Non-Executive Chairman at Racing, Gaming and Online Entertainment Company Keeps Selling Shares
A knowledgeable insider at Churchill Downs Inc. (NASDAQ:CHDN) keeps selling shares. Non-executive Chairman Robert L. Evans, who retired as Executive Chairman and as a member of the management team in late September 2015, discarded 12,500 units of common stock on Friday at $150.0 apiece. Following the recent sale, Mr. Evans currently owns an aggregate of 127,342 shares.
The racing, gaming and online entertainment company, known for hosting famous horse race the Kentucky Derby, has seen the value of its shares gain 7% since early 2016. Churchill Downs Inc. (NASDAQ:CHDN)’s net revenue for first three quarters of 2016 increased by $90.4 million year-over-year to $1.03 billion, mainly reflecting a $69.6 million increase from Big Fish Games – a provider and distributor of social casino, casual and mid-core free-to-play, and premium paid games for PC, Mac and mobile devices. The company’s top line was also lifted by strong Kentucky Derby and Oaks week performance. There were 19 hedge funds from our system with equity stakes in Churchill Downs at the end of the September quarter, which amassed around 32% of the company’s outstanding common stock. PAR Capital Management, run by Paul Reeder and Edward Shapiro, held 1.42 million shares of Churchill Downs Inc. (NASDAQ:CHDN) on September 30.
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Executive at Transforming REIT Sells Shares Presumably Due to Spin-off Plans
One member of Vornado Realty Trust (NYSE:VNO)’s executive team also offloaded some shares during the last trading days of 2016. Mitchell N. Schear, the President of Vornado/Charles E. Smith, offloaded 15,000 shares on Thursday at prices varying from $102.34 to $102.95 per share, cutting his overall holding to 63,877 shares.
In late October, landlord Vornado Realty Trust (NYSE:VNO)’s boardroom approved a tax-free spin-off of its Washington, DC business, known as Vornado/Charles E. Smith, into a new company that is set to be merged with the business and certain assets of a real estate company called the JBG Companies. The deal will create a landlord with a significant presence in the Washington area, aggregating around 11.8 million square feet of office space and more than 4,400 apartments. The company’s management believes the planned spin-off of the D.C. portfolio represents a “no-brainer”, allowing the real estate investment trust to retain an interest in D.C.’s office market without committing a great deal of attention to the market. Vornado shares were 5% in the green last year. John A. Levin’s Levin Capital Strategies reported ownership of 284,000 shares of Vornado Realty Trust (NYSE:VNO) in its 13F filing for the third quarter.
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The final page of this insider trading article will reveal fresh insider selling observed at two other companies.
