Ikonics Corporation (NASDAQ:IKNX) released its quarterly earnings results on Friday. The specialty chemicals company reported ($0.06) EPS for the quarter, Bloomberg Earnings reports. Ikonics Corporation had a negative return on equity of 2.99% and a negative net margin of 2.24%. The firm had revenue of $3.98 million for the quarter.
Ikonics Corporation (IKNX) remained flat at $$8.00 during trading hours on Friday. 2,504 shares of the company’s stock were exchanged, compared to its average volume of 1,550. The company has a quick ratio of 4.63, a current ratio of 6.22 and a debt-to-equity ratio of 0.23.
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In related news, insider Joseph R. Nerges sold 3,550 shares of Ikonics Corporation stock in a transaction on Friday, August 18th. The stock was sold at an average price of $8.78, for a total value of $31,169.00. Following the completion of the transaction, the insider now directly owns 382,996 shares in the company, valued at $3,362,704.88. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 24.26% of the company’s stock.
Ikonics Corporation declared that its board has initiated a share buyback plan on Thursday, August 3rd that authorizes the company to repurchase 100,000 shares. This repurchase authorization authorizes the specialty chemicals company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
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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