Weyco Group Inc. (NASDAQ:WEYS), a leading distributor in wholesale apparel, has reported a recent sale of shares by VP and President of BOGS & RAFTERS, Dustin Combs. The executive sold a total of 1,261 shares of common stock across two transactions on September 3 and September 4, 2024, for a total value of $41,588.
The sales were executed at prices ranging from $32.73 to $33.02 per share. The first transaction on September 3 involved 1,088 shares at $33.02 each, while the subsequent sale on September 4 included 173 shares at $32.73 per share. Following these transactions, Dustin Combs retains ownership of 2,700 shares of the company's common stock.
The transactions were disclosed in a Form 4 filing with the Securities and Exchange Commission (SEC), which provides insights into the trading activities of the company's insiders. The filing indicated that these were direct sales of the stock.
Weyco Group, headquartered in Glendale, Wisconsin, is known for its distribution of quality footwear and operates under various brand names. The company's stock is traded on the NASDAQ stock exchange under the ticker symbol WEYS.
Investors often monitor insider sales and purchases as they can provide valuable signals about the company's current state and future prospects. However, it is essential to consider that trading by executives can be subject to various personal financial needs and strategies, and not necessarily indicative of the company's performance.
For more detailed information, investors are encouraged to review the official SEC filings.
In other recent news, Weyco Group reported mixed results in its second-quarter 2024 financial results. The company saw a 5% decrease in net sales, dropping to $63.9 million compared to the previous year. However, despite this downturn, Weyco Group achieved a record net earnings increase of 15%, reaching $5.6 million. The North American wholesale segment experienced a slight 2% dip in net sales, while Florsheim Australia faced a more significant 23% decline.
On the brighter side, consolidated gross earnings rose to 43.9% of net sales, and operational cash flow remained robust. The company holds $84.8 million in cash and marketable securities and has no debt on their revolving line of credit. Weyco Group generated $17.7 million from operations in the first half of 2024, with $7.2 million paid in dividends.
In terms of future developments, Weyco Group anticipates annual capital expenditures to be between $1 million and $3 million in 2024. The company is also introducing more hybrid and athleisure styles to meet consumer demand and continuing investments in the online platform to fuel future retail growth. These are recent developments within the company.
InvestingPro Insights
Weyco Group Inc. (NASDAQ:WEYS) has demonstrated a solid financial foundation, as highlighted by InvestingPro Tips. Notably, the company holds more cash than debt on its balance sheet and has maintained dividend payments for an impressive 54 consecutive years. These factors may reassure investors about the company's financial stability and commitment to shareholder returns, even as insider sales such as those by VP and President of BOGS & RAFTERS, Dustin Combs, occur.
From a valuation standpoint, Weyco's valuation implies a strong free cash flow yield, which suggests that the company is generating a healthy amount of cash relative to its share price. This is further supported by the fact that the company's cash flows can sufficiently cover interest payments, indicating a lower risk of financial distress.
InvestingPro Data metrics provide additional context to the company's current financial health. Weyco Group's market capitalization is at $309.07 million, and the stock is trading with a price-to-earnings (P/E) ratio of 10.28, which has slightly adjusted to 10.14 over the last twelve months as of Q2 2024. This P/E ratio suggests that the stock may be reasonably valued compared to earnings. Furthermore, the company's gross profit margin stands at a robust 45.57%, showcasing its ability to maintain profitability.
For investors seeking more in-depth analysis and additional InvestingPro Tips, there are 5 more tips available on the company's profile at https://www.investing.com/pro/WEYS. These tips could provide further insights into Weyco Group's financial health and future outlook, complementing the data presented in this article.
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