Stephen P. Mawer, a director at Calumet, Inc. (NASDAQ:CLMT), recently filed a Form 4 with the Securities and Exchange Commission detailing stock transactions made on January 17, 2025. The transactions involved both the acquisition and disposition of shares, but notably, they were executed with no cash value. The company, currently valued at $1.37 billion with shares trading at $16.04, has shown significant price volatility according to InvestingPro data.
Mawer acquired 46,572 shares of Calumet common stock through the conversion of restricted stock units. Following this acquisition, his total direct ownership increased to 219,182 shares.
On the same day, Mawer disposed of 18,629 shares. This sale, however, carried no cash value, as indicated in the filing. The footnote clarifies that Mawer elected to receive 40% of all restricted stock units vesting in 2024 to be settled in cash equivalent to a Calumet common share. After this transaction, Mawer's direct ownership stands at 200,553 shares.
These transactions reflect routine activity for company insiders and provide insight into the stock management strategies of Calumet's board members.
In other recent news, Calumet Inc. has issued $100 million in senior notes due 2028, adding to its existing total debt of $2.18 billion. The company plans to use the proceeds to redeem part of its outstanding 11.00% Senior Notes due in 2026. The firm's recent financial developments also include a preliminary fourth-quarter net loss of up to $54 million, partially offset by approximately $20 million in insurance proceeds. Analysts from H.C. Wainwright and TD Cowen maintained a Buy rating on Calumet shares, noting a strengthened balance sheet due to the closure of a $1.44 billion Department of Energy loan. Further, Calumet expects to report an Adjusted EBITDA between $45 million and $60 million for the fourth quarter of 2024. These recent developments indicate significant financial shifts for Calumet Inc.
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