News Breaks
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| 21:07 EDT |  | TXRH |
| theflyonthewall.com: | Texas Roadhouse founder, chairman sold more than 1.1M shares, Barron's reports | | Moderately priced restaurant chains such as Texas Roadhouse (TXRH) have managed to keep customers coming during the recession. Now the company's founder and chairman is trimming his stake, selling $12.6M in stock. W. Kent Taylor sold 1,168,531 shares for an average price of $10.80. After the sale he held more than 17M shares directly and indirectly, a 24% stake, down from 18M shares, a 26% stake. A Texas Roadhouse spokesman wrote in an e-mail that the recent sales were for diversification purposes and noted that they represent a fraction of Taylor's holdings. Taylor is as passionate as ever about Texas Roadhouse, the spokesman added. Jonathan Moreland, director of research at InsiderInsights.com, says Taylor's sale was large enough that it might be considered cause for concern were it not for the fact that Taylor had received more than 5.2M shares when his class B shares converted into class A shares on Sept. 30. Moreland also notes that Texas Roadhouse CEO Gerard Johan Hart exercised options for $100,000 in stock in October and didn't sell them. Moreland says he wouldn't buy the shares but he definitely wouldn't short them. Reference Link :theflyonthewall.com |
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