Inmarsat chiefs cash in on rally
A round-up of the biggest director buys today so far.
Bosses at Inmarsat have sold a quarter of a million shares in the satellite communications company following a 60% rally since last October.
Chairman and chief executive Andrew Sukawaty pocketed more than £1m from the sale of 200,000 shares at 538p each, although he still owns 933,393.
Rick Medlock, finance boss, also banked profits, offloading 50,000 shares at 541p to net £270,500. He keeps 460,000 shares.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Earlier this month, the group said it is on target for solid revenue growth this year following a strong half-year performance from the maritime business.
Profit before tax for the six months ended 30 June 2009 jumped 10.5% to $97m following a 4.9% increase in revenue to $508.7m and lower operating costs. Maritime revenue grew 9.8%.
Inmarsat slumped to 330p during the stockmarket sell-off last autumn, but have moved steadily higher since.
Top Director Buys
Value: £49,571
Value: € 48,500
Value: £25,470
Top Director Sells
Value: £1,076,000
Value: £270,500
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published
-
How to invest in copper
It may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
By Dominic Frisby Published