But Staggs may have made his most important statement about the company without saying a word, observers say. On Friday, he sold 75,000 Disney shares for $1.9 million, or about $25.38 per share on average. The insider sales were the first at the company since September, when Staggs sold $2.6 million in shares through a selling plan he had adopted.
Does he know something the rest of us doesn't? And it appears that each time he has made such a sale, Disney stocks took a tumble.
Staggs' sales have tended to precede drops in Disney's stock price, according to Thomson Reuters. The last 12 times Staggs has sold, shares have fallen about 8% in the following six months. Thomson rates Disney a three out of 10 in regards to insider sentiment (measured by buying and selling), with 10 being the most bullish.
The question now is, were those drop simply a reactionary result because he sold the shares, or was the sell-off a reflection of what was about to inevitably happen?
Zz.
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