PulteGroup Starts New Projects, But Insiders Keep Selling
PulteGroup, Inc. (NYSE:PHM) has seen a number of new construction projects come its way, including a new large retirement community in North Carolina, but the flurry of activity doesn't seem to be enough to keep company officials from selling shares.
According to the Triangle Business Journal, the company's Carolina Preserve will soon expand its Del Webb name of retirement communities to Durham County in Brier Creek. Durham city officials recently approved a rezoning measure that will allow 1,275 ranch-style houses and small homes to be built near the intersection of TW Alexander and Highway 70.
The housing is expected to be affordable for most families, with Del Webb's Carolina Preserve at Amberly offering houses that start at $189,000.
Investors are waiting for PulteGroup to release its second-quarter results, which could affect stocks. However, if recent insider trading is any indication, investors may begin to sell.
On June 27 director Ryan Marshall sold 5,000 shares valued at $9.90 each for a total of $49,500.
Why do you think Marshall is selling company stock despite new housing starts?
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