In a recent move, the Ned L. Sherwood Revocable Trust, associated with ten percent owner Ned L. Sherwood, has made significant purchases of Barnwell Industries Inc (NYSEAMERICAN:BRN) shares, with transactions totaling over $237,000. The series of purchases took place over three consecutive days, indicating a strong buying interest from the trust.
According to the filing, on April 15, 2024, the trust acquired 71,050 shares at a weighted average price of $2.67. The following day, an additional 6,711 shares were bought at an average of $2.74 per share. The buying spree concluded on April 17, with 10,650 shares purchased at a weighted average price of $2.78. This series of transactions displays a price range between $2.67 and $2.78 for the shares acquired during the reported period.
The trust, under the management of MRMP-Managers LLC, with Mr. Sherwood as the Chief Investment Officer, now holds a significantly increased stake in Barnwell Industries. It should be noted that Mr. Sherwood disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest therein. This disclaimer also extends to the shares held by the Ned L. Sherwood Revocable Trust, where Mr. Sherwood serves as the sole trustee and beneficiary.
The accumulation of shares by the trust aligns with its position as a ten percent owner of the company, and the recent purchases further solidify this substantial ownership. The filings also make it clear that full information regarding the number of shares bought at each separate price can be provided upon request, ensuring transparency in the transaction process.
Investors and followers of Barnwell Industries will undoubtedly keep a close eye on the trust's investment moves, as such significant transactions often signal confidence in the company's future prospects.
InvestingPro Insights
In light of the Ned L. Sherwood Revocable Trust's recent stock acquisitions of Barnwell Industries Inc (NYSEAMERICAN:BRN), it's worth considering the company's financial health and market performance through the lens of InvestingPro data. Barnwell Industries has demonstrated a strong return over the last month, with a 15.68% price total return, which may have influenced the trust's decision to increase its stake. Despite a challenging period with a revenue decline of 21.86% over the last twelve months as of Q1 2024, the company's stock has been trading with low price volatility, a fact that might appeal to investors seeking stability.
From a valuation standpoint, Barnwell Industries currently has a Price to Book (P/B) ratio of 1.31, suggesting that the market values the company close to its book value. This metric, along with the company's strong five-year return, could be a signal to investors of the company's long-term potential. Additionally, with a dividend yield of 2.2%, Barnwell Industries may also attract income-focused investors.
For those interested in a deeper analysis, InvestingPro offers additional insights and metrics. With the company not profitable over the last twelve months, potential investors should consider the full picture provided by InvestingPro, which includes more tips that could guide investment decisions. To access these insights and take advantage of the full spectrum of InvestingPro features, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
It's also worth noting that there are 5 additional InvestingPro Tips available for Barnwell Industries, which could further inform investors about the company's performance and investment potential. The next earnings date is set for May 13, 2024, which will be a critical moment for the company and its stakeholders to reassess its financial trajectory.
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