3D Systems Corporation EVP Charles Hull Sells 7,500 Shares

3D Systems Corporation EVP Charles Hull Sells 7,500 Shares
Image Credit: 3D Systems Corporation

3D Systems Corporation (NYSE:DDD) shares are down more than 46% year-to-date. But the company executives seem unlikely to wait for the stock to go up again before unloading their holdings. They are selling their shares in the company even at the ridiculously low prices. 3D Systems chief technology officer and EVP Charles Hull revealed in his Form 4 filing with the Securities and Exchange Commission that he sold 7,500 shares of the company in the open market.

3D Systems CEO still holds 136,500 shares of the company

The transaction was executed on Monday, August 18. According to the filing, Mr Hull sold shares at an average price of $49.07, raking in a total of $368,025. He still directly owns 136,500 shares of the company, valued at $6,698,055. Earlier, Hull had unloaded 7,500 shares on July 21, and another 7,500 shares on June 16.

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3D Systems released its second-quarter results on July 31. The 3D printing company reported 16 cents in quarterly earnings, missing the consensus estimate by two cents. The company had earned 20 cents a share in the same quarter last year. Its June quarter revenue of $151.50 million was also below analysts’ projection of $162.30 million. Analysts on average project the company’s full-year earnings to come in at 78 cents.

3D Systems scouring for more acquisitions

The Rock Hill-based company’s aggressive acquisition strategy continues. It has acquired about 50 companies in the last four years. In May, the company raised $317 million in a stock offering to pursue big-ticket deals. Last month, it acquired healthcare 3D printing leader Simbionix for $120 million. On August 6, the company announced the purchase of Laser Reproductions. That deal will be accretive to 3D Systems earnings in the coming 12 months. Laser Reproductions will help the company expand its Quickparts network.

What’s more, 3D Systems acquired sister companies American Precision Machining (APM) and American Precision Prototyping (APP) for an undisclosed sum. Both APM and APP will help drive adoption of its design-to-manufacturing solutions. Based in Tulsa, Oklahoma, APM and APP have over 24 years of combined experience in manufacturing service bureau and advanced prototyping.

3D Systems shares inched up 0.82% to $49.16 at 10:32 AM EDT on Wednesday.

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