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In December last year I interpreted directors buying activity in Experian (EXPN, 425p) as a STRONG signal due to the number of directors buying, their positions in the group, and the amount of capital committed to the investment. (Followthedirectors December 10th: ‘Arredondo, non exec, adds to Experian holding’)
On Tuesday December 16th we saw the first significant share sales by a Non Executive Director of Experian, David Tyler. Tyler sold 100,000 shares at 413p (Source: London Stock Exchange).
I don’t know what that takes Tylers shareholding in Experian to, but due the significant $$ value I am using the directors share sale as a signal to close my positive view on Experian.
Experian in fact are back to their December 2007 levels, but the FTSE 100 has fallen by 35%. So you have outperformed the FTSE 100 by 50%.
The signal isn’t yet of significant enough strength to warrant an outright sale on Experian.
View on Experian- Negative. Close positive view of December 10th due to director share sales.
Strength of Signal- Weak. Require more directors sales to justify a stronger signal.
To read all of Followthedirector analysis of Experian click here.
Fabiola Arredondo clearly believes in this story. Enough to commit to Experian (EXPN, 414p) a further £232k last Friday at 416p, on top of £176k invested at similar levels back on the 16th and 20th of November.
I said in my post on Experian of 29/11 that I would like to see Fitzpatrick, another non exec, committing more capital. Maybe last Wednesdays investment of £86k by non exec Alan Jebson makes up for that.
To summarise then, we’ve seen four non execs commit a total of just shy of £1.1m to Experian shares in the last three weeks, at between 410p and 431p.
My sunburnt nose tells me there’s a very nice story developing here, and I’m off to buy some EXPN for myself.