William Rhodes Iii, President And CEO at Autozone (NYSE:AZO), made a large insider sell on September 24, according to a new SEC filing.
What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Friday showed that Iii sold 9,750 shares of Autozone at prices ranging from ($0.00) to $1,687. The total transaction amounted to $7,572,665.
Iii still owns a total of 3,723 shares of Autozone worth, $6,309,740.
Autozone shares are trading up 0.0% at $1694.8 at the time of this writing on Monday morning.
Why Insider Transactions Are Important
Insider transactions shouldn't be used primarily to make an investing decision, however, they can be an important factor for an investor to consider.
In legal terms, an "insider" refers to any shareholder who owns at least 10% of a company. This can include executives in the c-suite and large hedge funds. These insiders are required to let the public know of their transactions via a Form 4 filing, which must be filed within two business days of the transaction.
When a company insider makes a new purchase, that is an indication that they expect the stock to rise.
Insider sells, on the other hand, can be made for a variety of reasons, and may not necessarily mean that the seller thinks the stock will go down.
Transaction Codes To Focus On
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