Three Michael Page International executive directors have raised £7.8m between them by selling shares in the recruitment company.
They sold the shares on Wednesday, which was the day before Goldman Sachs cut its recommendation from buy to hold.
Each of the three executives made four separate disposals at prices ranging from 469p to 487.29p a share.
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Chief executive Stephen Ingham, who has been with the company for 23 years, raised £2.85m from his disposals and retains a 0.38% stake.
Finance director Stephen Puckett raised £2.38m, as did Charles-Henri Dumon, the managing director of continental Europe and the Americas. Puckett retains 0.2% of Michael Page and Dumon, who has been employed by the company for 25 years, 0.14%.
Michael Page raised profit by 37% during the third quarter and had its best month of 2010 in September as the temp business began to grow again.
Gross profit for the three months to the end of September came in at £112.7m, up from £82.3m this time last year, and was about 1% better than the previous quarter.
Permanent recruitment put in a strong performance, rising almost 50% to £87.8m, while the temporary side improved gross profit by 5% to £24.9m.
"Our performance continues to benefit from our strategy of diversifying our geographical presence however, it is the nature of our business that visibility is short and there remains uncertainty over future levels of business confidence and economic activity," according to Ingham.
An update for the fourth quarter and full-year is due on 10 January.
Top Director Buys
IFG Group (IFP) Director name: Mr Peter PriestleyAmount purchased: 50,000 @ 113.66p Value: £56,830
Law Debenture Corp. (LWDB) Director name: Mr Christopher SmithAmount purchased: 15,000 @ 323.30p Value: £48,495
Proximagen Group (PRX) Director name: Mr Peter AllenAmount purchased: 20,000 @ 113.00p Value: £22,600
Top Director Sells
Michael Page International (MPI) Director name: Mr Stephen InghamAmount sold: 341,250 @ 469.00p Value: £1,600,462
Michael Page International (MPI) Director name: Mr Stephen PuckettAmount sold: 284,375 @ 469.00p Value: £1,333,719
Michael Page International (MPI) Director name: Mr Charles-Henri DumonAmount sold: 284,375 @ 469.00p Value: £1,333,719
Mandarin Orirntal International (Singapore) (MDO) Director name: Mr Terry L StinsonAmount sold: 400,000 @ $1.86 Value: $744,520
Michael Page International (MPI) Director name: Mr Stephen InghamAmount sold: 135,000 @ 487.29p Value: £657,842
Michael Page International (MPI) Director name: Mr Stephen PuckettAmount sold: 112,500 @ 489.29p Value: £550,451
Michael Page International (MPI) Director name: Mr Charles-Henri DumonAmount sold: 112,500 @ 487.29p Value: £548,201
Michael Page International (MPI) Director name: Mr Stephen InghamAmount sold: 67,500 @ 481.50p Value: £325,012
Michael Page International (MPI) Director name: Mr Charles-Henri DumonAmount sold: 56,250 @ 481.50p Value: £270,844
Michael Page International (MPI) Director name: Mr Stephen PuckettAmount sold: 56,250 @ 481.50p Value: £270,844
Michael Page International (MPI) Director name: Mr Stephen InghamAmount sold: 56,250 @ 480.14p Value: £270,079
Michael Page International (MPI) Director name: Mr Charles-Henri DumonAmount sold: 46,875 @ 480.14p Value: £225,066
