Papa John’s CEO John Schnatter has sold another big chunk of stock, according to a regulatory filing this afternoon, bringing to 411,050 shares the total he’s sold since announcing a special trading plan in early September under which he could sell up to 480,000 total.
Combined proceeds so far from all the sales, according to Securities and Exchange Commission filings: $32.2 million. (Table shows all the trades.)
Today’s SEC filing says Schnatter, who founded the company in 1984, sold 86,314 shares yesterday and Wednesday for prices averaging from $80.07 to $81.02 a share. The proceeds were $6.9 million, most of it from a single sale of 63,318 on Wednesday — the largest such block since Boulevard began tracking a wave of sales he started under the trading plan.
Papa John’s stock closed at $80.45 this afternoon, up 47 cents.
Company executives often adopt “10b5-1” trading plans, named for the SEC rule that governs insider trading. They are often approved by a company’s board of directors, and require an executive to sell a certain number of shares at fixed intervals to avoid any appearance they’re trading on inside information.
John Schnatter sold the 73,637 shares yesterday at an average $78.17 each, according to a Securities and Exchange Commission filing this afternoon. The trade left him with 10.4 million shares, and was made in accordance with a so-called Rule 10b5-1 trading plan he adopted Sept. 2, under which he could sell up to $36 million of stock.
With these trading plans, top executives typically sell a predetermined number of shares at fixed intervals to avoid any appearance of trading on insider information.
PAPA JOHN’S stock traded at a new 52-week high, $78.49, today before easing back to close at $78.26, up 49 cents. The stock’s all-time trading high was $79.40, on July 13, 2015 (Google Finance). Papa John’s founder and CEO John Schnatter is the pizza chain’s single-biggest stockholder, with about 10.5 million shares, including options — a stake worth $822 million at today’s closing price.
UPS plans to hire about 2,500 seasonal workers in Louisville to handle extra business during the holiday shipping period that begins in November and extends through January. The full- and part-time seasonal positions — primarily package handlers, drivers and driver-helpers — are among 95,000 seasonal workers overall the shipper plans to take on. Seasonal jobs have long been an entry for permanent ones at the company; from the 2012 through 2014 holiday seasons, more than 37% of those hired for seasonal package handler jobs were later hired in a permanent position when the holidays were over, the company says. UPS is the single-biggest private employer in Louisville, with about 22,000 workers at its hub at Louisville International Airport. Around the world, the company has 440,000 employees (press release and Courier-Journal). More about UPS.
FORD will move all the company’s small-car production to lower-cost Mexico over the next two to three years, CEO Mark Fields told an investor conference yesterday. The automaker produces its Fiesta subcompact in Mexico, but its Focus and C-Max small cars are made in suburban Detroit. The company is building a $1.6-billion assembly plant in Mexico’s San Luis Potosi, and plans to make small cars there starting in 2018 (Los Angeles Times). In Louisville, Ford employs nearly 10,000 workers at truck and auto assembly factories.
In other news, 21c Museum Hotel has sold a minority interest to a real estate investment unit of J.P. Morgan Private Bank. Under the deal, Junius Real Estate Partners will invest up to $250 million in the Louisville-based boutique chain toward building or acquiring new hotel properties.
Their first joint venture will be a 21c Museum Hotel Nashville in the historic downtown Gray & Dudley Building; it’s expected to open in the first half of next year with 124 hotel rooms, more than 10,500 square feet of museum and event space and five rooftop-level rooms, including two suites, with private terraces. 21c will manage the property and have joint ownership.
The pizza giant’s founder and CEO, John Schnatter, notified the Securities and Exchange Commission that he’d adopted a stock trading plan today under which he may sell up to 480,000 company shares, a block worth $36.4 million at today’s closing price of $75.75.
In a late-afternoon filing with the SEC disclosing the plan, Schnatter didn’t provide any more details, such as a timetable for when he would sell and in what amounts.
Company executives often adopt these “10b5-1” plans, named for the SEC rule that governs insider trading. The plans are often approved by a company’s board of directors, and require an executive to sell a certain number of shares at fixed intervals to avoid any appearance they’re trading on inside information.
Today’s filing came after stock markets closed. In extended trading, PZZA shares hardly fluttered, indicating Wall Street wasn’t concerned. That’s not surprising. Even if Schnatter had sold all 480,000 shares today, he’d still own about 10 million, including those subject to options — a stake equal to 26.3% of all outstanding shares. He would still be the company’s single-biggest stockholder, with a total stake worth $758 million.
The filing was noteworthy for another reason. Without explaining why, Papa John’s said it would not disclose any future 10b5-1 plans that might be adopted by other officers or directors. Nor will it report any changes or termination of any publicly announced trading plan, including Schnatter’s, except to the extent required by law.
Schnatter’s plan follows an especially busy month of trading for the executive. Since Aug. 5, he’s sold more than 138,000 shares for $10.5 million; chart, below.
. . . and right onto The Boulevard 400™. It’s our roster of movers, shakers and money-makers, all ranked according to how often their names appear in boldface on Louisville’s most eclectic business and culture news site. This just in! Moments ago, Papa John’s founder John Schnatter edged past Donald Trump into the No. 2 spot behind actress Jennifer Lawrence. Check out the full lineup; here’s a snapshot:
Another day, another $2.7 million in Papa John’s stock sold, according to founder and CEO John Schnatter’s just-filed notice this afternoon with the Securities and Exchange Commission. It says the most recent sale was Monday: 35,603 more shares at $76 a share, again.
This table summarizes his month-long binge:
Not to worry (much), as we’ve been noting each time: He’s still the pizza chain’s No. 1 holder, with 10.5 million shares, including those under option. Still, executives don’t often sell when shares are poised to head higher, so Schnatter’s active trading is worth following.
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