Earl Wayne Garrison, Chairman of J B Hunt Transport Services, Inc. (NASADAQ: JBHT), just disclosed in an SEC filing that he made a sale of common stock in the company. It wasn’t a small drop in the bucket either.
This filing shows that he sold 1.002 million shares at a net price of $28.25 on February 20, 2008. That’s over $28 million raised and was nearly one-seventh of his holdings. He still holds 6,337,028 shares of common stock directly, has 17,440 shares in a 401K plan, and has 12,000 in a family account.
That would explain the volume spike from Wednesday. Shares fell close to 2% that day and shares are down over 2% more since then. We’d note that shares are up more than $4.00 from the January 2008 lows, but still about 10% under the 52-week highs. Its 52-week trading range is $23.28 to $31.94, and the market cap is $3.53 Billion.
We don’t always cover insider selling and buying, but when you see sales of this size it is hard to ignore.
Jon C. Ogg
February 22, 2008