Marriott International Inc. (NASDAQ:MAR)’s President and Chief Executive Officer, Arne Sorenson, unloaded 150,000 shares of Class A Common Stock on Wednesday. The shares were sold pursuant to a Rule 10b5-1 Plan to dispose of stock options, at a price of $65.00 per share. This is the insider’s first stock sale this quarter, following his disposition of 497,640 shares in January, where he paid $50.01 per share.
Furthermore, insider Blake Stephen Marriott reported several stock sales in June, unloading 100,000 shares of Common Stock for $63.65 per share and another 100,000 shares for $63.81 per share in the same week. Both sales were executed through stock options.
In terms of hedge fund movements this quarter, there were some changes. Andrew Sandler’s Sandler Capital Management entered a new shareholder position, acquiring 569,400 shares, with a value of $31.8 million, comprising 1.12% of the hedge fund’s portfolio. However, Harris Associates, run by Natixis Global Asset Management remains the majority shareholder, with 2.9 million holdings, worth $163 million.