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Director Dealings: Enteq Technologies and GlaxoSmithKline

Director Dealings: Enteq Technologies and GlaxoSmithKline

In our weekly series, James Norris looks at directors buying and selling shares in their own companies over the last week.

  • Enteq Technologies CEO increases holding to 1.8%
  • Director sells 5k shares in Quartix Technologies
  • CEO and senior executives buy GlaxoSmithKline shares
  • IMI chief executive increases holding with caution

Enteq Technologies (AIM: NTQ) CEO Andrew Law bought 142,000 of shares in the company at 14.75p each, paying £20,945. The acquisition gives Law a holding of 1,219,403 shares, representing 1.8% of its issued capital. On 3 March he bought 142,850 shares, the second tranche so far this year, and he has been a consistent buyer of company shares over the past couple of years. Enteq, an energy services technology supplier, on 31 March announced its 2021 earnings were in line with expectations, with revenues above expectations. Enteq is also benefiting from the increase in the benchmark WTI oil price per barrel, from $63 in April 2021 to $92 in March 2022. The stock price opened for trading this morning at 14.50p, well below its 52-week high of 18.50p.

Quartix Technologies (AIM: QTX) systems development director Peter Brown sold an aggregated 5,500 ordinary shares at an average price of 351.45p per share. As a result, he now has 161,580 ordinary shares in the company, representing 0.33% of the company’s issued share capital. Earlier in the month, he sold 17,354 shares. Quartix, one of Europe’s leading suppliers of vehicle telematics services and driver analytics, said in its most recent trading update that it expects revenue and free cash flow to be in line with expectations but earnings to be ‘substantially ahead’. The stock closed trading yesterday at 345p, which is -13.75% YTD and -29.23% over 12 months.

GlaxoSmithKline (Lon: GSK) chief executive Emma Walmsley last week bought 3,336 ordinary shares at the price of £17.84, for a total of £59,526. Roger Connor, president of Vaccines and Global Health, bought 3,735.16 ordinary shares at the same price, for £66,635. Other directors bought American Depositary Shares on the New York Stock Exchange last week: Hal Baron, executive director, chief scientific officer and president of R&D, bought 2,382.5 AD shares at $46.7, for $111,264; James Ford, SVP and group general counsel, Legal and Compliance, bought 463.28 AD shares at the same price, for $21,635; and Brian McNamara, chief executive of GSK Consumer Healthcare, bought 1,524.57 AD shares at the same price, for $71,197.84. GSK shares posted 10.36% YTD and 31.68% over the past 12 months, with a particularly impressive 19% over the past month, after the spin-off (rather than sale) of its consumer healthcare business Haleon had prompted some activist investors to question whether Walmsley is fit to lead the company. The stock closed for trading yesterday at 1,773p, with a return of 9.30% YTD and a 1-year return of 30.44%.

Specialist engineering company IMI (LSE: IMI) has seen a lot of directors’ buying activity over the past few months, mostly by chief executive Roy Twite. Last week, he bought 12 ordinary shares at 1,269p, for £152.28, while chief financial officer Daniel Shook bought 10 shares at 1,269p. The previous week, Twite had bought 279 shares at 1,290p for £3,599. Their caution might seem to have merit as the share price is down -8.20% over 12 months and -26.44% YTD. However, some investors might wonder whether this is a good entry point for an undervalued company with good growth potential. At close of trading yesterday, IMI shares stood at 1,277p, at the bottom of its 52-week range, a return of -26.27% YTD and a 1-year return of -7.98%.

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