We wouldn’t blame Penn National Gaming, Inc. (NASDAQ:PENN) shareholders if they were a little worried about the fact that Peter Carlino, the Chairman Emeritus recently netted about US$371m selling shares at an average price of US$124. That diminished their holding by a very significant 59%, which arguably implies a strong desire to reallocate capital.
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Penn National Gaming Insider Transactions Over The Last Year
In fact, the recent sale by Peter Carlino was the biggest sale of Penn National Gaming shares made by an insider individual in the last twelve months, according to our records. So what is clear is that an insider saw fit to sell at around the current price of US$119. While we don’t usually like to see insider selling, it’s more concerning if the sales take place at a lower price. Given that the sale took place…
