Nike Inc. (NKE) and Two Other Companies Witness Mild Insider Buying, Plus Notable Insider Selling at Other Companies

Insiders at Liquidating REIT Sell Shares

Two insiders at New York REIT Inc. (NYSE:NYRT) discarded shares last week. To start with, Board member William M. Kahane sold 42,951 shares on Thursday and 71,981 shares on Friday at prices ranging from $9.15 to $9.23 per share, trimming his ownership stake to 375,952 shares. Patrick A. O’Malley, Chief Investment Officer since June 2015, liquidated 8,311 shares on Thursday at prices that fell between $9.25 and $9.26 per share. Following the recent sale, Mr. O’Malley currently holds a stake of 36,198 shares.

In early August, the real estate investment trust that owns a portfolio consisting of office and retail properties announced the beginning of a liquidation process following strong criticism of the management by shareholder WW Investors LLC. New York REIT Inc. (NYSE:NYRT) owned 19 properties located in New York City on June 30. The so-called liquidation process aims at unlocking shareholder value; an attempt to close down the discrepancy between the REIT’s net asset value and market value. The officer and retail-property owner plans to sell its assets and return the proceeds to shareholders, pay down its debt load and delist from the New York Stock Exchange. Clint Carlson’s Carlson Capital owned 1.32 million shares of New York REIT Inc. (NYSE:NYRT) at the end of June.

Several Executives at Matrix Service Sell Shares

Two members of Matrix Service Co (NASDAQ:MTRX)’s executive team liquidated shares this past week. Justin D. Sheets, Vice President of Legal and Risk Management since October of 2014, unloaded 2,100 shares on Friday at prices ranging from $18.71 to $18.73 per share, cutting his holding to 13,779 shares. More importantly, President and Chief Executive Officer John R. Hewitt sold 14,043 shares on the same day at a weighted average price of $18.75 per share. Mr. Hewitt currently owns 230,947 shares.

Matrix Service Co (NASDAQ:MTRX), which offers engineering, fabrication, construction, and repair and maintenance services to several markets including the oil and gas industries, has seen the value of its stock drop by 7% since the beginning of the year. At the end of August, the company released its financial results for the fourth quarter and year that ended June 30, which revealed fiscal 2016 revenue of $1.31 billion versus $1.34 billion recorded for the previous fiscal year. However, the backlog at the end of June totaled $868.7 million, down massively from $1.42 billion recorded at the end of June of 2015. The record backlog of $1.42 billion reflected two major multi-year project awards received in the second half of fiscal 2015. Small-cap specialist Royce & Associates, founded by Chuck Royce, had 2.47 million shares of Matrix Service Co (NASDAQ:MTRX) among its holdings at the end of the second quarter.

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