Directors dealings: Travis Perkins COO sells stock at multi-year lows

Travis Perkins's chief operating officer, Antony Buffin, unloaded some shares even as they were trading at multi-year lows.

Buffin sold 13,500 shares at the end of the first quarter, on 31 March, at an individual price of 1,514p for a total transaction amount of £204,390, the company said in a statement.

At the start of March, the plumbers merchant reported profits of £73m, with adjusted operating earnings down 1% to £409m although revenues were up 4.6% to £6.2bn.

In a note sent to clients on 14 March, analysts at UBS reiterated their 'Buy' recommendation on the company's stock, telling clients that Travis Perkins's latest results and 2017 outlook had "started to show some realised returns from material investments over recent years, most notably in growth in Contracts and Consumer, as well as improved working capital days leading to substantially higher FCF than anticipated."

The broker admitted risks that the firm might yet cut guidance for its Plumbing&Heating arm again, but reminded investors that it now accounted for roughly just 5% of its earnings before interest, taxes and amortisation.

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Top Director Sells

Travis Perkins (TPK)
Director name: Buffin ,Tony
Amount sold: 13,500 @ 1,514.18p
Value: £204,414.17