Ikonics Corporation (IKNX) to Buyback 100,000 Shares
Ikonics Corporation (NASDAQ:IKNX) announced that its board has approved a share buyback plan, which allows the company to repurchase 100,000 outstanding shares on Thursday, August 3rd, EventVestor reports. This repurchase authorization allows the specialty chemicals company to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
Ikonics Corporation (NASDAQ IKNX) remained flat at $8.74 during midday trading on Thursday. 3,828 shares of the company’s stock were exchanged. Ikonics Corporation has a 12-month low of $7.40 and a 12-month high of $12.00. The company has a 50-day moving average of $8.83 and a 200 day moving average of $9.19. The stock’s market capitalization is $18.36 million.
Ikonics Corporation (NASDAQ:IKNX) last issued its quarterly earnings data on Thursday, August 3rd. The specialty chemicals company reported ($0.05) earnings per share (EPS) for the quarter. The business had revenue of $4.69 million during the quarter. Ikonics Corporation had a negative return on equity of 2.99% and a negative net margin of 2.24%.
In related news, insider Joseph R. Nerges sold 5,033 shares of the company’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $7.65, for a total value of $38,502.45. Following the completion of the sale, the insider now directly owns 427,629 shares in the company, valued at $3,271,361.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joseph R. Nerges sold 14,200 shares of the company’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $7.81, for a total transaction of $110,902.00. Following the completion of the sale, the insider now owns 418,863 shares of the company’s stock, valued at $3,271,320.03. The disclosure for this sale can be found here. Corporate insiders own 24.26% of the company’s stock.
About Ikonics Corporation
IKONICS Corporation is engaged in the development and manufacturing of photochemical imaging systems for sale primarily to a range of printers and decorators of surfaces. The Company has five operating segments: Domestic, Export, IKONICS Imaging, Digital Texturing (DTX) and Advanced Material Solutions (AMS).
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