If money talks then David Liniger is extremely bullish on RE/MAX Holdings, the company he co-founded with his wife Gail Liniger in 1973.
According to documents filed with the U.S. Securities and Exchange Commission this week, Liniger acquired 140,800 more shares of the publicly-trade real estate franchisor between June 6 and June 10. The shares were purchased at $30.11 and $31.04, meaning he acquired slightly more than $4 million in RE/MAX stock this week.
The move comes on the heels of Liniger’s investment early last week, when he acquired 122,911 shares in the company.
“I consider the RE/MAX stock at current levels to be undervalued,” Liniger said in a statement after his first round of stock purchases. “RE/MAX has made key acquisitions, produced outstanding margins and generated strong cash flow. No doubt the industry is changing, as it always has in my 50 years of experience, but the constant that I see through all of this time is consumer preference for quality brokers and agents.”
He even hinted last week that he may not be done buying shares.
“I believe that RE/MAX is uniquely positioned to continue to be the leader in the industry, which is what gives me great confidence that the company is well positioned for the future,” Liniger added, in his statement released last week. “That is why I have been buying shares in the open market and may continue to purchase additional shares.”
Liniger resigned as co-CEO of RE/MAX Holdings in February 2018, leaving Adam Contos – now RE/MAX’s sole CEO – at the helm of the company. Liniger’s resignation came in the wake of an internal investigation that later found both he and Contos had violated the company’s code of ethics by failing to disclose to the RE/MAX board of directors a $2.4 million loan Liniger gave to Contos.
Liniger still serves as the chairman of the board of directors. His wife serves as vice chair of the board.
RE/MAX shares opened the day on a high note, jumping by $1.19 to $32.94, a 3.75 percent increase since the opening of markets on Tuesday.
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