News Breaks
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| 21:32 EDT |  | CLB |
| theflyonthewall.com: | Three insiders at Core Labs sold a combined $17.8M in shares, Barron's reports | | The CEO of Core Laboratories (CLB), David Demshur, sold 100,000 shares for $10.7M, or an average price of $107.50 a share, on Oct. 29. A day later, CFO Richard Bergmark sold 50,000 shares for $5.2M, or an average price of $104.96 a share. The insider selling streak continued on Nov. 2 when Monty Davis, COO, sold 17,778 shares for $1.9M, or an average price of $104.40. After the sales, Demshur's stake represents 1.9% of the company's outstanding shares. Bergmark and Davis now hold less than a 1% stake. A Core Labs spokeswoman declined to comment on the sales, saying it was a personal decision for all three executives. Ben Silverman, director of research at InsiderScore.com, says there is a lot to like about Core Labs, including its exposure to growing markets off the west coast of Africa, in Asia-Pacific and the Middle East. "That said, the recent insider sales are troubling in one respect," says Silverman. "The sales totaled nearly 19% of insiders' holdings, and that equity won't be repatriated through stock options because the company doesn't grant options any longer. "The timing of the sales, with the stock near a 52-week high following a modestly upside earnings and guidance announcement, brings up questions about valuation," he wrote. Reference Link :theflyonthewall.com |
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