CEO and COO at Hotel REIT Increase Their Holdings
There were two executives at Chatham Lodging Trust (NYSE:CLDT) who bought shares this week. President and CEO Jeffrey H. Fisher purchased 25,000 shares on Monday at prices that ranged from $17.21 to $17.55 per share. After the purchase, Mr. Fisher currently holds 701,747 shares in his account. Dennis M. Crave, Executive Vice President and Chief Operating Officer, disclosed Tuesday the purchase of 2,000 shares at a price tag of $17.23 each, a purchase that lifted his holding to 81,051 shares.
The self-advised hotel investment company has seen the value of its shares plunge by 14% since the start of the year. Chatham Lodging Trust (NYSE:CLDT)’s strategy involves investing in upscale extended-stay and premium-branded select-service hotels. The REIT’s total revenue for the third quarter was $79.73 million, up from $78.33 million posted in the same period of the previous year. The acquisition of three hotels in the third quarter of 2015 contributed with $3.52 million to the company’s top-line figure, while revenue at the REIT’s 35 comparable hotels decreased by $2.12 million year-over-year. For the 35 comparable hotels owned by Chatham Lodging Trust, room revenue decreased by $1.76 million year-over-year due to a decline of 4.1% in occupancy and a decrease of 2.5% in revenue-per-available room. Alan Reid’s Forward Management reported owning 1.93 million shares of Chatham Lodging Trust (NYSE:CLDT) in the 13F filing for the third quarter.
Insider Buying at Struggling Laser-Based Micro-Manufacturing Solutions Supplier
Two insiders at Electro Scientific Industries Inc. (NASDAQ:ESIO) also snapped up some shares last week. To start with, President and CEO Michael D. Burger bought 84,000 shares on Friday at a price of $4.71 per share, boosting his ownership stake to 313,445 shares. Board member Raymond A. Link added 2,000 shares to his holding on Thursday at a cost of $4.60 per share. Mr. Link currently owns an aggregate of 57,000 shares.
The mini-cluster of insider buying discussed above comes after the supplier of innovative laser-based micro-manufacturing solutions for industries that rely on microtechnologies released disappointing results for its fiscal 2017 second quarter that ended October 1. Electro Scientific Industries Inc. (NASDAQ:ESIO)’s revenue for the quarter came in at $29.7 million, down from $47.7 million reported for the first quarter of 2017 and $46.5 million in the second quarter of the previous fiscal year. The decrease reflects “short-term overcapacity” in its core business, which impacted revenues, earnings, and cash flow. The shares of the company have plunged by 4% this year. Algert Coldiron Investors, founded by Peter Algert and Kevin Coldiron, added a 230,096-share stake in Electro Scientific Industries Inc. (NASDAQ:ESIO) to their portfolio during the third quarter.
The final page of this article will discuss fresh insider trading observed at two other companies.