The Executive Chairman at Globe Specialty Metals Inc. (NASDAQ:GSM), Alan Kestenbaum, sold 49,900 shares of Common Stock, directly, in a transaction executed between Thursday and Friday. While the insider sold 25,000 shares on Thursday, paying an average price of $20.44 per share, the sale was completed on Friday, by disposing of the remaining 24,900 shares for $20.17 per share. This is one of many stock sales ofr the Executive Chairman, who has repeatedly unloaded bulks of 25,000 shares over the past quarter. Following the transaction, Kestenbaum now owns a total of 9.68 million company shares.
However, not all insider trading at Globe Specialty Metals this quarter has been sales. Chief Executive Officer, Jeff Bradley, purchased 20,000 shares of Common Stock in May, paying an average price of $18.60 per share.
Moreover, hedge funds showed confidence in the $1.5 billion market cap firm’s future profitability, as many increased its participation in the holding portfolio. Clifton Robbins’ hedge fund, Blue Harbour Group, for example, owns 7.2 million shares, accounting for 8.12% of its portfolio, with a value of $150.3 million.