CEO and CFO of Advertising-Focused REIT Increase Holdings of Company Stock
Tow top-tier executives at Outfront Media Inc. (NYSE:OUT) have purchased shares of the company thus far this September. To start with, Chairman and Chief Executive Officer Jeremy J. Male snatched up 5,000 shares on Monday at prices varying from $21.37 to $21.39 per share. Following the recent purchase, Mr. Male currently holds an ownership stake of 204,297 shares. On September 6, Donald R. Shassian, Executive Vice President and Chief Financial Officer, bought 5,000 shares at a price tag of $21.90 each, which increased his overall ownership to 137,438 shares.
The real estate investment trust that provides advertising space on out-of-home advertising structures and sites in the United States and Canada has seen its market cap fall by 1% since the start of the year. Earlier this week, Outfront Media Inc. (NYSE:OUT) announced that it assumed the advertising rights for the 349 transit buses operated by the City of Los Angeles Department of Transportation and the 242 buses operated by Long Beach Transit. The REIT pays out a quarterly cash dividend of $0.34 per share, which yields an impressive 6.32% annually. Jim Simons’ Renaissance Technologies trimmed its position in Outfront Media Inc. (NYSE:OUT) by 57% during the April-to-June quarter to 747,700 shares.
Several Insiders at Satellite Communications Company Buys Shares Amid Stock Price Weakness
Two corporate insiders at Iridium Communications Inc. (NASDAQ:IRDM) also piled up more shares of common stock this past week. Chief Executive Officer Matthew J. Desch bought 15,000 shares on Friday at prices that fell between $6.94 and $6.99 per share, boosting his overall holding to 554,040 shares. Board member Barry J. West snapped up 10,000 shares two days earlier at prices ranging from $7.25 to $7.26 per share. After the not-so-distant purchase, Mr. West currently owns 20,856 shares.
The shares of the second-largest provider of satellite-based mobile voice and data communications services are down 12% since the beginning of 2016, primarily reflecting a drop of 14% in the past month alone. Iridium Communications Inc. (NASDAQ:IRDM) is currently in the process of replacing its satellite network, with investors being worried about possible disruptions from launch failures after a fresh high-profile explosion. There were 11 hedge funds from our system invested in the satellite communications company at the end of the second quarter. Royce & Associates, founded by Chuck Royce, was the owner of 1.46 million shares of Iridium Communications Inc. (NASDAQ:IRDM) on June 30.
The final page of this article will discuss fresh insider selling registered at two other companies.