Increased Insider Selling at Data Center REIT and Four Other Companies with Noteworthy Insider Trading Activity

This Auto Supplier Saw Its CEO Offload Shares This Week

Tenneco Inc. (NYSE:TEN)’s Executive Chairman, Gregg M. Sherrill, sold 51,609 shares on Tuesday at a weighted average price of $53.69. After the recent sale, Mr. Sherrill currently holds an ownership stake of 334,975 shares, along with an additional 116,441 restricted stock units.

The manufacturer of clean air and ride performance products and systems for light vehicle, commercial truck and off-highway applications has seen its market value gain by 13% year-to-date. Tenneco Inc. (NYSE:TEN)’s revenues of the first quarter of the year were $2.14 billion, increasing from $2.02 billion reported a year ago. The increase was mainly attributable to stronger original equipment light vehicle volumes in North America, Europe, India and China; higher aftermarket sales in Europe, South America and North America; and higher commercial truck, off-highway and other Clean Air revenue. Joel Greenblatt’s Gotham Asset Management upped its position in Tenneco Inc. (NYSE:TEN) by 91% during the March quarter to nearly 403,000 shares.

This Data Center REIT Witnesses Increased Insider Selling After Reaching New 52-Week High

Equinix Inc. (NASDAQ:EQIX) has seen multiple insiders unload shares in the past several weeks, so let’s have a look at the most recent and noteworthy insider selling. Chief Financial Officer Keith D. Taylor discarded 5,500 shares on Wednesday at prices varying from $363.33 to $364.33 per share, cutting his ownership to 44,846 shares. Yau Tat Lee, President of Equinix Asia-Pacific, sold 1,607 shares on Thursday for $366.62 each, which reduced his holding to 2,457 shares.

The shares of the data center REIT recently reached a new 52-week high of $368.89, after advancing 20% since the beginning of the year. In mid-May, Equinix Inc. (NASDAQ:EQIX) agreed to divest eight data centers in its European business to the owner of technology-related real estate Digital Realty Trust Inc. (NYSE:DLR) for roughly $874 million. The divestiture was related to the REIT’s acquisition of Telecity Group plc. Stephen Mandel’s Lone Pine Capital owns 2.32 million shares of Equinix Inc. (NASDAQ:EQIX) as of the end of March.

Disclosure: None