Stock of the Week
Tamara Gustavson (Non-Executive since 2008) purchased $8.1 million of stock on the 10th of September at $217.65. The trade is unusual as it is only her second purchase since 2006 and she had been a regular, material seller between 2006-15. Her only recent previous purchase was for $15 million at $215 in 2016. Ronald Havner (Chair since 2018, previously CEO since 2002) purchased $408,000 of stock on the 8th September. This is his first purchase since 2009, he sold significant stock between 2010-18. Whilst these trades are relatively small for both directors compared to historic sales, both directors are very rare traders which is encouraging. We are ranking the stock +1
Kenneth Ambrecht (Director since 2005) purchased $200,000 worth of stock on September 1st at $66.38, adding to the $440,000 he spent from May-August at prices ranging from $60-65. Despite being on the board for 15 years these are his first open market purchases. John Berding (President of American Money Management Corp, Director since 2012) has acquired $950,000 worth of shares in his 401k since May, at prices ranging from $55-67. Craig Lindner (Co-CEO & President, joined 1980) purchased $760,000 worth of shares in August at $63, in addition to the $3.5 million he added to his 401k from May-August. We believe Linder and Berding’s 401k purchases are discretionary. These are interesting and aggressive purchases from long-time directors who have limited open market activity in this stock.