CHICAGO—Mark S. Silver, Executive Vice President, General Counsel, and Chief Human Resources Officer of Ryerson Holding Corp (NYSE:RYI), recently sold 9,000 shares of the company's common stock. The shares were sold on November 15 at prices ranging from $24.29 to $24.90, with an average price of $24.56, totaling $221,040.
Following this transaction, Silver holds 107,664 shares of Ryerson Holding Corp. The sale was reported in a filing with the Securities and Exchange Commission, signed by Camilla Rykke Merrick on November 18.
In other recent news, Ryerson Holding Corporation reported a challenging Q3 in 2024, with net sales of $1.13 billion and a net loss of $6.6 million. This downturn was attributed to a reduction in average selling prices and lower sales volumes. Despite these setbacks, Ryerson returned $42 million to shareholders in the third quarter, including $36 million in share repurchases. The company also expressed optimism about future growth and efficiency gains from strategic investments and cost reduction initiatives.
Ryerson projects Q4 2024 revenues between $1 billion and $1.04 billion, with an anticipated average selling price fluctuation of around 1%. The company is also implementing a $60 million cost reduction plan and expects capital expenditures to decrease to $50 million in 2025.
In terms of strategic moves, Ryerson is investing in its Shelbyville facility to improve operational efficiency and has acquired Production Metals to expand its aerospace and defense offerings. Despite the expected sequential volume decline of 8% to 10% in Q4 2024, these recent developments indicate the company's commitment to navigating the current industry challenges and strengthening its future position.
InvestingPro Insights
In light of Mark S. Silver's recent stock sale, it's worth examining Ryerson Holding Corp's (NYSE:RYI) current financial position and market performance. According to InvestingPro data, RYI's market capitalization stands at $793.31 million, with a price-to-earnings ratio of 39.09, suggesting a relatively high valuation compared to earnings.
Despite the recent insider sale, RYI has shown strong short-term performance. InvestingPro Tips highlight that the company has achieved a strong return over the last month and three months, with data showing a 14.19% and 29.45% price total return, respectively. This positive momentum could indicate investor confidence in the company's near-term prospects.
However, it's important to note that RYI's revenue growth has been negative, with a 10.99% decline in the last twelve months as of Q3 2024. This aligns with another InvestingPro Tip suggesting that net income is expected to drop this year.
On a positive note, RYI has been rewarding shareholders, as evidenced by the InvestingPro Tip indicating that the company has raised its dividend for 4 consecutive years. The current dividend yield stands at 3.03%, which may be attractive to income-focused investors.
For those interested in a deeper analysis, InvestingPro offers 12 additional tips for Ryerson Holding Corp, providing a more comprehensive view of the company's financial health and market position.
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