|
|
News Breaks
|
October 29, 2009
|
| 21:21 EDT |  | TUP |
| theflyonthewall.com: | Nine insiders, including the CEO sold $15.7M in Tupperware stock, Barron's says | | A recent slew of sales by insiders at Tupperware (TUP) could encourage investors to hold off on taking a long position. Since Oct. 22, nine insiders at the company, including the CEO have sold a total of $15.7M in stock. Chairman and CEO E.V. Goings sold 236,500 shares for $11.2M, or an average of $47.23 per share. He acquired most of the shares he sold by exercising options. Goings made the sales under a selling plan he adopted last May and extended in April. R. Glenn Drake, the group president for Europe, Africa, and the Middle East, sold 59,100 shares for $2.8M, or about $46.57 per share. The other seven insiders who sold included two directors and numerous vice presidents. Goings owns about 3% of the company's stock; the others each own less than 1%. Goings had told investors during the company's Q3 earnings call on Oct. 21 to "anticipate a number of officers exercising some options and some selling stock. Given the run-up in the stock price I expect to see quite a few shares moved." Goings added that he will donate some of the money to the Boys and Girls Club, which is expanding into Mexico and sub-Saharan Africa. In a note, InsiderScore.com analysts said the sell off at Tupperware could indicate a "valuation inflection." None of the options exercised by Goings and the other insiders were set to expire in the next 23 months, InsiderScore.com wrote in the note. Also, four of the insiders made out-of-pocket sales, the site noted. Goings' decision to extend his selling plan and the recent flurry of selling indicates that he doesn't expect the shares to run much higher, InsiderScore.com noted. Reference Link :theflyonthewall.com |
|
|
News For TUP From The Last 14 Days Check below for free stories on TUP the last two weeks.
There are 6 items on the Fly with pertinent information.
Sign up for a free trial to see the rest of the stories you've been missing. |
|
|
|
|
Subscribe for More Information
