Cluster of Insider Selling at Cracker Barrel (CBRL), Retiring CEO of TE Connectivity (TEL) Sells Shares, Plus Other Insider Activity

CEO of Swiss Electronics Company Sells Shares After Announcing Decision to Step Down as CEO

Let’s turn our attention to some recent insider selling at TE Connectivity Ltd (NYSE:TEL), where the man in charge of the company offloaded a great deal of shares last week. Thomas J. Lynch, who will step down from his role as Chief Executive Officer in early-March, sold off a 97,745-share stake on Wednesday at prices that fell between $67.20 and $67.28 per share, which was held in a charitable remainder trust. Mr. Lynch, who will become Executive Chairman of the Board next year, also holds a direct ownership stake of 300,901 shares.

TE Connectivity Ltd (NYSE:TEL), a Swiss electronics company that makes connectors and sensors used by telecommunications, automotive, aerospace and energy companies, has seen its market capitalization increase by 4% this year. The sensor designer and manufacturer reported revenue of $3.33 billion for the quarter ended September 30 (the company’s fiscal year 2016 fourth quarter), up from $2.98 billion posted a year earlier. The company anticipates net sales in the range of $2.95 billion-to-$3.05 billion for the first quarter of its fiscal 2017. Richard S. Pzena’s Pzena Investment Management was the owner of 876,215 shares of TE Connectivity Ltd (NYSE:TEL) at the end of the September quarter.

Cluster of Insider Selling at Successful Restaurant Chain

Several executives at Cracker Barrel Old Country Store Inc. (NASDAQ:CBRL) trimmed their holdings last week, so let’s have a brief look at the cluster of selling observed at the company. To start with, Jeffrey M. Wilson, Principal Accounting Officer, Vice President and Corporate Controller, sold 360 shares on Friday at $165.20 apiece, cutting his stake to 3,003 shares. Nicholas V. Flanagan, Senior Vice President of Restaurant and Retail Operations, liquidated 10,000 shares on the same day at prices ranging from $164.11 per share to $165.55 per share. Following the Friday sale, Mr. Flanagan currently owns 12,679 shares. More importantly, President and CEO Sandra B. Cochran offloaded 30,000 shares on Friday at prices ranging from $164.33 to $165.92 per share. Ms. Cochran currently owns a total of 129,895 shares following the recent sale.

Cracker Barrel Old Country Store Inc. (NASDAQ:CBRL)’s restaurants have delivered ten-consecutive quarters of comparable-store sales growth, offsetting the weakness in the company’s retail business. The restaurant chain operated 641 Cracker Barrel stores in 43 states at the end of October, as well as two Holler & Dash Biscuit House locations in one state. The chain’s restaurants posted a 1.3% increase in same-store sales for the company’s first quarter of its fiscal 2017 ended October 28. The shares of Cracker Barrel are 27% in the green thus far in 2016. Jim Simons’ Renaissance Technologies owned around 254,000 shares of Cracker Barrel Old Country Store Inc. (NASDAQ:CBRL) at the end of the September quarter.

Disclosure: None