Ferrexpo top managers sell off shares for over USD 7 mln

After market close yesterday, Ferrexpo (FXPO LN: HOLD) announced that ten directors and managers sold off shares in the company, including CEO Mike Oppenheimer, who sold 950,000 shares, and Director of Business Development Dennis McShane, who sold 750,000 shares. Total proceeds from the sale were over USD 7 mln. Eugene Cherviachenko: The company told us that the timing of the sales fell one year after IPO, when the lock-up period on the stock expired. We reiterate our 12M target price of GBP 360 per share and HOLD recommendation (see our flash note from yesterday).