Geoffrey L. Stack, a director at Tejon Ranch Co (NYSE:TRC), recently sold 2,500 shares of the company's common stock. The shares were sold at a price of $16.10 each, resulting in a total transaction value of $40,250. The transaction occurred near the stock's current trading price of $15.95, in a company with a market capitalization of approximately $426 million. According to InvestingPro analysis, the stock appears to be trading above its Fair Value. Following this transaction, Stack holds 77,544 shares, with 67,544 shares indirectly owned through a Non-Qualified Deferred Compensation Plan Trust and 10,000 shares directly owned. This sale was conducted under a pre-arranged trading plan, commonly known as a 10b5-1 plan. InvestingPro data reveals the company maintains a strong liquidity position with a current ratio of 2.84, though it faces challenges with negative earnings in the last twelve months. Get access to 6 more key InvestingPro Tips and comprehensive insider trading analysis with an InvestingPro subscription.
In other recent news, Tejon Ranch Co. witnessed significant changes in its boardroom. The real estate firm recently announced the appointment of Eric Speron as a director, following a Support Agreement with Nitor Capital Management and David J. Spier. The agreement, effective immediately, provides for a standstill period leading up to the company's 2026 Annual Meeting of Shareholders. Nitor, a significant shareholder in Tejon Ranch Co., has agreed to certain standstill and voting commitments during this period. If Speron is unable to serve, Nitor, subject to maintaining a specified level of ownership, can recommend a replacement director.
On the flip side, the company is preparing for the impending retirement of long-standing director Geoffrey L. Stack. After the board meeting in December 2024, Stack will conclude his 26-year tenure with the company. Stack, a key contributor to Tejon Ranch Co.'s growth, has served on various committees, including the Real Estate Committee as the lead director, the Audit Committee, and the Compensation Committee. His expertise and guidance will be greatly missed by the company. These are among the recent developments within Tejon Ranch Co.'s leadership.
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