Owens & Minor, Inc. (NYSE:OMI) executive Heath H. Galloway, who serves as the company's Executive Vice President, General Counsel, and Corporate Secretary, has recently sold a significant number of shares in the company. The transactions, which took place on May 16 and 17, 2024, involved the sale of 4,083 shares at prices ranging from $19.06 to $20.18, resulting in a total sale value of over $80,000.
The sales were conducted under a Rule 10b5-1 trading plan, which Galloway had previously adopted on August 10, 2023. This type of trading plan allows company insiders to set up a predetermined plan for transacting in the company's securities and is typically used to avoid potential concerns about insider trading.
On May 16, Galloway sold 2,031 shares of Owens & Minor common stock at $20.18 per share. The following day, an additional 2,052 shares were sold at a lower price of $19.06 per share. Following these transactions, Galloway's direct ownership in the company stands at 54,846 shares.
In addition to the sales, Galloway also surrendered 1,768 shares back to the company on May 17 to satisfy tax withholding obligations that arose from the vesting of restricted stock. These shares were valued at $19.11 each, amounting to a total value of $33,786.
The recent sales by a top executive at Owens & Minor could be of interest to investors and market watchers who track insider activity as an indicator of company performance and executive confidence. Shares of Owens & Minor, a distributor of medical and surgical supplies, are publicly traded and can be followed with the ticker OMI on the New York Stock Exchange.
InvestingPro Insights
As investors digest the news of Executive Vice President Heath H. Galloway's recent share sales in Owens & Minor, Inc. (NYSE:OMI), it's important to consider the company's current financial health and market performance for a broader context. According to InvestingPro data, Owens & Minor has a market capitalization of approximately $1.42 billion, and despite a negative price-to-earnings (P/E) ratio of -36.59, the adjusted P/E ratio for the last twelve months as of Q1 2024 stands at a more favorable 10.82.
InvestingPro Tips suggest that Owens & Minor is expected to see net income growth this year, which could be a signal of potential recovery and profitability ahead. This is particularly noteworthy as the company has not been profitable over the last twelve months. However, analysts are predicting the company will turn around and be profitable this year. Moreover, Owens & Minor is recognized as a prominent player in the Healthcare Providers & Services industry and is currently trading at a low revenue valuation multiple, which might appeal to value investors.
On the performance front, the stock has experienced a downturn over the last month with a price total return of -24.89%. This could be an area of concern for investors, but it's essential to consider this in the context of the company's longer-term performance, which has been strong over the last five years. Owens & Minor's position as a key distributor in the medical and surgical supplies sector remains a critical aspect of its market appeal.
For investors seeking a deeper analysis, there are additional InvestingPro Tips available that can provide further guidance on Owens & Minor's performance and outlook. Utilize coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes access to these valuable insights. Currently, there are 11 additional tips listed on InvestingPro that could help investors make more informed decisions.
With a next earnings date slated for August 1, 2024, market participants will be closely monitoring Owens & Minor's performance to see whether the insider selling aligns with the company's financial trajectory or if it's simply a strategic move by the executive.
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