Word: tolled
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...surge in insider selling at luxury homebuilder Toll Brothers Inc. in the past two weeks is raising red flags from jittery investors who nervously wonder if Toll and other homebuilding stocks may be overpriced and heading for a fall...
Since Sept. 8, chairman and chief executive Robert Toll has unloaded more than 4.3 million shares and pocketed at least $82.5 million in pretax net proceeds, according to filings with the Securities and Exchange Commission. At least two other insiders - director Bruce Toll and president Zvi Barzilay - have also been selling: Bruce Toll sold 352,433 shares, netting proceeds of about $7.5 million, while Barzilay dumped 200,000 shares for net proceeds of about $3.5 million, the filings reported. In some but not all cases, the insiders sold shares they had acquired through stock options that were to expire...
...Robert Toll's sell-off that rattled analysts and investors the most, as many recall how Toll in 2005 sold off large blocks of shares in his company just as the homebuilding sector was peaking. Toll is viewed as a seasoned and savvy executive with an extraordinary knack for recognizing trends early...
...Robert Toll "has been an astute investor and has opportunistically sold stock" in the past, says Bob Curran, managing director at Fitch Ratings. "Many have suggested that they think the [homebuilding] stocks might be ahead of themselves." (See pictures of Americans in their homes...
Still, many analysts believe the 2009 stock run-up among homebuilders has gotten ahead of the sector's pending recovery. "The stocks have gone too far, too fast," says Rob Stevenson, managing director at Fox-Pitt Cochran Caronia. Stevenson isn't surprised by the insider selling at Toll Brothers: "We think the group has gotten overvalued and that a pullback is likely." After all, he notes, "they're still not producing a profit...