Yesterday several analysts, such as Goldman Sachs, downgraded Hercules Offshore, Inc. (NASDAQ:HERO) from a neutral position to sell, causing the stock’s price to slip by 3% today. So, taking advantage of the lower price, the company’s Chief Executive Officer and President, John Rynd, purchased 36,000 shares of Common Stock, directly, paying $4.01 per share.
Following Rynd’s first stock acquisition this year, the CEO now holds little over 1 million Hercules shares, surpassed only by company Director, Steven Webster. Webster, contrary to the CEO, has been steadily purchasing large bulks of stock over the past quarters, with his latest acquisition dating back to April 28th, when the Director purchased 25,000 shares for $4.35 per share.
Furthermore, hedge fund positions at Hercules remain strong, with this quarter’s newest position occupied by Zac Hirzel’s hedge fund, Hirzel Capital Management. With 4.7 million shares, worth $21.5 million, Hercules comprises a significant 2.75% of Hirzel’s portfolio. However, the strongest position is held by Stelliam Investment Management, the hedge fund run by Ross Margolies, which owns approximately 7 million company shares, for a value of $32 million.