(GuruFocus, June 9, 2009) Investment Guru Chris Davis has reduced his holdings in REIT company Cogdell Spencer Inc. (CSA). According to GuruFocus Data, On May 31, 2009, Chris Davis sold 22.21% of his holdings at the price of $3.75 per share. After the sale, his holding is 2.023 million shares.
Chris David bought into CSA in 1Q08 when he initiated a position of 2.3 million shares. The stock was sold at about $15 per share. He increased his holdings through 2008 and brought his total holdings to 2.5 million shares. In 1Q08, he bought a little less than 0.1 million shares when the stock price plunged further. By quarter end March 31, 2009, he owned 2.6 million shares. The price of CSA has declined further since quarter end. The reported sale of May 31 2009 is the first sale in more than one year.
Charlotte-based Cogdell Spencer Inc.is a real estate investment trust that invests in specialty office buildings for the medical profession including medical offices ambulatory surgery and diagnostic centers. Cogdell Spencer develops investment real estate that brings physicians and hospitals into positive economic ventures. COGDELL SPENCER INC has a market cap of $82.4 million; its shares were traded at around $4.23 with a P/E ratio of 3.7 and P/S ratio of 0.2. The dividend yield of COGDELL SPENCER INC stocks is 21.3%.
While Chris Davis is selling the stock, company insiders, however, are buying . Director John Georgius bought 30,000 shares of CSA stock on 06/05/2009 at the average price of $4.4, Director David J Lubar bought 1,000,000 shares of CSA stock on 06/01/2009 at the average price of $3.5 . President and CEO of Erdman Scott Ransom bought 5,900 shares of CSA stock on 03/19/2009 at the average price of $4.83; the price of the stock has decreased by 12.42% since.
Cogdell is under stress of heavy debt. On May 27, Cogdell Spencer announced a secondary offering of of 20,000,000 shares of common stock at a price of $3.50 per share. The announcement prompted a sell-off of the company’s stocks. Director David Lubar’s purchase of 1,000,000 is part of the offering.
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