Gary M. Owens, the President and CEO of Mesa Laboratories Inc. (NASDAQ:MLAB), has reported the sale of a significant number of shares in the company. According to a recent SEC filing, Owens sold a total of 5,069 shares over two days, October 28 and October 29. The shares were sold at prices ranging from $111.976 to $113.616 per share, resulting in a total transaction value of approximately $571,735.
These transactions leave Owens with 43,337 shares of Mesa Laboratories following the sales. The filing also notes that some shares were sold to cover tax liabilities. Additionally, Owens acquired 11,559 shares of common stock through the release of performance share units, which were part of a special grant aimed at encouraging long-term retention and performance.
In other recent news, Mesa Laboratories has made several significant announcements. The company declared a regular quarterly dividend of $0.16 per share, a move that underscores its commitment to providing returns to its shareholders. In the realm of corporate governance, Mesa Laboratories conducted a successful annual meeting where seven directors were elected for a one-year term.
In terms of financial oversight, the company announced a change in its independent registered public accounting firm. Moss Adams LLP will take over the role from RSM US LLP for the fiscal year ending March 31, 2025. This change followed a formal request for proposal process initiated by the Audit Committee, with no disagreements or reportable events with the outgoing firm.
On the analysts' front, Evercore ISI maintained an Outperform rating for Mesa Laboratories. These are among the recent developments for Mesa Laboratories, which continues to navigate through a complex regulatory environment and competitive landscape. It's important to note that forward-looking statements are based on current information and expectations, and actual outcomes may significantly differ. These updates provide a snapshot of the company's recent activities and strategic decisions.
InvestingPro Insights
While Gary M. Owens has reduced his stake in Mesa Laboratories Inc. (NASDAQ:MLAB), investors should consider the broader financial picture of the company. According to InvestingPro data, Mesa Laboratories has a market capitalization of $605.23 million and has shown a revenue growth of 2.02% over the last twelve months as of Q1 2023, with total revenue reaching $223.71 million.
Despite the recent share sale by the CEO, there are positive indicators for the company's future. An InvestingPro Tip suggests that net income is expected to grow this year, which could potentially boost investor confidence. Additionally, Mesa Laboratories has maintained dividend payments for 22 consecutive years, demonstrating a commitment to shareholder returns even in challenging times.
However, it's important to note that the company is currently trading at high EBIT and EBITDA valuation multiples, which investors should consider when evaluating the stock. On a more optimistic note, analysts predict that the company will be profitable this year, which aligns with the expected growth in net income.
For investors seeking a more comprehensive analysis, InvestingPro offers 5 additional tips that could provide valuable insights into Mesa Laboratories' financial health and future prospects. These additional tips, along with real-time metrics and expert analysis, are available to InvestingPro subscribers, offering a deeper understanding of the company's position in the market.
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