Benzinga - by Lisa Levin, Benzinga Editor.
The Nasdaq 100 closed higher by around 0.5% on Tuesday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company’s prospects or that they view the stock as being overpriced. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out Benzinga's insider transactions platform.
Textron
- The Trade: Textron Inc. (NYSE: TXT) Director Kerry Clark sold a total of 9,353 shares at an average price of $75.10. The insider received around $702,448 from selling those shares.
- What’s Happening: Textron reported third-quarter sales growth of $3.34 billion, missing the consensus of $3.476 billion, although adjusted EPS of $1.49 (+30% Y/Y) beat the consensus of $1.29.
- What Textron Does: Textron is a conglomerate that mostly designs, manufactures, and services a range of specialty aircraft including small jets, propeller-driven airplanes, helicopters, and tilt-rotor aircraft.
Yelp
- The Trade: Yelp Inc. (NYSE: YELP) Chief Operating Officer Joseph Nachman sold a total of 6,000 shares at an average price of $40.72. The insider received around $244,337 from selling those shares.
- What’s Happening: JP Morgan recently upgraded Yelp from Underweight to Neutral and announced a $39 price target.
- What Yelp Does: Yelp Inc operates in the online content market based in the United States. It provides a web-based platform and mobile application to bridge the gap between businesses and consumers.
- The Trade: Union Pacific Corporation (NYSE: UNP) EVP Operations Eric J Gehringer sold a total of 1,274 shares at an average price of $203.24. The insider received around $258,928 from selling those shares.
- What’s Happening: Union Pacific reported a third-quarter FY23 operating revenue decline of 10% year-over-year to $5.941 billion, missing the consensus of $5.99 billion.
- What Union Pacific Does: Omaha, Nebraska-based Union Pacific is the largest public railroad in North America.
- The Trade: Packaging Corporation of America (NYSE: PKG) SVP Kent A Pflederer sold a total of 4,000 shares at an average price of $150.93. The insider received around $603,731 from selling those shares.
- What’s Happening: Packaging Corp Of America reported a third-quarter FY23 sales decline of 8.94% year-on-year to $1.94 billion, missing the analyst consensus estimate of $1.99 billion.
- What Packaging Corporation of America Does: Packaging Corp of America is the third-largest containerboard and corrugated packaging manufacturer in the United States.
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