Stobart director buys £48,000 in shares

31st Oct 2011 15:28

A non-executive director at FTSE 250 firm Stobart, Jesper Kjaedegaard, has purchased £48,400 worth of shares in the firm. A former chief executive officer at Maersk UK, Kjaedegaard bought 40,000 shares at 121p per share in the transport logistics group, just one week after Investec cut its target price on the stock from 176p to 165p. The broker maintained its buy rating, saying that despite near-term challenges, the outlook remains encouraging. Speaking about the stock, analyst John Lawson said: "Whilst the road may not always be smooth (as evident from the market challenges that the transport division faced in H1), several key milestones have already been reached, especially in the airport unit. Investors prepared to take the medium-term view on this stock should be well rewarded, we believe, as this value is unlocked." Earlier in the year the firm announced that it has reorganised itself into five main operating divisions and has structured a three-year plan. The share price has lost 17.36% in the last year, equivalent to 25.2p. Top Director BuysRM (RM.) Director name: Mr Martyn RatcliffeAmount purchased: 1,250,000 @ 65.00p Value: £812,500F&C Asset Management (FCAM) Director name: Mr Edward BramsonAmount purchased: 75,661 @ 74.90p Value: £56,670Stobart Group Ltd. (STOB) Director name: Mr Jesper KjaedegaardAmount purchased: 40,000 @ 121.00p Value: £48,400RM (RM.) Director name: Mrs Jo ConnellAmount purchased: 35,000 @ 68.14p Value: £23,849Top Director SellsRugby Estates (RES) Director name: Mr Andrew WilsonAmount sold: 30,000 @ 432.50p Value: £129,750NR