Winmill & Co. Inc., an investment advisory firm, recently made a notable investment in Global Self Storage, Inc. (NASDAQ:SELF), a real estate investment trust, by purchasing additional shares worth approximately $24,508. The transactions occurred over two consecutive days and involved a total of 4,731 shares of Common Stock.
On the first day, Winmill & Co. acquired 1,632 shares at a price of $5.162 per share. The following day, the firm continued to expand its holdings with two separate purchases: 2,966 shares at $5.1897 each and a smaller batch of 133 shares at an even $5.2 per share. These transactions reflect a price range of $5.162 to $5.2 for the purchased shares.
The investment moves by Winmill & Co. have increased their ownership in Global Self Storage, with the total number of shares owned following the transactions rising to 37,547. The disclosed purchases are significant as they represent a continued confidence in the self-storage company by a major investment firm.
The filing also noted that the Winmill Family Trust is the owner of all voting stock in Winmill & Co. Inc. Thomas B. Winmill and Mark C. Winmill, who serve as trustees of the Winmill Family Trust, may be deemed to have an indirect beneficial ownership of the shares due to their controlling positions. However, they, along with the Winmill Family Trust, have disclaimed beneficial ownership of these shares.
The reported transactions were signed off by Russell Kamerman, acting on behalf of Winmill & Co. Incorporated, and were made public in accordance with regulatory requirements. Investors and market watchers often scrutinize such filings for insights into the investment strategies of major shareholders and industry insiders.
In other recent news, Global Self Storage, a real estate investment trust, has renewed its $15 million revolving credit facility with The Huntington National Bank for an additional three years. The credit line, backed by the company's properties in New York, Ohio, Indiana, and Connecticut, is part of a broader strategy to strengthen the balance sheet and support growth initiatives, including acquisitions and expansions. This financial move is expected to bolster the company's long-term value creation for shareholders.
Additionally, Global Self Storage recently rejected a buyout offer from Etude Storage Partners LLC. The proposed acquisition, which aimed to purchase all outstanding shares of Global Self Storage for $6.15 each in cash, was deemed insufficient by the company's Board of Directors. The board believes that executing the company's strategic business plan will yield greater long-term value for shareholders.
The strategic plan of Global Self Storage encompasses capital formation, debt and equity management, dividend policy, and maintaining optimal cash levels. These initiatives align with performance measures like funds from operations and adjusted funds from operations. These recent developments underscore the company's commitment to its strategic initiatives over a sale.
InvestingPro Insights
Global Self Storage, Inc. (NASDAQ:SELF) has been the subject of recent investment activity, with Winmill & Co. Inc. increasing their stake in the company. In light of these transactions, a closer look at the company's financial health and market performance through real-time data from InvestingPro could provide valuable context for investors.
According to InvestingPro Data, Global Self Storage has a market capitalization of $58.74 million and operates with a moderate level of debt, which could be seen as a positive sign for investors looking for stable investment opportunities. The company's P/E ratio stands at 26.38, indicating how much investors are willing to pay for each dollar of earnings, which can be a measure of the market's expectations for future growth.
InvestingPro Tips suggest that while Global Self Storage's valuation implies a poor free cash flow yield, the company has been profitable over the last twelve months as of Q2 2024. Additionally, it is reassuring to note that the company's liquid assets exceed its short-term obligations, which suggests financial stability and the ability to meet its immediate financial responsibilities.
The revenue figures for the last twelve months as of Q2 2024 show a slight decrease of 0.48%, yet there was a quarterly revenue growth of 0.75% in Q2 2024. The gross profit margin is notably strong at 61.18%, which points to the company's efficiency in managing its production costs relative to its sales.
For investors interested in dividend income, Global Self Storage boasts a dividend yield of 5.66%, with the ex-date of the last dividend being June 17, 2024. This could be an attractive feature for income-focused investors.
For those seeking further insights, there are additional InvestingPro Tips available at https://www.investing.com/pro/SELF, offering more nuanced guidance on Global Self Storage's financials and market performance.
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