PCYONasdaqWater SupplyFiscal year ends August 31
PURE CYCLE CORP
Financials through Q3 FY2026, quarter ended May 31, 2026Last filing: 10-Q on Jul 8, 2026
$10.85−0.17 (-1.54%)
Close on Oct 19, 2026
- Market cap
- $262.17M
- P/E (TTM)
- 17.8
- Dividend yield
- –
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
54.3%
13M of 24M shares
Institutional holders
117
14 new, 8 sold out
Net institutional buying
0M
In Q2 2026
Insider trades, 12 months
0 buys · 1 sales
Net sold $757.25K
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| Daniel J. Roller | 3,551,653 | 14.70% | 13D (active) amendment | Aug 4, 2026 |
| Daniel Kozlowski | 3,014,769 | – | 13D (active) amendment | Nov 29, 2022 |
| Adam K. Peterson | 1,801,421 | 7.50% | 13G (passive) amendment | Jun 30, 2026 |
| BlackRock, Inc. | 1,311,881 | 5.40% | 13G (passive) | Dec 31, 2023 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of PCYO | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| Magnolia Group, LLC | 1,795,421 | 7.45% | $19.23M | −119,138 | 4.04% |
| BlackRock, Inc. | 1,397,370 | 5.80% | $14.97M | +25,501 | 0.00% |
| Vanguard Capital Management LLC | 927,930 | 3.85% | $9.94M | +12,123 | 0.00% |
| Sapient Capital LLC | 685,024 | 2.84% | $7.34M | −3,335 | 0.10% |
| Heartland Advisors Inc | 611,309 | 2.54% | $6.55M | −15,955 | 0.29% |
| Geode Capital Management, LLC | 548,230 | 2.28% | $5.87M | +38,777 | 0.00% |
| Kennedy Capital Management LLC | 514,431 | 2.13% | $5.51M | −10,624 | 0.10% |
| Dimensional Fund Advisors LP | 468,979 | 1.95% | $5.02M | +3,964 | 0.00% |
| Gem Investment Advisors, LLC | 449,829 | 1.87% | $4.82M | – | 2.95% |
| State Street Corp | 446,656 | 1.85% | $4.78M | −704 | 0.00% |
| First Wilshire Securities Management Inc | 418,677 | 1.74% | $4.48M | −8,010 | 0.92% |
| MYDA Advisors LLC | 394,591 | 1.64% | $4.23M | +36,849 | 0.63% |
| ArrowMark Colorado Holdings LLC | 385,122 | 1.60% | $4.12M | −165,585 | 0.17% |
| Cannell Capital LLC | 314,640 | 1.31% | $3.37M | New | 2.26% |
| Bard Associates Inc | 311,023 | 1.29% | $3.33M | −2,792 | 0.74% |
| RMB Capital Management, LLC | 294,033 | 1.22% | $3.15M | −10,512 | 0.05% |
| Epiq Partners, LLC | 258,962 | 1.07% | $2.77M | +1,445 | 1.18% |
| Morgan Stanley | 238,866 | 0.99% | $2.56M | +16,429 | 0.00% |
| Peapod Lane Capital LLC | 186,734 | 0.77% | $2.00M | New | 1.35% |
| Northern Trust Corp | 164,653 | 0.68% | $1.76M | −11,556 | 0.00% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 117 | 13M | 54.3% | 14 / 38 | 36 / 8 | 1M | 1M |
| Q1 2026 | 116 | 13M | 53.5% | 14 / 34 | 40 / 6 | 2M | 1M |
| Q4 2025 | 111 | 13M | 53.6% | 16 / 31 | 35 / 6 | 1M | 1M |
| Q3 2025 | 101 | 13M | 52.4% | 4 / 32 | 33 / 10 | 0M | 0M |
| Q2 2025 | 107 | 13M | 52.6% | 17 / 33 | 34 / 7 | 1M | 1M |
| Q1 2025 | 97 | 12M | 50.6% | 4 / 26 | 38 / 8 | 0M | 0M |
| Q4 2024 | 104 | 12M | 51.9% | 14 / 33 | 24 / 11 | 1M | 0M |
| Q3 2024 | 101 | 12M | 51.0% | 11 / 30 | 31 / 6 | 2M | 0M |
| Q2 2024 | 97 | 12M | 50.0% | 9 / 30 | 27 / 16 | 0M | 1M |
| Q1 2024 | 104 | 13M | 53.8% | 12 / 24 | 35 / 6 | 1M | 0M |
| Q4 2023 | 100 | 13M | 52.6% | 9 / 26 | 37 / 8 | 2M | 1M |
| Q3 2023 | 99 | 11M | 47.0% | 11 / 30 | 27 / 7 | 0M | 0M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
| Fund | Shares | % of PCYO | Value | % of fund | As of |
|---|---|---|---|---|---|
| Vanguard Total Stock Market Index Fund | 628,802 | 2.61% | $6.73M | 0.00% | Jun 30, 2026 |
| Heartland Value Fund | 611,309 | 2.54% | $6.55M | 0.56% | Jun 30, 2026 |
| iShares Russell 2000 ETF | 484,022 | 2.01% | $5.18M | 0.01% | Jun 30, 2026 |
| Vanguard Extended Market Index Fund | 277,853 | 1.15% | $2.98M | 0.00% | Jun 30, 2026 |
| Meridian Small Cap Growth Fund | 239,595 | 0.99% | $2.57M | 0.94% | Jun 30, 2026 |
| Fidelity Small Cap Index Fund | 214,316 | 0.89% | $2.25M | 0.01% | Jul 31, 2026 |
| iShares Russell 2000 Value ETF | 190,140 | 0.79% | $2.04M | 0.01% | Jun 30, 2026 |
| Fidelity Extended Market Index Fund | 109,826 | 0.46% | $1.14M | 0.00% | May 31, 2026 |
| Vanguard Russell 2000 Index Fund | 107,294 | 0.45% | $1.11M | 0.01% | May 31, 2026 |
| U.S. Small Cap Portfolio | 103,069 | 0.43% | $1.08M | 0.01% | Jul 31, 2026 |
| U.S. Micro Cap Portfolio | 88,608 | 0.37% | $931.27K | 0.01% | Jul 31, 2026 |
| North Star Micro Cap Fund | 82,000 | 0.34% | $848.70K | 0.46% | May 31, 2026 |
| Dimensional U.S. Small Cap ETF | 79,694 | 0.33% | $837.58K | 0.01% | Jul 31, 2026 |
| The Adirondack Small Cap Fund | 74,507 | 0.31% | $749.54K | 1.50% | Mar 31, 2026 |
| iShares Micro-Cap ETF | 66,573 | 0.28% | $713.00K | 0.05% | Jun 30, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Mark W. Harding | CHIEF EXECUTIVE OFFICER, Director | 164,818 | 0.68% | Sep 23, 2026 |
| Marc Stephen Spezialy | Chief Financial Officer | – | – | Sep 17, 2026 |
| Christopher Fink | Director | 1,123 | 0.00% | Sep 18, 2026 |
| Kelly J. Haecker | Director | 1,123 | 0.00% | Sep 17, 2026 |
| Daniel R. Kozlowski | Director | 3,019,988 | 12.53% | Jan 16, 2026 |
| Wanda J. Abel | Director | 13,258 | 0.06% | Jan 15, 2026 |
| Frederick A. Fendel Iii | Director | 15,258 | 0.06% | Jan 15, 2026 |
| Jeffrey G. Sheets | Director | 17,258 | 0.07% | Jan 15, 2026 |
| Patrick Beirne | Director | 27,258 | 0.11% | Jan 15, 2026 |
| Susan Diane Heitmann | Director | 6,827 | 0.03% | Jan 15, 2026 |
| Daniel J. Roller | Director, 10% owner | – | – | Jan 15, 2026 |
| Maran Capital Management, LLC | 10% owner | 3,549,000 | 14.73% | Jan 15, 2026 |
| Maran Partners Fund, LP | 10% owner | 3,551,653 | 14.74% | Jan 15, 2026 |
| Maran Partners GP, LLC | 10% owner | – | – | Jan 15, 2026 |
| Plaisance SPV I, LLC | 10% owner | 3,014,769 | 12.51% | Jan 15, 2026 |
| Maran SPV GP, LLC | 10% owner | – | – | Jan 15, 2026 |
| SPV1 LP Maran | 10% owner | – | – | Jan 15, 2026 |
| Capital LLC Plaisance | 10% owner | 348,557 | 1.45% | Nov 19, 2025 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Mark W. Harding CHIEF EXECUTIVE OFFICER, Director | Sep 22, 2026 | Tax withholding | −25,271 | $11.10 | $280.51K | 164,818 |
| Mark W. Harding CHIEF EXECUTIVE OFFICER, Director | Sep 22, 2026 | Option exercise | +50,000 | $5.61 | $280.50K | 190,089 |
| Christopher Fink Director | Sep 16, 2026 | Award | +1,123 | – | – | 1,123 |
| Kelly J. Haecker Director | Sep 16, 2026 | Award | +1,123 | – | – | 1,123 |
| Daniel R. Kozlowski Director | Jan 14, 2026 | Award | +2,653 | – | – | 351,210 |
| Frederick A. Fendel Iii Director | Jan 14, 2026 | Award | +2,653 | – | – | 15,258 |
| Maran Partners Fund, LP 10% owner | Jan 14, 2026 | Award | +2,653 | – | – | 2,653 |
| Patrick Beirne Director | Jan 14, 2026 | Award | +2,653 | – | – | 27,258 |
| Jeffrey G. Sheets Director | Jan 14, 2026 | Award | +2,653 | – | – | 17,258 |
| Wanda J. Abel Director | Jan 14, 2026 | Award | +2,653 | – | – | 13,258 |
| Susan Diane Heitmann Director | Jan 14, 2026 | Award | +2,653 | – | – | 6,827 |
| Mark W. Harding CHIEF EXECUTIVE OFFICER, Director | Jan 12, 2026 | Gift | −210,000 | – | – | 0 |
| Capital LLC Plaisance 10% owner | Nov 17, 2025 | Other | −2,600,000 | – | – | 0 |
| Capital LLC Plaisance 10% owner | Nov 17, 2025 | Sale | −68,778 | $11.01 | $757.25K | 2,600,000 |
| Patrick Beirne Director | Nov 17, 2025 | Option exercise | +10,000 | $4.05 | $40.50K | 24,605 |
| Mark W. Harding CHIEF EXECUTIVE OFFICER, Director | Sep 17, 2025 | Award | +10,000 | – | – | 140,089 |
| Patrick Beirne Director | Jan 15, 2025 | Award | +2,566 | $11.69 | $30.00K | 14,605 |
| Jeffrey G. Sheets Director | Jan 15, 2025 | Award | +2,566 | $11.69 | $30.00K | 14,605 |
| Wanda J. Abel Director | Jan 15, 2025 | Award | +2,566 | $11.69 | $30.00K | 10,605 |
| Daniel R. Kozlowski Director, 10% owner | Jan 15, 2025 | Award | +2,566 | – | – | 348,557 |
| Frederick A. Fendel Iii Director | Jan 15, 2025 | Award | +2,566 | $11.69 | $30.00K | 12,605 |
| Susan Diane Heitmann Director | Jan 15, 2025 | Award | +2,566 | $11.69 | $30.00K | 4,174 |
| Plaisance SPV I, LLC 10% owner | Nov 21, 2024 | Sale | −20,000 | $13.10 | $262.00K | 2,668,778 |
| Mark W. Harding CHIEF EXECUTIVE OFFICER, Director | Nov 20, 2024 | Gift | +390,000 | – | – | 390,000 |
| Mark W. Harding CHIEF EXECUTIVE OFFICER, Director | Nov 20, 2024 | Gift | −390,000 | – | – | 130,089 |
| Susan Diane Heitmann Director | May 22, 2024 | Award | +1,608 | – | – | 1,608 |
| Daniel R. Kozlowski Director, 10% owner | Jan 17, 2024 | Award | +3,006 | – | – | 345,991 |
| Daniel R. Kozlowski Director, 10% owner | Jan 17, 2024 | Award | +3,006 | – | – | 10,039 |
| Patrick Beirne Director | Jan 17, 2024 | Award | +3,006 | – | – | 12,039 |
| Jeffrey G. Sheets Director | Jan 17, 2024 | Award | +3,006 | – | – | 12,039 |
| Wanda J. Abel Director | Jan 17, 2024 | Award | +3,006 | – | – | 8,039 |
| Frederick A. Fendel Iii Director | Jan 17, 2024 | Award | +3,006 | – | – | 10,039 |
| Peter C. Howell Director | Jan 17, 2024 | Award | +3,006 | – | – | 38,761 |
| Mark W. Harding CHIEF EXECUTIVE OFFICER, Director | Aug 7, 2023 | Sale | −8,867 | $12.23 | $108.44K | 520,089 |
| Mark W. Harding CHIEF EXECUTIVE OFFICER, Director | Aug 4, 2023 | Sale | −4,688 | $12.42 | $58.22K | 528,956 |
| Mark W. Harding CHIEF EXECUTIVE OFFICER, Director | Aug 3, 2023 | Option exercise | +100,000 | $5.88 | $588.00K | 587,243 |
| Mark W. Harding CHIEF EXECUTIVE OFFICER, Director | Aug 3, 2023 | Tax withholding | −47,154 | $12.47 | $588.01K | 540,089 |
| Mark W. Harding CHIEF EXECUTIVE OFFICER, Director | Aug 3, 2023 | Sale | −6,445 | $12.52 | $80.69K | 533,644 |
| Peter C. Howell Director | Jul 14, 2023 | Option exercise | +6,500 | $6.08 | $39.52K | 31,224 |
| Peter C. Howell Director | Jul 14, 2023 | Option exercise | +6,500 | $4.34 | $28.21K | 38,274 |
| Peter C. Howell Director | Jul 14, 2023 | Tax withholding | −2,519 | $11.20 | $28.21K | 35,755 |
| Peter C. Howell Director | Jul 14, 2023 | Tax withholding | −2,421 | $11.20 | $27.12K | 31,774 |
| Peter C. Howell Director | Jul 14, 2023 | Option exercise | +6,500 | $4.17 | $27.11K | 34,195 |
| Peter C. Howell Director | Jul 14, 2023 | Tax withholding | −3,529 | $11.20 | $39.52K | 27,695 |
| Kevin Blain McNeill CHIEF FINANCIAL OFFICER | Apr 28, 2023 | Sale | −4,450 | $9.89 | $44.01K | 52,052 |
| Daniel R. Kozlowski Director, 10% owner | Jan 11, 2023 | Award | +3,003 | – | – | 342,985 |
| Kevin Blain McNeill CHIEF FINANCIAL OFFICER | Jan 11, 2023 | Award | +50,000 | – | – | 56,502 |
| Peter C. Howell Director | Jan 11, 2023 | Award | +3,033 | – | – | 24,724 |
| Patrick Beirne Director | Jan 11, 2023 | Award | +3,033 | – | – | 9,033 |
| Frederick A. Fendel Iii Director | Jan 11, 2023 | Award | +3,033 | – | – | 7,033 |
| Daniel R. Kozlowski Director, 10% owner | Jan 11, 2023 | Award | +3,033 | – | – | 7,033 |
| Wanda J. Abel Director | Jan 11, 2023 | Award | +3,033 | – | – | 5,033 |
| Jeffrey G. Sheets Director | Jan 11, 2023 | Award | +3,033 | – | – | 9,033 |
| Capital LLC Plaisance 10% owner | Nov 30, 2022 | Other | −865,042 | – | – | 0 |
| Capital LLC Plaisance 10% owner | Nov 30, 2022 | Other | +309,744 | – | – | 339,952 |
| Capital LLC Plaisance 10% owner | Nov 30, 2022 | Sale | −33,500 | $10.24 | $343.04K | 2,688,778 |
| Capital LLC Plaisance 10% owner | Nov 30, 2022 | Sale | −33,500 | $10.24 | $343.04K | 2,688,778 |
| Capital LLC Plaisance 10% owner | Nov 30, 2022 | Other | −865,042 | – | – | 2,722,278 |
| Capital LLC Plaisance 10% owner | Nov 29, 2022 | Sale | −16,500 | $10.21 | $168.47K | 2,722,278 |
| Capital LLC Plaisance 10% owner | Nov 29, 2022 | Other | −344,967 | – | – | 865,042 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold
| Seller | Filed | Shares | Market value | Planned sale | Acquired through |
|---|---|---|---|---|---|
| Mark W. Harding Officer, Director | Aug 3, 2023 | 20,000 | $250.80K | Aug 3, 2023 | Employee Stock Option Exercise |