Tyco Executives Sell Millions Through Insider Trades, Stock Downgraded
Shares of Tyco International Ltd. (NYSE:TYC) were lower on Thursday after the company's stock was downgraded by analysts at Barclay's Capital, however this may have been no surprise to company insiders, who sold millions of dollars' worth of shares prior to the downgrade.
According to Daily Political, research analysts at Barclay's lowered their rating of the stock from "Overweight" to "Equal weight," and also lowered their target price for the stock from $64 to $60.
In response, company shares were down 1 percent to $55.65, compared to the 52-year low of $38.80 and its year-high of $58.12. The Swiss security systems company has been the focus of several analysts' reports lately, with JPMorgan Chase analysts downgrading the stock to "Neutral" from "Overweight", and Citigroup analysts slashing their price target from $62.00 to $61.00.
The downgrades affected the company's stock, however it appears company executives may have been ready for such a downgrade. In the last three months, company officials have sold $16.87 million in share, which ranged in price from $55.25 to $58.12.
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