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ASX 200 share Eagers Automotive Ltd (ASX: APE) is rocketing today after the company released its full-year results for 2022.

The Eagers share price is up by 9.3% to $13.04 at the time of writing. It hit an intraday high of $13.44 in earlier trading, which was 12.65% above yesterday’s closing price of $11.93.

Australia’s biggest car sales group announced a record full-year dividend of 71 cents per share for FY22. This is up 13.6% compared to FY21. The final dividend payment for FY22 will be 49 cents per share.

Let’s see what else the company reported today.

ASX 200 share rips it up on record operating profit

Here are the highlights of the 12 months ended 31 December 2022 (FY22):

• Record underlying operating profit before tax of $405.2 million, up from $401.8 million in the prior corresponding period of FY21 (pcp)
• Statutory profit before tax of $442.2 million, down from $456.8 million pcp
• Available liquidity of $631.1 million
• Fully franked final dividend of 49 cents per share, up 15.3% pcp.

What else happened in FY22?

Eagers Automotive said its record profit came down to continuing strong demand for both new and used cars, as well as a “sustainable strong return on sales through a reset cost base and ongoing focus on technology enabled productivity improvements …”.

It also noted the successful acquisition and integration of the ACT and South Australia multi-franchised dealership groups and continued investment in strategic partnerships.

The FY22 statutory result included significant items of $37 million net income before tax. This is predominately related to the capital gain made on the sale of the Bill Buckle Auto Group.

What did management say?

Eagers Automotive CEO Keith Thornton said:

Our record full year underlying profit reflects the strength of ongoing market dynamics combined with our reset and more productive operating platform, while our record dividend underlines the confidence the Board has in our outlook for 2023 and beyond.

Our new car order bank grew by 74% in 2022, representing an all-time record level with an extended run-off period and providing material embedded gross profit that will support future trading results.

What’s next?

Thornton said the industry “is at an inflection point” as the world begins to decarbonise.

He said:

… Eagers Automotive is uniquely positioned to capitalise on its scale and expertise while leading the generational shift towards a lower emission future.

Eagers Automotive share price snapshot

The ASX 200 share is up 21% in the year to date and down 7% over the past 12 months.

This compares to a 4.9% year-to-date bump in the S&P/ASX 200 Index (ASX: XJO) and a 1.1% rise over the past year.

The post Guess which ASX 200 share is soaring 9% after declaring a record dividend appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. At the time of writing, the benchmark index is down 0.4% to 7,285.4 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:

Platinum Asset Management Ltd (ASX: PTM)

The Platinum share price is down 17% to $1.89. Investors have been selling this fund manager’s shares following the release of a disappointing half-year result. Platinum reported a 20.5% decline in revenue to $102.26 million and a 37.4% decline in net profit to $37.56 million. This led to the company slashing its dividend by 30% to 7 cents per share.

Qantas Airways Limited (ASX: QAN)

The Qantas share price is down 6.5% to $6.05. This follows the release of the airline operator’s half-year results. Although the Flying Kangaroo delivered a profit before tax at the top end of its guidance range and announced a $500 million on-market share buy-back, investors appear to have been betting on an even stronger result.

Red 5 Limited (ASX: RED)

The Red 5 share price is down 23% to 13.5 cents. This morning, this gold miner announced the completion of an $80 million institutional placement. These funds were raised at a 23% discount of 13.5 cents per share. The proceeds will ensure Red 5 is well funded, with sufficient working capital to support steady-state operations at the newly commissioned King of the Hills mine.

Zip Co Ltd (ASX: ZIP)

The Zip share price is down almost 7% to 52.7 cents. Investors have been selling this buy now pay later (BNPL) provider’s shares following the release of its half-year results. Although Zip reported record revenue, it still recorded a loss after tax of $243 million. Nevertheless, management believes it has sufficient cash to see it through to positive group cash EBTDA in FY 2024.

The post Why Platinum, Qantas, Red 5, and Zip shares are dropping today appeared first on The Motley Fool Australia.

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More reading

• Why is Qantas buying back shares instead of paying dividends?
• Qantas share price falls 4% despite huge profits and major share buy-back
• Zip share price lower on $243m first-half loss
• Qantas share price on watch amid $1.4b half-year profit
• Earnings preview: Here are the ASX shares reporting on Thursday

Motley Fool contributor James Mickleboro 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 Zip Co. The Motley Fool Australia has no position in any of the stocks mentioned. 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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It might be earnings season right now but, for some ASX shares, the top line is more of a focus than profits.

This is common in companies that have brought relatively new products to the market and are chiefly looking to build their customer base and take market share. In this scenario, rapid revenue growth is a prime metric of successful execution.

Two Australian companies currently on this path are ASX healthcare shares Nanosonics Ltd (ASX: NAN) and Polynovo Ltd (ASX: PNV). Both of these companies have released their first-half results for FY2023 to the market today.

So, are these revolutionary medical product sellers still delivering revenue growth fast enough to put your eyebrows at risk?

Are these ASX shares delivering the goods?

Accelerating revenue growth

Let’s start with the fastest-growing of the two companies, Polynovo. The $1.57 billion medical company, primarily focused on burns and wounds, showed the market it has high growth potential.

Polynovo achieved record revenue in the first half of FY2023, totalling $29.5 million. The figure represents an impressive 62.2% increase on the prior corresponding period. Notably, the rate of growth is the highest the company has recorded since the first half of FY2020 — suggesting a reacceleration of sales.

The company dialled up sales of its flagship biodegradable temporizing matrix (BTM) products by 67.5% during the period. Sales in the United States made the largest contribution in dollar terms, growing 61% to $22.8 million.

However, burgeoning employee and administrative expenses in the half swung Polynovo back into a net loss of $3.9 million.

Shares in this ASX healthcare company are up 3.38% at the time of writing to $2.295 apiece, furthering the company’s one-year share price gain to 101%.

Slower than last year

Much like Polynovo, ultrasound disinfection company Nanosonics came in with double-digit revenue growth. However, the difference begins at the rate of growth compared to the prior corresponding period.

For the six months ending December 2022, Nanosonics recorded $81.6 million in revenue — up 35% year on year. Certainly, it’s an impressive result on its own, though this is down from an increase of 41% in the previous first half.

Furthermore, the company’s new installed base of 1,270 devices was down 10% from the 1,410 it rolled out in the prior period.

On a positive note, consumables and service revenue increased 34% to $55.7 million. This was up on the previous growth rate of 23%. This could be a promising sign as the company looks to follow the classic razor and blade business model.

Accelerating revenue and controlled costs enabled Nanosonics to produce a supercharged net profit after tax (NPAT). Net profits increased 167% compared to the same period last year, hitting $10.4 million.

The Nanosonics share price is currently 0.32% higher to $4.755 today. Though, where the performance of this ASX share really outshines the broader market is in its one-year return — that’s up 15%.

The post 2 high-profile ASX healthcare shares lifting on blazing revenue growth appeared first on The Motley Fool Australia.

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More reading

• Top brokers name 3 ASX shares to buy today
• Why did ASX 300 healthcare stock Polynovo tumble 12% today?
• 3 ASX shares I dream of owning at the right price

Motley Fool contributor Mitchell Lawler 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 Nanosonics and PolyNovo. The Motley Fool Australia has positions in and has recommended Nanosonics. 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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The S&P/ASX 200 Index (ASX: XJO) has come under pressure on Thursday. In afternoon trade, the benchmark index is down 0.35% to 7,287.9 points.

Four ASX shares that aren’t letting that hold them back today are listed below. Here’s why they are charging higher:

Lovisa Holdings Ltd (ASX: LOV)

The Lovisa share price is up 4% to $24.85. This morning, in response to its half-year results from yesterday, analysts at Morgans retained their add rating with an improved price target of $29.00. the broker notes that “LOV reported NPAT of $50.5m (pre-AASB 16), 1% higher than our forecast.”

Medibank Private Ltd (ASX: MPL)

The Medibank share price is up 6% to $3.27. This follows the release of the health insurer’s half-year results. The company reported a 1.3% increase in revenue to $3.63 billion and a 6.7% lift in underlying net profit after tax to $227 million. This allowed Medibank to increase its fully franked interim dividend by 3.2% to 6.3 cents per share.

Qube Holdings Ltd (ASX: QUB)

The Qube share price is up 9% to $3.25. Investors have been buying this logistics solutions company’s shares following the release of its half-year results. Qube reported a 23% increase in underlying revenue to $1.5 billion and a 41% jump in net profit after tax to $125 million. This was driven by continuing high volumes across most of Qube’s core markets, as well as the full period contribution from prior acquisitions and growth capex.

Smartgroup Corporation Ltd (ASX: SIQ)

The Smartgroup share price is up 8% to $6.13. This morning, this salary packaging and fleet management company released its full-year results and reported a 1% increase in revenue to $225 million but a 12% decline in net profits after tax before amortisation to $61 million. The latter was at the high end of its guidance range.

The post Why Lovisa, Medibank, Qube, and Smartgroup shares are charging higher appeared first on The Motley Fool Australia.

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More reading

• 3 ASX 200 shares flying on strong earnings updates
• Medibank share price charges higher amid profit boost
• Results in! Buy these ASX growth shares now: analysts
• 3 ASX 200 shares defying the market following earnings announcements
• Two ASX shares with bucketloads of growth potential: experts

Motley Fool contributor James Mickleboro 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 Lovisa. The Motley Fool Australia has positions in and has recommended Smartgroup. The Motley Fool Australia has recommended Lovisa. 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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The share price of All Ordinaries Index (ASX: XAO) battery hopeful Talga Group Ltd (ASX: TLG) is tumbling out of a trading halt on Thursday.

It comes as the company announces a successful $40 million institutional placement and updates the market on permitting advances.

Right now, the Talga share price is $1.60, 14.44% lower than it was when it was frozen ahead of the market opening on Tuesday. However, it hit a low of $1.53 earlier – marking an 18.2% fall.

Let’s take a closer look at what might be weighing on the All Ords battery stock today.

ASX All Ords battery stock tumbles on Thursday

Stock in battery materials developer Talga is plummeting as the company returns to trade after offering 25.8 million new shares for $1.55 apiece.

The oversubscribed placement was supported by both new and existing institutional investors.

Managing director Mark Thompson said the demand “highlights the quality of Talga’s graphite anode projects and battery material technologies”.

The raised funds will go towards the Sweden-based Vittangi Project’s early works.

Speaking of the Vittangi Project, Talga revealed a big step for its 100,000 tonnes per annum graphite mining operation at the project’s Nunasvaara South.

The main hearing for the operation’s environmental permit application began before the Swedish Land and Environment Court late last month and finished yesterday.

The court will publish its decision – which will be subject to certain rights of appeal – on 5 April.

Meanwhile, the company applied for permits to establish a 19,500 tonnes per annum commercial battery anode manufacturing plant in the Luleå Industrial Park.

Permits to build its refinery production facilities have since been granted by the LuleÃ¥ Municipality. They’ll come into force late next month.

Environmental permits are still progressing through the court. A positive ruling could see the company kicking off works at the refinery site in the second half of 2023.

Talga share price snapshot

Fortunately, today’s drop hasn’t been enough to see the All Ords battery stock in the longer-term red.

The Talga share price is still up 13% year to date and 17% over the last 12 months.

For comparison, the All Ords has gained 5% so far this year. The index is currently flat with where it was this time last year.

The post Why did this ASX All Ords battery stock just crash 18%? appeared first on The Motley Fool Australia.

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More reading

• I’d invest my first $500 in this high-dividend-yield ASX stock today
• Here’s why the EML share price is on ice today
• 3 ASX 200 shares you might not know are trading ex-dividend today
• 3 ASX 200 stocks being punished on their results announcements
• 3 ASX 200 shares flying on strong earnings updates

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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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The EML Payments Ltd (ASX: EML) share price is frozen at yesterday’s closing price of 58 cents.

The company requested a pause in trading pending an announcement before the market open today.

At about 11am, the ASX tech share went into a trading halt at the company’s request. EML shares will remain halted until the earlier of either an announcement or the start of trading on Monday.

Why is the EML share price frozen?

EML requested the halt ” … pending an announcement by EML in relation to a letter received overnight by its Irish subsidiary, PFS Card Services Ireland Limited from its regulator, the Central Bank of Ireland”.

EML’s Irish and United Kingdom businesses face ongoing regulatory issues.

The Central Bank of Ireland has limited EML’s total payment volumes to 10% growth until December. The bank retains the discretion to lift the restriction sooner if EML can get its house in order before then.

The last time EML provided a formal update on its situation in Ireland was on 10 November 2022.

In that statement, EML said material growth cap restrictions would remain in place until the company completed its remediation program and provided satisfactory third-party verification to the central bank.

EML Chair Peter Martin described 2022 as “one of the toughest periods in our history” at the company’s annual general meeting on 25 November.

Martin said:

It is clear that uncertainty about EML’s future prospects has led to a loss of confidence and contributed to the fall in market value.

I’m referring to the continuing regulatory issues in our Irish subsidiary, PFS Card Services, and our UK subsidiary, Prepaid Financial Services, and the related costs.

Despite our genuine efforts, there’s been a lack of clarity about what this means to EML and how we are going about fixing the problems.

What’s the latest news from EML?

The EML share price finished yesterday’s session down 9.4% after the company released its 1H FY23 results.

After an initial 18% share price crash on news of its 95% profit decimation, EML rebounded over the day.

The company’s underlying net profit after tax, adjusted to exclude the non-cash tax-effected amortisation of intangibles and significant non-operating items (NPATA) was $700,000, down 95% on 1H FY22.

The decline is largely due to investment in its transformation strategy and non-cash impairments.

EML wants to become a leading payments provider in four key segments over the next five years. They are human capital management, financial services, retail and gifting, and government.

Its remediation programs in Ireland and the United Kingdom are expected to be completed by the end of December.

The post Here’s why the EML share price is on ice today appeared first on The Motley Fool Australia.

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More reading

• EML share price crashes 18% on half-year results but quickly rebounds

Motley Fool contributor Bronwyn Allen 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 EML Payments. The Motley Fool Australia has positions in and has recommended EML Payments. 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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Three S&P/ASX 200 Index (ASX: XJO) shares are in well into the red on Thursday.

But investors shouldn’t be overly concerned. All three ASX 200 shares are trading ex-dividend today.

Which ASX 200 shares are trading ex-dividend?

The Whitehaven Coal Ltd (ASX: WHC) share price is down 3.1% in afternoon trading as investors buying the ASX 200 coal stock now will no longer receive the outsized interim dividend.

With net profit after tax (NPAT) up 423% to $1.8 billion for the six months ending 31 December, Whitehaven’s board declared a fully-franked interim dividend of 32 cents per share. That’s up 300% from the 8 cents per share paid out in 1H FY22.

The payment date for investors who bought the ASX 200 share before it traded ex-dividend is 10 March.

JB Hi-Fi Limited (ASX: JBH) is also trading ex-dividend today, reflected by a 5.4% fall in the JB Hi-Fi share price.

The ASX 200 electronic retailing share reported a 14.6% year on year increase in its half-year profits, with NPAT coming in at $330 million. This saw the board declare a fully franked interim dividend of $1.97 per share, up 21% from 1H FY22.

Eligible investors can expect that payment on 10 March.

The third ASX 200 share you might not know is trading ex-dividend today is financial software provider Iress Ltd (ASX: IRE).

The Iress share price is down 3%, with investors buying the stock today no longer eligible to receive the 30 cents per share unfranked dividend.

That’s the same as the final dividend payout the prior year, despite Iress reporting a 28.6% fall in full-year NPAT, which came in at $52.7 million.

The post 3 ASX 200 shares you might not know are trading ex-dividend today appeared first on The Motley Fool Australia.

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More reading

• Why is the Whitehaven share price taking a thumping on Thursday?
• 3 ASX 200 dividend shares to buy now before their dividend payouts
• Hoping to hop on the huge Whitehaven dividend? You’d better hurry
• 7 ASX 200 growth shares to buy for possible takeovers: expert
• 2 ASX tech shares making big moves on results announcements

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Jb Hi-Fi. 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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It’s a rough earnings season day for the S&P/ASX 200 Index (ASX: XJO) and these three stocks aren’t helping it regain ground.

The ASX 200 is down 0.32% at 7,291.1 points at the time of writing.

But that’s nothing compared to the following companies which are falling as much as 5.8% right now on the release of earnings updates.

Let’s take a closer look at what’s got the market bidding them lower.

3 ASX 200 stocks tumbling on half-year results

First up, stock in Nine Entertainment Co Holdings Ltd (ASX: NEC) is struggling on Thursday after the ASX 200 company posted its first-half earnings. Its stock is down 3.4% right now, trading at $1.99 a share.

The entertainment giant revealed a 5% lift in revenue, increasing to $1.4 billion, but sinking profits. Its net profit after tax (NPAT) dropped 16% to $190 million.  

The company also slashed its interim dividend by 14% to 6 cents per share, fully franked.

That was despite its subscription revenues lifting around 9%, excluding its 60%-owned Domain Holdings Australia Ltd (ASX: DHG).

The real estate-focused business posted a 19% fall in earnings before interest, tax, depreciation, and amortisation (EBITDA), coming in at $49.3 million, amid a weaker property market.

Joining the ASX 200 entertainment company in the red is dairy product producer Bega Cheese Ltd (ASX: BGA). Its share price is falling 5.83% right now to trade at $3.39.

While the company’s statutory revenue lifted 11% last half to $1.67 billion, its earnings before interest and tax (EBIT) more than halved, coming in at $20 million. It declared a 4.5 cent per share fully franked dividend for the period – marking an 18% drop.

The company’s branded segment saw 13% growth reflecting price increases and volume growth while revenue in its bulk dairy leg lifted 2% on the back of high dairy commodity prices, but was limited by lower milk availability.

It expects price and mix initiatives will offset cost inflation on a monthly run basis by the end of this fiscal year, with benefits realised in financial year 2024.

Finally, ASX 200 financials stock Insignia Financial Ltd (ASX: IFL) is plunging 4.76% right now to trade at $3.305 apiece.

The financial services provider posted $94.4 million of underlying NPAT for the first half this morning. That marked a 17.1% fall on that of the pcp.

Its funds under management and administration fell $5.5 billion to $285.1 billion as negative market performance took its toll.

Insignia Financial declared a 10.5 cent per share interim dividend – down from 11.8 cents per share in the pcp. CEO Renato Mota commented:

We continue to progress our integration and simplification priorities, delivering ahead of a three-year timeline and accelerating synergy benefits alongside prudent cost control. Our ongoing commitment to simplification and improved focus across the business has been demonstrated through various milestones.

The post 3 ASX 200 stocks being punished on their results announcements appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Thursday
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• 3 reasons I prefer buying ASX shares over an investment property
• Why is the Star Entertainment share price on ice today?
• Own Qantas shares? Here’s how the ASX 200 airline is investing $100 million

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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended Nine Entertainment. 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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S&P/ASX 200 Index (ASX: XJO) shares, all together, are down 0.3% today.

The benchmark index is under some selling pressure following a 0.3% loss overnight on the Dow Jones Industrial Average Index (DJX: .DJI) and a slightly smaller retrace by the S&P 500 Index (SP: .INX) as investors eye another potential interest rate hike by the US Federal Reserve.

But that’s not stopping these three ASX 200 shares from racing higher today following some strong earnings updates.

Earnings, profits and dividends all higher

Up first, we have logistics solutions provider, Qube Holdings Ltd (ASX: QUB).

The ASX 200 share closed yesterday trading for $2.99. Shares are currently trading for $3.25, up 8.5%. That puts the Qube share price up more than 15% so far in 2023.

Investors are bidding up the share price after the company reported some very strong half-year results for the six months ending 31 December, along with a positive growth outlook for the full year.

The company saw a 23% year on year increase in underlying revenue to $1.50 billion.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 31% to $145 million. And net profits after tax (NPAT) increased by 41% to $125 million.

The Qube board rewarded shareholders with a 3.75 cents per share interim dividend, fully franked. That’s up 25% from the interim dividend paid out in 1H FY22.

Which brings us to…

ASX 200 share leaps 8% on full-year results

Also charging higher today is employee management services provider Smartgroup Corporation Ltd (ASX: SIQ).

Smartgroup shares closed yesterday trading for $5.69. Shares are currently changing hands for $6.14 apiece, up 7.9%. That sees shares up more than 20% so far in 2023.

This comes following the release of the company’s full-year results.

Investors look to be bidding up the ASX 200 share with the report that net profits after tax and amortisation (NPATA) came in at the top end of guidance. Full-year NPATA was $61 million, though that was down 12% from 2021.

Revenue, meanwhile, increased by 1% for the full year to $225 million.

Operating EBITDA came in at $93 million, down 9% year on year, which Smartgroup attributed to continuing car supply constraints and higher operating costs. Its EBITDA margin came in at 42% for the year.

Citing the company’s strong cash flow conversion, the board declared a final fully franked dividend of 15 cents per share and a special dividend of 14 cents per share, also fully franked.

This sees the ASX 200 share paying out a total of 46 cents per share in dividends for 2022, representing a trailing yield of 7.5%.

And finally…

ASX 200 gambling share in the spotlight

The Lottery Corporation Ltd (ASX: TLC) is also setting the bar high today.

The ASX 200 gambling company’s shares closed yesterday trading for $4.86. Shares are currently trading for $5.15, up 5.9%. The Lottery Corporation’s share price is now up more than 14% in 2023.

The ASX 200 share reported its own strong half-year results this morning.

Highlights included revenue of $1.92 billion, up 7.7% from 1H FY22. EBITDA leapt 15.8% to $409 million.

The company also declared its maiden interim dividend of 8 cents per share, along with a special dividend of 1 cents per share, both fully franked.

Lottery Corporation’s separation from Tabcorp Holdings Ltd (ASX: TAH) remains on track.

The post 3 ASX 200 shares flying on strong earnings updates appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Smartgroup. 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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Investors rarely like to see the directors of an ASX 300 share they own dump out of their own company’s shares.

If directors are being paid to manage the finances of a company, it doesn’t exactly instil confidence when said directors reduce their own financial exposure to the company they are managing. Yet that’s exactly what is happening with Bellevue Gold Ltd (ASX: BGL).

Bellevue Gold is an ASX 300 gold exploration share. Its flagship asset is the eponymous Bellevue Gold Project, located in Western Australia. On Tuesday this week, Bellevue released an ASX announcement that revealed one of its directors has just sold a large tranche of shares.

According to the announcement, the director in question is Steve Parsons. Parsons sold exactly 17 million Bellevue shares on 20 February this month. The average price Parsons received for this parcel of shares was $1.05 each. So this transaction was worth around $17.85 million. Bellevue Gold is currently trading at $1.027 a share at the time of writing, up 1.18% so far today.

This sale reduces Parsons’ shareholdings by approximately 50%. He still owns just over 16.5 million ordinary shares, as well as several million performance rights of varying natures. On top of that, Parsons still owns almost 489,000 additional ordinary shares in a superannuation fund.

Director of ASX 300 share Bellevue Gold sells down his stake

So investors might be worried to hear this. But in an accompanying statement, Bellevue told investors that the sale was a consequence of Parsons moving from a managing director role at the company to a non-executive director role. According to the release, “Mr Parsons remains a top-15 shareholder in Bellevue”.

Bellevue chair Kevin Tomlinson told ASX 300 investors that “Steve’s decision to reduce his shareholding is appropriate given his move to a non-executive position. His holding is now commensurate with his new role”.

Bellevue also noted that “during his six-year tenure, Mr Parsons established his shareholding through a combination of the Company’s incentive schemes and on-market purchases”.

Many directors sell shares for very legitimate reasons, it has to be said. Even if someone manages a company, they have their own wealth diversification to consider. So it’s up to Bellevue investors as to what to make of this move.

The Bellevue Gold share price has been a fairly solid performer of late. This ASX 300 share is up a robust 10.54% over the past 12 months and by more than 320% over the past five years.

The post Guess which ASX 300 director dumped over $17 million worth of his company’s shares this week appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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