News Breaks
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| 22:48 EDT |  | ITT |
| theflyonthewall.com: | ITT Corporation chairman, CEO sold $2.6M in shares, Barron's reports | | Steven R. Loranger, the chairman, president and chief executive of ITT (ITT), sold 47,862 shares for an average price of $53.30 on Nov. 17. After the sale he owned 204,618 shares directly and indirectly and held 494,400 in exercisable options. Loranger's stake represents less than 1% of ITT's outstanding shares. On the same day, he exercised and sold 8,925 shares of phantom stock held under the company's deferred compensation plan. ITT's shares have risen 26% over the past six months, trading near their 52-week high after a solid quarterly earnings report. However, some analysts are worried about emerging areas of weakness. An ITT spokeswoman says the sale occurred as a result of Loranger's year-end tax planning and the normal periodic rebalancing of his overall portfolio. He holds and plans to continue to hold a significant position in ITT stock, she says. Ben Silverman, director of research at InsiderScore.com, says the sale is notable because it's Loranger's first since joining the company. Loranger has never bought shares, Silverman notes, but he has built up substantial holdings through stock awards. Reference Link :theflyonthewall.com |
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