Yesterday, two insiders at Forest City Enterprises, Inc. (NYSE:FCE.A) sold their shares of the $4 billion market cap real estate development firm. The talk is of Executive Vice President, Deborah Ratnersalzberg, who sold 6,000 shares of Class A Common Stock, indirectly, through the Deborah Ratner-Salzberg Trust, for a price of $19.92 per share.
The second insider sale was executed by Executive Vice President, Ronald Ratner, who disposed of 30,000 shares of Class A Common Stock, also indirectly, via the Ronald Ratner 1986 Trust Agreement, of which the Executive VP is a Trustee. This is certainly not Ratner’s first stock sale, as this month he reported several large dispositions, including 100,000 shares sold at $19.75 per share in a transaction executed ten days ago.
However, in spite of insiders unloading their company shares, hedge funds remained in their shareholder position this quarter, with little fluctuation. Comprising 2.59% of the hedge fund’s portfolio with 7 million shares at a value of $133.8 million, Martin Whitman’s Third Avenue Management sustains its position as the largest shareholder at Forest City.