ST. LOUIS, MO – Spire Inc (NYSE:SR) reported that its Vice President and Chief Human Resources Officer, Gerard J. Gorla, sold 500 shares of company stock on August 22, 2024. The sale, which amounted to a total of $32,409, was executed at a price of $64.82 per share.
This transaction has adjusted Gorla's direct ownership in the company to a total of 7,311 shares. It should be noted that this amount includes shares acquired through a dividend reinvestment plan, as indicated in the footnotes of the filing. Additionally, Gorla has indirect holdings in Spire Inc through a 401(k) plan and a brokerage account. Specifically, 5,501.027 shares are held in the company stock fund of the 401(k) plan, and 100 shares are held in a brokerage account, over which Mr. Gorla and his wife share voting and dispositive power.
Investors often monitor insider trading activity, such as stock sales and purchases by company executives, as it can provide insights into the leadership's confidence in the company's future performance. While such transactions are a routine part of personal financial management for many executives, they are required to be publicly disclosed to ensure transparency and maintain fair trading practices.
The disclosed sale by the VP and Chief HR Officer of Spire Inc is part of these routine disclosures, and the details are available for public record as per regulatory requirements. The company, Spire Inc, operates in the natural gas distribution industry and is incorporated in Missouri, with its fiscal year ending on September 30.
For further details on insider transactions and holdings, investors can refer to the company's filings and public disclosures, which provide a comprehensive view of the financial dealings of the company's executives and major shareholders.
In other recent news, Spire Missouri Inc., a subsidiary of Spire Inc., has successfully issued $320 million in First Mortgage Bonds, due in 2034. The proceeds from this issuance are planned to redeem the company's existing $300 million Floating Rate Series First Mortgage Bonds due in 2024, with the remaining funds allocated for general corporate purposes. The issuance was led by a group that included BMO Capital Markets Corp., J.P. Morgan Securities LLC, TD Securities (USA) LLC, and U.S. Bancorp Investments, Inc.
Meanwhile, Spire Inc. reported a significant improvement in its fiscal third quarter of 2024, narrowing its net economic earnings loss to $0.14 per share from the $0.42 per share loss in the same quarter of the previous year. This positive development is attributed to the company's focus on cost management strategies and economic development initiatives aimed at enhancing customer affordability and bolstering long-term growth. Furthermore, Spire has revised its fiscal year 2024 earnings guidance to a range of $4.15 to $4.25 per share.
Additionally, Spire's recent acquisition of MoGas and the inclusion of Salt Plains have positively contributed to earnings, while its marketing segment continues to grow. New rates in Missouri and Alabama have benefited the company's gas utilities, with a general rate case planned to be filed in Missouri in the fourth quarter of 2024. These are among the recent developments as Spire continues to focus on strategic initiatives to ensure long-term profitability and customer satisfaction.
InvestingPro Insights
As Spire Inc (NYSE:SR) navigates the natural gas distribution market, a closer look at the company's financial health and stock performance metrics can provide investors with a clearer picture of its current standing. According to InvestingPro data, Spire Inc has a market capitalization of $3.78 billion and a Price/Earnings (P/E) ratio of 15.59, indicating how much investors are willing to pay for each dollar of earnings. The company's P/E ratio has been adjusted to 16.31 over the last twelve months as of Q3 2024, slightly higher than the current P/E ratio.
One of the InvestingPro Tips highlights that Spire Inc has raised its dividend for 20 consecutive years, demonstrating a strong commitment to providing consistent returns to shareholders. Additionally, the company has maintained dividend payments for an impressive 54 consecutive years. This long history of dividend payments may be particularly appealing to income-focused investors. Furthermore, the company's dividend yield stands at 4.66% as of the latest data, with a dividend growth of 4.86% over the last twelve months as of Q3 2024, which is an important consideration for those relying on dividend income.
Another key metric for investors is the company's stock performance. Spire Inc is trading near its 52-week high, with a price that is 96.35% of the peak, reflecting strong investor confidence. The company's stock has also experienced a 15.73% one-year price total return, suggesting a robust performance over the past year.
Investors interested in a deeper analysis of Spire Inc's prospects can find additional InvestingPro Tips on the dedicated page at: https://www.investing.com/pro/SR. With these insights, shareholders and potential investors can make more informed decisions regarding their investment in Spire Inc.
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