In a recent transaction, Angela Y. Jones, Senior Vice President and Global Chief People Officer at ACCO Brands Corp (NYSE:ACCO), sold 15,000 shares of the company's common stock, resulting in total proceeds of $74,325. The sale was executed at a weighted average price of $4.955 per share, with individual transactions ranging from $4.95 to $4.97.
The sale took place on May 7, 2024, and was disclosed in a Form 4 filing with the Securities and Exchange Commission. Following the sale, Jones retains ownership of 18,620.51 shares of ACCO Brands Corp, a leading manufacturer in the office products sector.
Investors often monitor insider transactions as they provide insights into executives' perspectives on their company's stock value. The specific reasons for Jones's sale have not been disclosed, but the transaction details, including the number of shares sold and the prices obtained, are available upon request.
ACCO Brands Corp, known for its office supplies and equipment, continues to be a significant player in the industry, with its stock traded on the New York Stock Exchange. Insider sales like these are a routine part of corporate financial activities and are reported to the SEC for transparency and regulatory purposes.
InvestingPro Insights
ACCO Brands Corp (NYSE:ACCO) appears to be navigating a complex financial landscape. According to recent data from InvestingPro, the company's market capitalization stands at $483.94 million, reflecting its current valuation in the market. Despite a challenging period, with revenue declining by 6.26% over the last twelve months as of Q1 2024, ACCO's gross profit margin remains strong at 32.94%. This indicates that the company is still able to maintain a healthy difference between the cost of goods sold and revenue.
An InvestingPro Tip notes that while ACCO's stock price has experienced significant volatility, with a price drop of over 21% in the past three months, the company is expected to return to profitability this year. This projection is supported by the fact that analysts predict an increase in net income, which may provide a more optimistic outlook for potential investors.
The dividend yield for ACCO is notably high at 6.11%, suggesting that the company continues to return value to its shareholders despite recent stock price challenges. This, coupled with the fact that the company's liquid assets exceed its short-term obligations, presents a potentially attractive proposition for investors seeking income-generating stocks.
For those interested in deeper analysis and more InvestingPro Tips, including the two additional tips not mentioned here, visit https://www.investing.com/pro/ACCO. And remember, by using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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