Housing
Toll's CEO Toll Still Unloading Toll Stock (TOL)
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Homebuilders are supposed to be a winners under the new tax incentive plan and with mortgages now priced at less than 5%. But after the close came a filing showing that Robert Toll, CEO of Toll Brothers Inc. (NYSE: TOL), unloaded roughly $11 million worth of common stock.
Before you think he is dumping, keep in mind thatthis is part of a pre-designated trading plan. The 500,000 shares weresold Monday at an average price of $22.1771.
He also directly still holds some 14,800,869 shares of common stock and even more shares if you include his other holdings and entities.So, he is still the single largest shareholder if you forget about thevarious entities under Fidelity funds.
Despite a near-70% rally from the lows seen over the last year, manymight question this strategy of a homebuilder CEO selling shares and howthat might be communicated to shareholders who have been suffering.This stock is still down close to 25% from the year’s high of $28.00, butmore importantly shares are off well over 50% from the peak.
Jon C. Ogg
January 6, 2009
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