Guess which ASX 200 director just sold off $27 million worth of their company’s shares

The Johns Lyng Group Ltd (ASX: JLG) share price is plummeting on Tuesday after the company revealed a director had offloaded four million of its shares.

Lindsay Barber, who is both the S&P/ASX 200 Index (ASX: XJO) company’s chief operating officer and one of its directors, sold the parcel in a bid to diversify his personal portfolio.

As of Monday’s close, four million Johns Lyng shares would have been worth around $27.2 million. Though, the building services company didn’t reveal the amount Barber received from the sale.

The market is reacting poorly to news of the sale and an accompanying guidance update.

It’s bidding the Johns Lyng share price 13.22% lower to trade at $5.91 at the time of writing.

Let’s take a closer look at the latest from the ASX 200 industrials share.

ASX 200 share tumbles on insider selling

The Johns Lyng share price is suffering amid another bout of insider selling today.

Barber recently sold 31% of his personal stake in the company, retaining around 8,871,000 shares.

The company states the insider remains committed to his role and has vowed not to sell any more shares within the next 12 months.

It’s just the latest round of insider selling going down among Johns Lyng bigwigs.

Both Barber and managing director and CEO Scott Didier sold a million shares in May. Didier was later revealed to have offloaded another four million shares in October.

All sales were undergone for personal reasons. The former was a move to manage their portfolios while the latter was to finance Didier’s move to the US.

Reconfirmed guidance

Johns Lyng also reconfirmed its financial year 2023 guidance today. It still expects to post around $1 billion of sales revenue and $105 million of earnings before interest, tax, depreciation, and amortisation (EBITDA).

Today’s fall included, the Johns Lyng share price is down 33% year to date. It has also fallen 28% since this time last year.

Comparatively, the ASX 200 has dropped 7% year to date and 3% over the last 12 months.

The post Guess which ASX 200 director just sold off $27 million worth of their company’s shares appeared first on The Motley Fool Australia.

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More reading

• Why is the Woodside share price smashing the ASX 200 on Tuesday?
• Why BWX, City Chic, Domain, and John Lyng shares are sinking today
• 5 things to watch on the ASX 200 on Tuesday
• Here are the top 10 ASX 200 shares today
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Johns Lyng Group. The Motley Fool Australia has recommended Johns Lyng Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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