Joseph E. McNeely, Group President at Andersons, Inc. (NASDAQ:ANDE), recently sold 2,382 shares of the company's common stock. The shares were sold at an average price of $47.727, resulting in a total transaction value of approximately $113,685. Following this sale, McNeely holds 49,601 shares directly. The company, with a market capitalization of $1.6 billion, trades at an attractive P/E ratio of 13.6x and maintains strong financial health according to InvestingPro metrics. Andersons, Inc., based in Maumee, Ohio, operates in the wholesale farm product raw materials sector. The company has maintained dividend payments for 29 consecutive years and currently shows signs of being undervalued based on InvestingPro's Fair Value analysis. Discover 10+ additional exclusive ProTips and comprehensive valuation metrics with an InvestingPro subscription.
In other recent news, The Andersons (NASDAQ:ANDE), Inc. reported a robust third quarter, with a significant increase in net income and a record-breaking Adjusted EBITDA. The company's net income rose to $27 million, a considerable increase from $10 million the previous year, while the Adjusted EBITDA reached a record $97 million, up from $70 million in Q3 2023. The renewable energy segment spearheaded this growth, achieving a record third quarter, along with strategic investments in acquisitions and facilities.
The Andersons' recent developments include a $70 million investment in Port of Houston facilities and an $85 million acquisition of Skyland Grain, LLC. Despite lower corn prices, the renewables segment produced pre-tax income of $28 million, benefiting from ethanol margins. In addition, the trade segment's pre-tax income increased to $26 million, driven by enhanced farmer engagement and grain asset performance.
The company has adjusted its long-term EBITDA target to $475 million by 2026, indicating a one-year delay. However, The Andersons remains optimistic about growth, focusing on renewable energy and operational efficiency improvements. These are recent developments that further emphasize the company's commitment to strategic growth and maximizing shareholder value.
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