Chairman of University of Phoenix parent sells $10 million worth of company stock
November 3, 2015, 7:12am MST
The chairman of Phoenix-based Apollo Education Group Inc. (NYSE: APOL) – which operates the for-profit University of Phoenix – has sold off $10 million worth of shares.
Whatever he (365) said.
Excerpt from Vince Martin of seekingalpha.com. "...There's an argument that Apollo is priced for bankruptcy, and that its balance sheet and still-positive earnings provide downside cushion, allowing investors to gamble on a turnaround here.
I'm not buying that argument. This company is a mess, regulators are circling, management seems to be flailing, and no matter the standard calculation of enterprise value, liquidation value here still is essentially zero. Apollo has shown an odd disinterest in shareholder value - despite being controlled by a three-person trust who would seem at least somewhat incentivized to protect share value - and at this point, beset by regulators, the company likely can't do much to return what cash it has to shareholders in a bid to protect its remaining value.
I'm not sure APOL will or should go bankrupt, particularly any time soon, and a stagnant, slowly declining share price (see Bridgepoint Education (NYSE:BPI)) for an example seems the most likely outcome. APOL still looks like a value trap - as it has for several quarters - and even a cursory look at management and the operating business should send investors fleeing..."
On Oct. 26, Peter V. Sperling, who is chairman of the board of Apollo Education Group Inc.
APOL sold 3,193,194 shares of the company at the price of $7.20 for $22,991,000. Since then, the price of the stock has risen by 0.8% to $7.26.
Read more: http://www.nasdaq.com/article/a-look-at-recent-insider-trades-cm537318#ixzz3qSyCdujP
The chairman, CEO and Peter Sperling!!!