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Brent Bruun, CEO of KVH Industries (NASDAQ:KVHI), recently sold 3,530 shares of the company’s common stock. The sale comes as the stock trades near its 52-week high of $6.16, having gained over 30% in the past six months according to InvestingPro data. The shares were sold at an average price of $5.808 each, totaling $20,502. Following this transaction, Bruun holds 183,099 shares directly, representing significant ownership in the $117.6 million market cap company. The sale was conducted to cover taxes owed on a restricted stock award that partially vested earlier in February. InvestingPro analysis indicates the stock is currently trading slightly below its Fair Value, with 8 additional key insights available to subscribers.
In other recent news, KVH Industries has made significant strides in asset management and shareholder value enhancement. The company has entered into agreements to sell two properties in Middletown, Rhode Island. The first property, 75 Enterprise Center, will be sold to Knight Capital LLC for $8.5 million, with KVH Industries leasing back the property for a short term following the sale. The second property, 50 Enterprise Center, is set to be sold to 50 Enterprise LLC, a subsidiary of Seacorp, Inc., for $4.5 million. Both sales are contingent on standard closing conditions and inspection periods.
In addition to these property transactions, KVH Industries’ Board of Directors has authorized a share repurchase program. This program allows the company to buy back up to $10 million of its common stock. The repurchases will be executed based on market conditions and other factors, providing flexibility to the company. These developments indicate KVH Industries’ focus on optimizing its financial strategy and enhancing shareholder value.
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