Word: tolls
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Dates: during 2000-2009
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...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...
...Despite Toll's decision to sell off shares, he still holds 14.5 million shares in the company either directly or indirectly - about 9% of the shares outstanding. "So his interest in the company and alignment with shareholder interests is still extremely strong," says Talbott McGrath. However, she believes the insider selling is contributing to the stock's underperforming many of its peers in the homebuilding sector...
...think investors are paying attention to that, and it is hurting the stock," she says, noting that Toll's shares are up only 45% from their March peak...
...Robert Toll was not immediately available to comment, but a spokeswoman, Kira McCarron, says his stock sales are normally done for "diversification" reasons, to lower risk in his personal investment portfolio...