Former CEO of Finish Line Inc. (FINL) Sells Shares as Underperformance Persists; Other Notable Insider Transactions

Former CEO of Athletic Retailer Sells Shares as Underperformance Persists

A member of Finish Line Inc. (NASDAQ:FINL)’s boardroom discarded a sizeable block of shares last week. Non-Executive Chairman Glenn S. Lyon, who served as the Chief Executive Officer of Finish Line and its stores until being replaced by then President Sam Sato in early 2016, liquidated 75,000 Class A shares on Thursday at a price tag of $18.89 per share. Following the sizeable sale, Mr. Lyon currently owns a total of 117,088 shares.

On December 21, the athletic retailer released a disappointing earnings report for the third quarter and issued disappointing guidance, as the company continues to underperform in the athletic category when consumer enthusiasm for activewear continues to thrive. Although Finish Line Inc. (NASDAQ:FINL) started to roll-out a new store format, trim costs and announced plans to sell underperforming assets such as the JackRabbit business, analysts claim that the management’s efforts to improve merchandise and product flow have not yielded the desired results consistently. Credit Suisse analysts recently cut their price target on the athletic retailer to $19 from $23, citing weak underlying comps despite a reasonably healthy athletic environment. Steve Cohen’s Point72 Asset Management owned 250,000 shares of Finish Line Inc. (NASDAQ:FINL) at the end of the third quarter.

CFO of Provider of Internet Access and IP Communications Services Unloads Shares

Last but not least, an executive at Cogent Communications Holdings Inc. (NASDAQ:CCOI) also discarded some shares last week. Chief Financial Officer and Treasurer Thaddeus G. Weed unloaded 20,000 shares on Tuesday at a price of $41.52 per share, a sale that trimmed his ownership to 67,250 shares.

The shares of the facilities-based provider of low-cost, high-speed Internet access and IP communications services were up 22% in 2016. In late October, Cogent Communications Holdings Inc. (NASDAQ:CCOI)’s boardroom approved a quarterly dividend of $0.40 per share, which equates to an annual dividend yield of 3.82%. The company’s service revenue increased 10.8% for the first nine months of 2016 to $331.30 million. The 16 asset managers within our database invested in Cogent accumulated 9% of the company’s outstanding common stock. Jim Simons’ Renaissance Technologies LLC had 1.48 million shares of Cogent Communications Holdings Inc. (NASDAQ:CCOI) in its 13F portfolio at the end of September.

Disclosure: None