PORTLAND, OR—Steven Heiskell, Senior Vice President and President of Recycling P&S at Radius Recycling, Inc. (NASDAQ:RDUS), has recently sold a significant portion of the company's stock. According to a filing with the Securities and Exchange Commission, Heiskell sold 9,000 shares of Class A Common Stock on November 7, 2024. The shares were sold at an average price of $19.52 each, resulting in a total transaction value of $175,680.
Following this transaction, Heiskell retains ownership of 121,017 shares of Radius Recycling stock. The sale was executed in multiple trades on the reported date, with prices ranging from $19.50 to $19.63 per share. The transaction was signed off by Joseph J. Bradley, acting as Attorney-in-Fact for Heiskell.
In other recent news, Radius Recycling reported noteworthy developments. The company announced the resignation of board member Michael W. Sutherlin, citing personal reasons and confirming no disagreement with the company's operations, policies, or practices. The board will continue with seven members, including newly appointed independent board member, Mauro Gregorio.
In terms of financial performance, Radius Recycling exhibited resilience amid market challenges, reporting a robust Q4 for fiscal year 2024. The company's adjusted EBITDA nearly doubled to $17 million from the previous quarter, and a $70 million annual cost reduction was achieved. Sales volumes saw an upturn across all segments, with non-ferrous, ferrous, and finished steel sales rising by 13%, 12%, and 11%, respectively.
Looking ahead, Radius Recycling anticipates improved manufacturing activity and scrap supply flows due to lower U.S. interest rates and increased infrastructure spending. The company is also advancing metal recovery technologies and expanding its 3PR service line, with transactions worth $70 million targeted to close in the second half of fiscal 2025. These are among the recent developments in the company's trajectory.
InvestingPro Insights
The recent stock sale by Steven Heiskell comes at a time when Radius Recycling (NASDAQ:RDUS) is experiencing mixed financial signals. According to InvestingPro data, the company's stock has shown significant momentum, with a 39.09% return over the last three months and a notable 20.85% return in just the past week. This recent performance might have influenced the timing of Heiskell's decision to sell.
Despite the positive stock movement, Radius Recycling faces some financial challenges. An InvestingPro Tip indicates that the company operates with a significant debt burden, which could be a concern for long-term investors. Additionally, the company is not profitable over the last twelve months, with a negative P/E ratio of -6.25.
However, it's not all gloomy for Radius Recycling. Another InvestingPro Tip suggests that net income is expected to grow this year, and analysts predict the company will be profitable this year. This potential turnaround could explain why the stock has been performing well recently, despite current profitability issues.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Radius Recycling, providing a deeper understanding of the company's financial health and market position.
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