In a recent transaction, Lorin L. Brass, a director at Bristow Group Inc. (NYSE:VTOL), sold a considerable amount of company stock, totaling over $197,000. The transactions, which occurred on March 18 and March 19, 2024, were reported in a Form 4 filing with the Securities and Exchange Commission.
On March 18, Brass sold 200 shares of Bristow Group's common stock at a price of $26.00 per share. The following day, he sold an additional 7,500 shares. The sales on March 19 were made at a weighted average price of $25.6462 per share, with individual transactions ranging from $25.50 to $25.90 per share.
The total value of the shares sold by Brass amounted to approximately $197,546. This sale has adjusted his direct ownership in the company to 26,388 shares following the transactions.
Investors often monitor insider transactions such as these for insights into management's perspective on the company's valuation and future prospects. However, it's important to note that there can be many reasons for an insider to sell stock, and such transactions do not necessarily indicate a lack of confidence in the company.
Bristow Group Inc. specializes in air transportation services, particularly non-scheduled transportation, and is known for its operations in the energy and transportation sectors.
The company and Brass have not publicly commented on the specifics of the transactions. However, Brass has committed to providing full information regarding the number of shares sold at each separate price within the range reported if requested by the issuer, any security holder of the issuer, or the staff of the SEC.
InvestingPro Insights
As investors consider the implications of Lorin L. Brass's stock sale in Bristow Group Inc., it's worth examining the company's financial health and market performance through key metrics provided by InvestingPro. With a market capitalization of $760.59 million, Bristow Group is navigating its industry with certain financial nuances that investors should be aware of.
Despite a challenging environment, Bristow Group's net income is anticipated to grow this year, a positive signal for potential investors. This aligns with an InvestingPro Tip indicating that analysts predict the company will turn profitable within the year. However, it's important to note that the company has not been profitable over the last twelve months, as reflected in its negative P/E ratio of -111.20, which further adjusted to -131.36 for the last twelve months as of Q4 2023.
Another InvestingPro Tip worth mentioning is that Bristow Group operates with a significant debt burden, which is an important consideration when evaluating the company's long-term sustainability. On the other hand, the company's liquid assets exceed its short-term obligations, which may provide some reassurance regarding its ability to manage its debt and meet immediate financial liabilities.
Investors looking for yield may need to look elsewhere, as Bristow Group does not pay a dividend to shareholders. For those interested in further analysis and additional InvestingPro Tips, there are 6 more tips available to help make an informed decision. When exploring these and other insights, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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