Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

Equity Bottom-Up

<ul><li>Moreover, reflecting discussions concerning TRC's business, financial performance and other matters, TRC reached a standstill agreement last month with Nitor Capital, which had voiced concerns about the company's direction and operations.</li><li>We view the agreement as a positive outcome of their discussions, particularly in light of the new board composition.</li><li>The substantial need for industrial, commercial and residential space near TRC's land -- likely heightened by the opening of the nearby Hard Rock Hotel & Casino Tejon next year -- underscores the attractiveness of TRC's property, in our view.</li></ul>

Moreover, reflecting discussions concerning TRC's business, financial performance and other matters, TRC reached a standstill agreement last month with Nitor Capital, which had voiced concerns about the company's direction and operations.We view the agreement as a positive outcome of their discussions, particularly in light of the new board composition.The substantial need for industrial, commercial and residential space near TRC's land -- likely heightened by the opening of the nearby Hard Rock Hotel & Casino Tejon next year -- underscores the attractiveness of TRC's property, in our view.

TRC: Optimistic That Recent Actions Signal Improved Commitment to Delivering Shareholder Value

<ul><li>We continue to believe TRC has an opportunity to strengthen its management team and improve its interaction with public shareholders with the upcoming retirement of the CEO and search for his replacement.</li><li>The new CEO should steer the company on a path that creates sustainable value for shareholders.</li><li>We believe the 2023 appointment of Brett Brown as TRC's new CFO added strength to the C-suite and see another opportunity for the company to improve the senior management team.</li></ul>

We continue to believe TRC has an opportunity to strengthen its management team and improve its interaction with public shareholders with the upcoming retirement of the CEO and search for his replacement.The new CEO should steer the company on a path that creates sustainable value for shareholders.We believe the 2023 appointment of Brett Brown as TRC's new CFO added strength to the C-suite and see another opportunity for the company to improve the senior management team.

TRC: Believe Demand For Added TRCC Space Strong, Continue to View CEO Search as Opportunity

<ul><li>We believe results of the 2024 shareholder vote indicate rising investor sentiment that change is needed within the company's top management & compensation structure, which we also believe has important implications for the search for a new CEO to replace the company's outgoing CEO who announced his intention to retire on 12/31/24.</li><li>In our view, TRC now has an opportunity to strengthen its management team and improve its interaction with public shareholders, just as we believe it did with the 2023 appointment of new CFO Brett Brown.</li></ul>

We believe results of the 2024 shareholder vote indicate rising investor sentiment that change is needed within the company's top management & compensation structure, which we also believe has important implications for the search for a new CEO to replace the company's outgoing CEO who announced his intention to retire on 12/31/24.In our view, TRC now has an opportunity to strengthen its management team and improve its interaction with public shareholders, just as we believe it did with the 2023 appointment of new CFO Brett Brown.

TRC: Believe Shareholder Vote has Positive Implications for Company Direction, New CEO Search

<ul><li>We believe results of the 2024 shareholder vote indicates rising investor sentiment that change is needed within the company's top management & compensation structure, which we also believe has important implications for the search for a new CEO to replace the company's outgoing CEO who announced his intention to retire on 12/31/24.</li><li>In our view, TRC now has an opportunity now to strengthen its management team and improve its interaction with public shareholders, just as we believe it did with the 2023 appointment of new CFO Brett Brown.</li></ul>

We believe results of the 2024 shareholder vote indicates rising investor sentiment that change is needed within the company's top management & compensation structure, which we also believe has important implications for the search for a new CEO to replace the company's outgoing CEO who announced his intention to retire on 12/31/24.In our view, TRC now has an opportunity now to strengthen its management team and improve its interaction with public shareholders, just as we believe it did with the 2023 appointment of new CFO Brett Brown.

TRC: Shareholder Vote  Positive Implications for Company Direction, New CEO Search

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>While the S&amp;P 500 has hit marginal new highs, price action of the S&amp;P 500 and the price and RS of several Sectors/subsectors is similar to the periods leading up to the October 2018 and May 2019 breakdowns. We draw several similarities in today’s report, and we continue to believe upside is likely to be muted from here barring additional positive developments.</p>

While the S&amp;P 500 has hit marginal new highs, price action of the S&amp;P 500 and the price and RS of several Sectors/subsectors is similar to the periods leading up to the October 2018 and May 2019 breakdowns. We draw several similarities in today’s report, and we continue to believe upside is likely to be muted from here barring additional positive developments.

U.S. Equities: Mixed Signals Punctuate Muted Outlook

United States

Tejon Ranch Co. is a diversified real estate development and agri-business company owning land located in Los Angeles and Kern counties, California. The Company is in the process of developing its land holdings along transportation corridors into master-planned business and residential communities.

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Tejon Ranch (TRC US)

TRC: Optimistic That Recent Actions Signal Improved Commitment to Delivering Shareholder Value

Moreover, reflecting discussions concerning TRC's business, financial performance and other matters, TRC reached a standstill agreement last month...

Zacks Small Cap Research

TRC: Believe Demand For Added TRCC Space Strong, Continue to View CEO Search as Opportunity

We continue to believe TRC has an opportunity to strengthen its management team and improve its interaction with public shareholders with the...

Zacks Small Cap Research

TRC: Believe Shareholder Vote has Positive Implications for Company Direction, New CEO Search

We believe results of the 2024 shareholder vote indicate rising investor sentiment that change is needed within the company's top management &...

Zacks Small Cap Research

TRC: Shareholder Vote Positive Implications for Company Direction, New CEO Search

We believe results of the 2024 shareholder vote indicates rising investor sentiment that change is needed within the company's top management...

Zacks Small Cap Research

U.S. Equities: Mixed Signals Punctuate Muted Outlook

While the S&P 500 has hit marginal new highs, price action of the S&P 500 and the price and RS of several Sectors/subsectors is similar to...

Vermilion Research

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