Urban Outfitters Inc. (NASDAQ: URBN) been immune for the most part from the stock market carnage. Shares closed down almost 5% at $34 today, but the stock still trades well nto the upper echelon of its $21.09 to $38.40 trading range of the last 52-weeks.
Insider selling is a part of the markets, and it isn’t a signal of of bad things. But when we see sales of certain sizes, we have to look further. In an SEC filing today, Chairman of the Board Richard Hayne noted he sold 1,388,000 shares at prices of $35.64 to $36.12 on Monday and Tuesday. This represents a total value of more than $49.6 million.
This is nowhere near his entire stake in the company, so don’t think that this is a wholesale exodus on his part. Hayne still owns more than 33.6 million shares, roughly 20% of the company’s common stock. But a sale of nearly $50 million will raise some eyebrows in a market when traders and investors are easily spooked.
Jon C. Ogg
September 17, 2008
Essential Tips for Investing (Sponsored)
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.