Ikonics Corporation (IKNX) Releases Earnings Results
Ikonics Corporation (NASDAQ:IKNX) posted its earnings results on Friday. The specialty chemicals company reported ($0.06) EPS for the quarter, Bloomberg Earnings reports. The company had revenue of $3.98 million during the quarter. Ikonics Corporation had a negative net margin of 2.24% and a negative return on equity of 2.99%.
Ikonics Corporation (NASDAQ IKNX) remained flat at $$8.00 during midday trading on Friday. 2,504 shares of the company’s stock traded hands, compared to its average volume of 1,550. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.63 and a current ratio of 6.22.
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In related news, insider Joseph R. Nerges sold 3,550 shares of the stock in a transaction on Friday, August 18th. The shares were sold at an average price of $8.78, for a total value of $31,169.00. Following the transaction, the insider now directly owns 382,996 shares of the company’s stock, valued at approximately $3,362,704.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 24.26% of the company’s stock.
Ikonics Corporation declared that its board has approved a share buyback plan on Thursday, August 3rd that authorizes the company to repurchase 100,000 outstanding shares. This repurchase authorization authorizes the specialty chemicals company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.
Ikonics Corporation Company Profile
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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