Buckle (NYSE:BKE) Inc's President and CEO, Dennis H. Nelson, has recently sold a significant amount of company stock, totaling over $600,000. The transactions, which took place on August 5 and August 7, 2024, were executed at varying share prices, ranging from $37.8012 to $40.3318.
On August 5, Nelson sold 15,340 shares of Buckle Inc (NYSE:BKE), a leading retailer in family clothing stores, at a price of $37.8012 per share. Two days later, on August 7, he sold an additional 900 shares at a higher price point of $40.3318 per share. The total proceeds from these sales amounted to $616,169.
It is important to note that these sales were conducted in accordance with a 10b5-1 trading plan, which was adopted by Nelson on April 24, 2024. A 10b5-1 trading plan allows insiders of publicly-traded corporations to set up a trading plan for selling stocks they own, in compliance with the insider trading laws.
Following these transactions, Nelson's direct and indirect ownership in Buckle Inc includes 1,950,377 shares held indirectly through a trust, 67,500 shares held indirectly by his wife, and smaller amounts held by family trusts and a 401(k) plan. Notably, Nelson disclaims beneficial ownership of certain shares held by family trusts, as indicated in the footnotes of the filing.
These recent sales by the CEO are part of the regular disclosure of stock transactions by company executives and are publicly reported for investor consideration.
In other recent news, Buckle, Inc. reported a decline in comparable store net sales for both the 5-week and 22-week periods ended July 6, 2024, with net sales dropping 5.8% to $101.7 million for the 5-week period. Year-to-date figures also showed a downturn, with overall net sales for the 22-week period decreasing by 7.1% to $446.2 million. Buckle's first-quarter earnings and revenue fell short of Wall Street expectations, with earnings per share at $0.69, lower than the anticipated $0.75, and revenue at $262.48 million, missing the projected $264.16 million.
In addition, Buckle declared a quarterly dividend of $0.35 per share. The company also reported the opening of a new store in San Marcos, Texas, and the closure of two stores. UBS reaffirmed its sell rating on Buckle, maintaining a price target of $32.00, and predicts a continuation of Buckle's negative sales trend through fiscal year 2024. These are recent developments for Buckle, Inc.
InvestingPro Insights
In light of the recent stock sales by Buckle Inc's CEO, Dennis H. Nelson, investors may be curious about the company's current financial health and market performance. According to InvestingPro data, Buckle Inc (NYSE:BKE) has a market capitalization of approximately $1.97 billion, and it operates with a moderate level of debt. The company's Price/Earnings (P/E) ratio stands at 9.25, reflecting investor sentiment about its earnings potential.
One of the more notable InvestingPro Tips for Buckle is the company's impressive gross profit margin, which was 58.87% over the last twelve months as of Q1 2023. This indicates a strong ability to control costs and maintain profitability in its operations. Additionally, Buckle has been successful in paying a significant dividend to shareholders, boasting a dividend yield of 9.86% for 2024, and has maintained these payments for 22 consecutive years.
Despite a recent downturn in the stock price, with a one-week total return of -8.45% as of the latest data, analysts predict Buckle will remain profitable this year. The company's continued profitability, as demonstrated by a return on assets of 24.14% over the last twelve months as of Q1 2023, is a testament to its operational efficiency.
For investors seeking more in-depth analysis, there are additional InvestingPro Tips available, providing a comprehensive overview of Buckle's financial performance and market outlook. Visit https://www.investing.com/pro/BKE to explore further insights and make informed investment decisions.
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