Top executives of American Airlines purchase $2.4 million of shares
The bottom six managers of American Airlines Group Inc. purchased 85 000 open-market stocks in the company for about US$ 2.4 million on Tuesday at a moment when the US shipping industry was considerably underperformed in terms of share prices.
On Tuesday American Airlines Group Inc.’s bottom six managers purchased 85,000 stocks of the company’s common stock on the open market in the amount of about US$ 2.4 million, at a moment of considerable underperformance in the US shipping industry in the share price.
CEO Doug Parker purchased 50,000 open-market shares for US$ 1,4 million, while CEO Robert Isom purchased 15 thousand for US$ 416,250 according to the Securities and Exchange Commission legislative submissions.
The managers told American employees in a letter which did not include the number of shares bought, or at what price, that “these share purchases do not form part of our compensation packages. they were bought only because of the value we see today and over time in the United States.”
The filings indicated that the Chief Financial Officer Derek Kerr and three other managers purchased 5,000 stocks for approximately US $138,800 each.
America, who was struck by the global grounding of Boeing Co’s 737 MAX aircraft, was one of the worst performance stocks in the airline industry this year.
The company’s stock fell to over 9% in 2019 relative to an 8.8% increase in Delta Air Lines Inc’s competitor and a 3.8% decrease in United Continental Holding Inc’s. The wider Dow Jones Transport Average cpi increased by approximately 10% over the same era.