Tejon Ranch (NYSE:TRC) Stock

Tejon Ranch

Tejon Ranch Co is a diversified real estate development and agribusiness company committed to responsibly using its land and resources to meet the housing, employment, and lifestyle needs of Californians and create value for its shareholders. It has five segments namely commercial/industrial real estate development, resort/residential real estate development, mineral resources, farming, and ranch operations.

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United States Steel, Diageo And Other Big Stocks Moving Lower In Friday&#39;s Pre-Market Session

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Management

Tejon Ranch Appoints Matthew Walker As President & CEO; Succeeds Gregory S. Bielli

U.S. stock futures were higher this morning, with the Dow futures gaining more than 100 points on Friday.
Shares of United States Steel Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) fell sharply in <a href="https://www.benzinga.com/markets/equities/25/01/42779827/joe-biden-to-decide-on-nippon-steels-14-9b-us-steel-acquisition-on-friday-amid-veto-offer-labor-concerns">today's pre-market trading</a>.
This decline comes as President Joe Biden is poised to block the proposed acquisition by Nippon Steel (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NPSCY#OTC">NPSCY</a>), potentially as soon as Friday, Reuters reported, citing a source familiar with the matter.
United States Steel shares dipped 7.3% to $30.23 in the pre-market trading session.
Here are some other stocks moving lower in pre-market trading.
<ul>
<li>Tejon Ranch Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRC#NYSE">TRC</a>) shares dipped 11.4% to $14.01 in pre-market trading.</li>
<li>Lincoln Educational Services Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LINC#NASDAQ">LINC</a>) shares fell 7.7% to $14.10 in pre-market trading after falling over 3% on Thursday.</li>
<li>Hesai Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HSAI#NASDAQ">HSAI</a>) fell 4.6% to $15.39 in pre-market trading after jumping over 16% on Thursday.</li>
<li>Enhabit, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EHAB#NYSE">EHAB</a>) fell 4.5% to $7.40 in pre-market trading.</li>
<li>Diageo plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DEO#NYSE">DEO</a>) fell 2.9% to $122.58 in pre-market trading.</li>
<li>Nabors Energy Transition Corp. II (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NETD#NASDAQ">NETD</a>) fell 2.8% to $10.51 in pre-market trading.</li>
<li>Metallus Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTUS#NYSE">MTUS</a>) 2.8% to $13.31 in pre-market trading.</li>
</ul>
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</ul>

United States Steel, Diageo And Other Big Stocks Moving Lower In Friday's Pre-Market Session

Shares of Check-Cap Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHEK#NASDAQ">CHEK</a>) rose sharply in today's pre-market trading after the company announced it was granted European Patent Number EP4087488 titled &#8220;RADIATION CAPSULE FOR BOWEL DISEASE IMAGING <a href="https://www.benzinga.com/quote/CHEK">AND LOCALIZE DRUG DELIVERY&#8221;.</a>
Check-Cap shares jumped 52.2% to $1.75 in the pre-market trading session.
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Treasure Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TGL#NASDAQ">TGL</a>) gained 151.2% to $0.4760 in pre-market trading after gaining around 7% on Thursday.</li>
<li>BioLineRx Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLRX#NASDAQ">BLRX</a>) gained 91.4% to $0.4891 in pre-market trading after surging 20% on Thursday.</li>
<li>mF International Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MFI#NASDAQ">MFI</a>) rose 80% to $1.30 in pre-market trading after gaining around 8% on Thursday.</li>
<li>MGO Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MGOL#NASDAQ">MGOL</a>) rose 48.5% to $0.8776 in pre-market trading after climbing around 5% on Thursday.</li>
<li>Nine Energy Service, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NINE#NYSE">NINE</a>) gained 30.9% to $1.61 in pre-market trading following a 10% surge on Thursday.</li>
<li>Inspire Veterinary Partners, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IVP#NASDAQ">IVP</a>) gained 27.6% to $0.2630 in pre-market trading after gaining 8% on Thursday.</li>
<li>SES AI Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SES#NYSE">SES</a>) gained 27.3% to $2.42 in pre-market trading after dipping 13% on Thursday.</li>
<li>Garrett Motion Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GTX#NYSE">GTX</a>) rose 11.3% to $9.92 in pre-market trading.</li>
<li>Meritage Homes Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTH#NYSE">MTH</a>) gained 10.5% to $84.00 in pre-market trading.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Coeptis Therapeutics Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COEP#NASDAQ">COEP</a>) fell 30.4% to $4.11 in pre-market trading after jumping 7% on Thursday.</li>
<li>T Stamp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDAI#NASDAQ">IDAI</a>) declined 19.8% to $0.5470 in pre-market trading after dipping 23% on Thursday. The company announced it will implement a 1-for-15 reverse stock split.</li>
<li>HWH International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HWH#NASDAQ">HWH</a>) fell 18.3% to $0.5300 in pre-market trading.</li>
<li>Reservoir Media, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RSVR#NASDAQ">RSVR</a>) shares dipped 18% to $7.00 in pre-market trading after falling over 5% on Thursday.</li>
<li>Creative Media &amp; Community Trust Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCT#NASDAQ">CMCT</a>) shares fell 17.9% to $0.1716 in pre-market trading. Creative Media announced approval for a 1-for-10 reverse stock split.</li>
<li>IT Tech Packaging, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITP#NYSE">ITP</a>) fell 14.9% to $0.5700 in today's pre-market trading after jumping more than 11% on Thursday.</li>
<li>Ark Restaurants Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARKR#NASDAQ">ARKR</a>) fell 13.7% to $11.01 in pre-market trading after gaining 16% on Thursday.</li>
<li>Tejon Ranch Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRC#NYSE">TRC</a>) shares fell 11.4% to $14.01 in pre-market trading.</li>
<li>Aura Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AURA#NASDAQ">AURA</a>) dipped 11.1% to $0.75 in pre-market trading.</li>
<li>Lincoln Educational Services Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LINC#NASDAQ">LINC</a>) shares tumbled 7.7% to $14.10 in pre-market trading after falling over 3% on Thursday.</li>
</ul>
Now Read This: 
<ul>
<li><a href="https://www.benzinga.com/25/01/42763645/how-to-earn-500-a-month-from-acuity-brands-stock-ahead-of-q1-earnings">How To Earn $500 A Month From Acuity Brands Stock Ahead Of Q1 Earnings</a></li>
</ul>

Earnings

Tejon Ranch Q3 2024 Revenue $14.6M Vs $12M YoY; EPS $(0.07) Vs $(0.01) YoY

This new industrial warehouse will be located on a 25-acre parcel just east of Interstate 5, giving it near immediate access to California&#39;s primary north/south highway and the ability to serve&nbsp;90%&nbsp;of California consumers within a single day truck turn. The partners have designed the new warehouse as a Class-A divisible cross-dock facility with 185&#39; truck courts and 36&#39; clear height.

Reported Earlier, Tejon Ranch Teams With Dedeaux To Build 510,500 Sq. Ft. Warehouse At The Tejon Ranch Commerce Center

Tejon Ranch (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRC#NYSE">TRC</a>) reported quarterly earnings of $0.04 per share which beat the analyst consensus estimate of $(0.03) by 233.33 percent. This is a 300 percent increase over earnings of $0.01 per share from the same period last year. The company reported quarterly sales of $5.69 million which missed the analyst consensus estimate of $7.50 million by 24.15 percent. This is a 6.71 percent decrease over sales of $6.10 million the same period last year.

Earnings Beats

Earnings Misses

Tejon Ranch Q2 EPS $0.04 Beats $(0.03) Estimate, Sales $5.69M Miss $7.50M Estimate

Tejon Ranch Shareholder Glenbrook Capital Management Urges Company To Conduct Periodic Investor Calls And Adopt Investor Outreach Program; Calls For Transparency

Guidance

Tejon Anticipates Higher 2024 Almond Industry Crop Production; May Have Adverse Effect On 2024 Selling Prices

Tejon For Fy24 To Continue Strategic Commercial/Industrial Development, Multi-family Development, Leasing, Sales, And Investment Within TRCC And Its JV; To Invest In To Advance Its Residential Projects, Including Mountain Village At Tejon Ranch, Centennial At Tejon Ranch And Grapevine At Tejon Ranch

Tejon Rance Q1 2024 EPS $(0.03) Down From $0.07 YoY, Revenue $9.5M Down From $14.6M YoY

Shareholder letter regarding next month&#39;s annual meeting 
Tejon Ranch Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/trc#NYSE">TRC</a>) is scheduled to hold its annual shareholder meeting next month on May 14, 2024. In advance of the meeting, a large shareholder, Nitor Capital Management, has issued a letter to Tejon Ranch stockholders announcing its intention to withhold support for four directors at the upcoming 2024 Annual Meeting. According to the letter, Nitor Capital plans to withhold support for:
➢ Compensation Committee Chair Steven A. Betts
➢ Chairman of the Board Norman J. Metcalfe
➢ Real Estate Committee Chair Geoffrey L. Stack, and
➢ Nominating Committee Chair Michael H. Winer
The investment management firm also intends to vote against approval of executive officer compensation on May 14, 2024. Nitor Capital has indicated that it holds 1.75% of TRC shares.
Reflecting the underperformance of TRC shares, Nitor Capital highlights its view that the current management team and the board have not created lasting shareholder value. The letter notes that Mr. Metcalfe and Mr. Stack have each served on the board since 1998, during which time the shares have essentially round tripped from the $16-$20 range to $45-$50 range and back again. Nominating Committee Chair Michael H. Winer and Steven Betts have served on the board since 2001 and 2014, respectively.
Moreover, the investment management firm believes the company&#39;s existing management compensation structure should be overhauled, as it &quot;Has Enriched Management While Stockholders Suffer&quot; according to the investment management firm. Nitor Capital would like to see a compensation structure implemented that provides &quot;incentives for management that align with a company&#39;s strategic goals and promote long-term value creation.&quot; The firm notes that what it terms &quot;misaligned incentives&quot; have led to outsized and unearned (according to Nitor Capital) compensation for top executives, while the company has not created sustainable improving value for shareholders. For example, Nitor Capital points to CEO Gregory Bielli having received more than $30 million in total compensation over the years and notes that the &quot;current compensation scheme clearly is not working for stockholders.&quot;
Just as we applauded the appointment of a new CFO last year who has substantial REIT and real estate experience, as well as public company experience, we believe TRC has an opportunity now to strengthen its management team and improve its interaction with public shareholders. The company can use the upcoming retirement of the CEO, in our view, to make important positive changes, particularly if a sufficient number of shareholders align with Nitor Capital in withholding support for the above-named directors, many of whom have been named to the search committee seeking a replacement for the CEO. TRC has until year-end 2024 to find a new CEO. On March 20, 2024, Gregory Bielli announced his intention to retire on December 31, 2024. He has been President and CEO of Tejon Ranch since 2013. He is expected to serve as a senior advisor to the company through 2025 to help enact a smooth transition.
TRC will use search firm Korn Ferry to work with the above-noted search committee appointed by the board to launch a national search for the CEO&#39;s successor. However, according to the company&#39;s March 20, 2024 announcement, currently the ad hoc search committee includes several of the board members from whom Nitor Capital plans to withhold support: Norm Metcalfe, Michael Winer, and Steve Betts, as well as outgoing CEO Gregory Bielli.
We concur that with the upcoming retirement of Mr. Bielli at year-end, Tejon Ranch could use this opportunity to bring in new talent that can steer the company on a path that creates sustainable value for shareholders. We viewed it positively when on May 5, 2023, Tejon Ranch appointed Brett Brown as its new CFO. Prior to joining TRC, Mr. Brown most recently was EVP, CFO and Treasurer at publicly traded Alexander &amp; Baldwin in Hawaii. He has extensive real estate finance experience, with more than 30 years in public and private real estate companies, including REITS. As the former CFO at publicly-traded Alexander &amp; Baldwin in Hawaii before joining TRC, he interacted regularly with shareholders and potential investors and we believe such interaction would also be a positive for TRC under a new CEO.
We believe the company added value to its management team when TRC hired Bret Brown last year and now has an opportunity to add a new CEO who also brings expertise and value to the executive leadership team.
We also believe an important goal for TRC now is to maintain greater exposure to the upside potential its development activities present by obtaining funding without a partner when it is appropriate. In 4Q23, under new CFO Brett Brown, TRC closed on a new $160 million unsecured revolving credit facility with AgWest Farm Credit. According to TRC, the new credit facility can be used to finance future construction projects, farming and ranching operations, and for general corporate purposes. We believe the new facility enhances TRC&#39;s financial flexibility to fund future growth with or without JV partners in order to maintain greater exposure to the upside and profits of its development projects.
By <a href="https://scr.zacks.com/analyst-bios/person-details/default.aspx?ItemId=24b66996-a41f-4d55-90ca-17a197076cc2">M. Marin</a>

Nitor Capital Management LLC, which beneficially owns approximately&nbsp;1.75%&nbsp;of Tejon Ranch&#39;s outstanding shares, issued a letter to the Company&#39;s stockholders.

Nitor Capital Issues Letter To Tejon Ranch Stockholders Announcing Its Intention To Withhold Support For Four Directors At 2024 Annual Meeting

Tejon Ranch President And CEO To Retire Dec. 31

Tejon Ranch Sees 2024 Farming Operations Impacted By Higher Costs Of Production, Such As Fuel Costs, Fertilizer Costs, Pest Control Costs, And Labor Costs; Anticipates  Higher Almond Industry Inventory Levels, Which May Have Adverse Effect On 2024 Selling Prices

Tejon Ranch Q4 2023 EPS $0.06 Down From $0.07 YoY; Revenue $16.167M Down From $17.453M YoY

The partnership of Tejon Ranch Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRC#NYSE">TRC</a>) and Majestic Realty Co. today announced it has secured a lease, several months in advance of occupancy, with RectorSeal, LLC. RectorSeal is a leading manufacturer of quality HVAC/R and plumbing products distributed globally. In 2015, RectorSeal became part of CSW Industrials, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSWI#NASDAQ">CSWI</a>), and it now plays a leading role in CSWI's Contractor Solutions segment. With the move, RectorSeal will occupy 240,000 square feet in a 480,000-square-foot industrial facility the partnership opened in 2017. &nbsp;
This newest lease follows a series of transactions over the last 24 months at TRCC involving four building sites, comprised of more than 2.5 million square feet of industrial space, where buildings are complete, nearing completion, or under construction. The lease with RectorSeal also represents another example of a company relocating distribution operations to TRCC from the Los Angeles area.
"We are pleased to welcome RectorSeal to TRCC," said Derek C. Abbott, executive vice president of real estate at Tejon Ranch Co. "RectorSeal's move to TRCC reflects the value of our strategic location, near the population and geographic center of California, to logistics operators. We've developed a reputation as an opportune place for companies wanting to locate or expand in California as Kern County's pro-business mindset and our ability to bring new Class A industrial space online quickly makes the decision to move here easy."
"It's imperative that our RectorSeal distribution operations remain close to our customers so we can provide the best service possible," said David Blood, Senior Vice President of Operations at RectorSeal. "Everyone at Tejon Ranch and Majestic Realty has helped to position this strategic relocation for success. I know our customers will appreciate the new location and enjoy the benefits of a closer distribution center."
"This new lease reflects the continued demand we're seeing for industrial space at TRCC, which continues to be a bright spot in California's industrial real estate market" said Brett Tremaine, executive vice president at Majestic Realty Co. "The opportunity to attract new, high-quality tenants like RectorSeal, while also allowing for the growth of existing tenants within TRCC, is further evidence of the wisdom of our decision to partner with Tejon Ranch Co. on a number of industrial buildings.&nbsp; There are few, if any locations in California that can match the value and many advantages found at TRCC, given its immediate access to key freeways, its outstanding amenities, and the large and productive labor pool found nearby."
The JLL team of Mike McCrary, Mac Hewett, Brent Weirick and Peter McWilliams served as listing brokers for the transaction. Walt Chenoweth and Sean Sullivan with Voit Real Estate Services represented RectorSeal.
TRCC is Tejon Ranch Co.'s 1,450-acre master planned commercial/industrial development located at the junction of Interstate 5 and Highway 99, about an hour north of the Los Angeles basin. TRCC is also home to distribution centers for IKEA, Camping World, Caterpillar Inc., Dollar General, Famous Footwear, L'Oréal, and others.
All the industrial sites at TRCC are included in Foreign Trade Zone #276, and additionally, companies locating at TRCC are eligible to apply for tax rebate incentives being offered by the County of Kern.

Contracts

CSWI

Tejon Ranch Co. And Majestic Realty Co. Joint Venture Announces New Lease And Tenant At The Tejon Ranch Commerce Center

Tejon Ranch Expects In FY23 It Will Aggressively Pursue Commercial/Industrial Development, Multi-Family Development, Leasing, Sales, And Investment Within TRCC And Its Joint Ventures; Continue To Invest In Residential Projects

Tejon Ranch (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRC#NYSE">TRC</a>) reported quarterly losses of $(0.01) per share. This is a 102.63 percent decrease over earnings of $0.38 per share from the same period last year. The company reported quarterly sales of $10.21 million which missed the analyst consensus estimate of $17.57 million by 41.90 percent. This is a 67.56 percent decrease over sales of $31.48 million the same period last year.

Tejon Ranch Q3 EPS $(0.01) Down From $0.38 YoY, Sales $10.21M Miss $17.57M Estimate

Tejon Ranch Says For FY23 The Current Subjective Estimate For The 2023 Almond Crop Is 2.6B LBS Which Is Consistent With 2022

Tejon Ranch Estimates FY23 To Have Higher Than Historically Normal Almond Inventory Levels Are Anticipated To Have An Adverse Effect On Selling Prices For The Remainder Of 2023

Press Releases

Tejon Ranch Co. Announces First Quarter 2024 Financial Results

Nitor Capital Management Commends Tejon Ranch Stockholders for Withholding Support for Certain Directors and Voting Against Executive Compensation at Upcoming Annual Meeting

Nitor Capital Management Thanks Fellow Stockholders for Sending Clear Message to Tejon Ranch Board

GLENBROOK CAPITAL MANAGEMENT RELEASES OPEN LETTER TO TEJON RANCH BOARD CALLING FOR TRANSPARENCY

Tejon Ranch Co. Announces Second Quarter 2024 Financial Results

Tejon Ranch Co. Names New Senior Vice President- Corporate Communications and Public Affairs

Tejon Ranch Company and Dedeaux Properties Announce Joint Venture to Develop Industrial Warehouse at the Tejon Ranch Commerce Center

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