in consolidated revenue and diluted EPS year-over-year. Additionally, the company announced a new share repurchase plan, authorized by its Board of Directors, which allows for the buyback of a specified number of shares. In other developments, Superior Group of Companies completed a small acquisition and announced a new $17.5 million stock buyback authorization. Analyst firm DA Davidson recently lowered its price target for the company from $24.00 to $20.00, while maintaining a Buy rating, reflecting cautious optimism about the company’s potential for future growth. The firm noted that Superior Group of Companies’ sales outlook for 2025 aligns with consensus estimates, though it is considered modest due to macroeconomic uncertainties. The company also plans to increase investment in marketing and sales throughout 2025, which is expected to benefit long-term growth.
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