Are United Technologies Insiders Selling On Privileged Information?
United Technologies Corporation (NYSE:UTX) recently received a string of good news when analysts reiterated their positive ratings for the company's stock, but that hasn't stopped insiders from selling hundreds of thousands of dollars through insider trades.
According to Daily Political, Jefferies Group equities researchers reiterated their "Buy" rating of the company's shares, which led the stock to open the next trading session at $80.37. This is compared with its 52-week high of $87.50 and its 52-week low of $66.87.
The company also recently reported its quarterly earnings, which beat the average estimate from Thomson Reuters of $1.42 by 16 cents.
But despite this positive news, United insiders are unloading their stock in the company. On August 7, Elizabeth Amato, senior vice president of human resources, exercised her market option for 10,000 shares valued at $31.70 each, then sold those shares for a total of $782,810.
But Amato wasn't alone in the selling. The following day, Charles Gill, senior vice president and general council member, sold 2,750 shares valued at $78.13, for a total of $214,850.
Why do you think these officials were selling stock?
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