The Deep Value Week – 2025/27
Insider Transactions, Shareholder filings and BOD change
Market: 4
Companies mentioned:
· Chicago Rivet & Machine (CVR) - Stanley Kesselman Reduces Stake in to Below 5% Threshold
· FSI (FSI) - Receives $2.5 Million for Food-Grade Product Development Support
· FONAR (FONR) - Appoints Robert M. Carrino as Independent Director
· Friedman Industries (FRD) - Added to Russell 2000® and 3000® Indexes Following Nasdaq Uplisting
· Hurco (HURC) - Executive Chairman Michael Doar Purchases Additional Shares
· Jewett-Cameron (JCTC) - Oregon Community Foundation Reduces Stake
· Natural Alternatives International (NAII) - CFO Michael Fortin Receives Salary Increase Effective July 1
· Unifi Inc. (UFI) - Azarias Capital Lowers Stake Below 5% Threshold
· Clearwater Paper (CLW) - Awards Equity to Executives and Directors
“Graham’s Geiger counter”
Benjamin Graham suggested that one way to measure the valuation of the overall market was to assess the number of net-nets available. When many such opportunities exist, it indicates a cheap market overall, while their absence suggests that the market is expensive. Today’s net-nets, however, are not the same as Graham’s net-nets. Many are un-investable being Chinese RTO’s, loss-making biopharma’s etc. But we do think it is interesting to follow this number over time, and what percentage of total listed stocks qualify as a “naked” net-net without any type of quality adjustments to make them investable. Below is a net-net screen from Stockopedia.
Chicago Rivet & Machine (CVR) - Stanley Kesselman Reduces Stake in to Below 5% Threshold
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Stanley Kesselman has filed an amended Schedule 13G indicating a reduction in his ownership of Chicago Rivet & Machine common stock. As of June 30, 2025, Kesselman holds 39,650 shares, representing approximately 4.1% of the company’s outstanding shares—down from a previously higher level. He retains sole voting and dispositive power over the entire holding. The filing confirms that the shares were not acquired for the purpose of influencing control of the issuer.
FSI (FSI) - Receives $2.5 Million for Food-Grade Product Development Support
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Flexible Solutions International Inc. (NYSE Amex: FSI) has received a $2.5 million payment for assisting in the development of a new food-grade product. The payment was made on July 1, 2025, and FSI may potentially receive additional future payments related to the project. The company also noted that its NCS division could secure manufacturing contracts for the product, depending on further developments. CEO Dan O’Brien emphasized the company’s strategy to establish long-term production relationships in the food and nutrition sector, where FSI gained FDA food-grade approval in 2022.
FONAR (FONR) - Appoints Robert M. Carrino as Independent Director
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FONAR Corporation (NASDAQ: FONR), known for its Upright® Multi-Position™ MRI technology, has appointed Robert M. Carrino as an independent director, filling a board vacancy following the retirement of Claudette J.V. Chan. Carrino, a partner at CFGI and former audit manager at KPMG, brings deep accounting and advisory expertise, particularly within healthcare and public company operations. His appointment comes as FONAR transitions to accelerated filer status. CEO Timothy Damadian highlighted the growth of FONAR's diagnostic imaging subsidiary, HMCA, which now manages 44 MRI scanners conducting over 200,000 scans annually.
Friedman Industries (FRD) - Added to Russell 2000® and 3000® Indexes Following Nasdaq Uplisting
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Friedman Industries (NASDAQ: FRD), a U.S.-based steel processor and manufacturer, has been added to the Russell 2000® and Russell 3000® indexes effective June 30, 2025. The inclusion follows the company’s uplisting to Nasdaq earlier this year and is expected to enhance trading liquidity and investor visibility. CEO Michael Taylor emphasized that the move supports long-term growth and equity value creation. Friedman operates flat-roll and tubular steel product segments across six U.S. facilities and views index membership as a key milestone in expanding institutional interest and market presence.
Hurco (HURC) - Executive Chairman Michael Doar Purchases Additional Shares
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On June 27, 2025, Michael Doar, Executive Chairman and Director of Hurco Companies, Inc. acquired 2,000 shares of common stock at a price of $18.50 per share. The transaction increased Doar’s total beneficial ownership to 223,460 shares, held directly. The purchase was reported via SEC Form 4 on July 1, 2025, and reflects continued insider confidence in the company, which specializes in industrial measurement and control instruments.
Jewett-Cameron (JCTC) - Oregon Community Foundation Reduces Stake in
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On June 27 and June 30, 2025, Oregon Community Foundation, a 10% owner of Jewett-Cameron Trading Co Ltd (OTC: JCTC), sold a total of 4,884 shares of common stock at average prices of $3.76 and $3.74 per share, respectively. Following the transactions, the foundation’s total direct holding stands at 927,779 shares. The sales were disclosed via SEC Form 4 filed on July 1, 2025.
On July 1 and July 2, 2025, Oregon Community Foundation, a 10% owner of Jewett-Cameron Trading Co Ltd (OTC: JCTC), sold a total of 11,234 common shares at average prices of $3.76 and $3.75 per share, respectively. Following these sales, the foundation’s direct holdings decreased to 916,545 shares. The transactions were reported in a Form 4 filing submitted to the SEC on July 3, 2025.
Natural Alternatives International (NAII) - CFO Michael Fortin Receives Salary Increase Effective July 1
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Natural Alternatives International, Inc filed an 8-K on July 1, 2025, disclosing an amendment to the employment agreement with Chief Financial Officer Michael E. Fortin. Effective July 1, 2025, Fortin’s annual base salary increases to $365,000, as outlined in the fifth amendment to the original agreement first signed in 2015. All other terms remain unchanged. The amendment was signed by President Kenneth E. Wolf on behalf of the company.
Unifi Inc. (UFI) - Azarias Capital Lowers Stake Below 5% Threshold
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Azarias Capital Management, L.P. filed an amended Schedule 13G on July 3, 2025, reporting a reduced stake in Unifi Inc. (NYSE: UFI). As of June 30, 2025, the firm held 669,164 shares, or 3.6% of Unifi’s outstanding common stock—down from prior levels above the 5% threshold.
Clearwater Paper (CLW) - Awards Equity to Executives and Directors
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Clearwater Paper Corp. (NYSE: CLW) disclosed insider equity transactions dated July 1, 2025. Marc D. Rome, SVP and General Counsel, received 2,310 restricted stock units (RSUs) that vest in tranches over three years. Separately, Director Jeanne M. Hillman was granted 848 phantom stock units under the company's deferred compensation plan, bringing her total to 7,365 units.
The writer may own shares of the companies mentioned. This communication is for informational purposes only. AI helped us with this. Check important info.