Carsales chair cashes out with a few nice little earners
He collected more than $9 million when he let some shares go at $7.79 apiece. A few weeks before that he raised nearly $15 million selling some at $7.39.
Anyone who would prefer not to buy shares from a director - particularly when prices are at more or less all-time highs - can now look at the current $9.77 share price and ponder the validity of that particular aversion.
In recent days he has sold shares at $9.63 each - which compares with a $9.99 all-time high.
Low earnings multiple aficionados might also have missed out on carsales.com's handy little run since listing in 2010.
The group went public at $3.50 a share on a forecast multiple of 22 times earnings; buyers on the first day of listing had to pay about $3.92 or close to 25 times earnings.
Those punters who held on are now looking at something like 42 per cent compound growth.
Pisciotta, a University of Alabama graduate who has been chairman of carsales.com since inception, retains a $143 million stake.
Elsewhere among the sellers, Reginald Nelson, the long-time chief of Beach Energy, again disposed of stock.
Recently he collected $1.4 million, now he's added a further $460,980 to the selling total.
Beach scrip has more than doubled in the past few years.
Elsewhere, Ben Elias, the chairman of Kupang Resources, a manganese project holder in West Timor, nearly trebled his stake in the West Timor manganese project operator.
Other resource counters also featured on the buyers' list with an interest associated with two directors of Red Hill Iron resuming buying after a four-month break, and at a greatly reduced price compared with last year.
Frequently Asked Questions about this Article…
Walter Pisciotta sold portions of his Carsales.com holding — in October he let scrip go that raised more than $9 million at $7.79 a share, and a few weeks earlier he raised nearly $15 million selling at $7.39. More recently he has sold at about $9.63 a share.
According to the article, Pisciotta still retains a stake in Carsales valued at about $143 million.
Carsales listed in 2010 at $3.50 a share (buyers on day one paid roughly $3.92). The company was marketed on a forecast multiple of 22 times earnings; early buyers paid close to 25 times. Holders who kept their shares are now looking at roughly 42% compound growth, with recent prices around $9.77 and an all-time high near $9.99.
The article notes some investors prefer not to buy shares sold by directors, especially near highs, but it also highlights that directors have sold at various price points while retaining large stakes. That suggests director sales are one data point to consider — not an automatic buy or sell signal — and investors may want to weigh context such as remaining holdings and recent price history.
Long-time Beach Energy chief Reginald Nelson has disposed of stock: the article says he collected $1.4 million recently and has since added a further $460,980 to his selling total. The piece also notes Beach shares have more than doubled over the past few years.
Ben Elias, chairman of Kupang Resources (a manganese project holder in West Timor), nearly trebled his stake in the West Timor manganese project operator, according to the article.
Two directors of Red Hill Iron resumed buying shares after a four‑month break, and they bought at a much reduced price compared with last year. The article highlights this as part of a broader buyers' list among resource counters.
The article highlights mixed director activity: some directors have been selling (even at high prices) while others are buying or increasing stakes in resource projects. It also points out strong historical gains for companies like Carsales and Beach. For everyday investors, these are factual signals to note — director trades, remaining stake sizes and recent price moves — when researching stocks, rather than standalone recommendations.
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