Founder-Related Trusts Sell $5M in NRC Health Stock; Chairman's Direct Stake Drops Below 5%
Summary
Trusts linked to NRC Health's founder and Chairman sold over $5 million in stock, further reducing insider ownership and confirming a trend of stake reduction.
Key Events
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Significant Insider Sales
Trusts related to founder and Chairman Michael D. Hays sold 250,000 shares on June 10, 2026, for a total of approximately $5.03 million at weighted average prices between $20.02 and $21.05 per share.
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Chairman's Reduced Stake
Michael D. Hays' direct beneficial ownership (excluding disclaimed shares) fell below 5% as of March 23, 2026, indicating a continued reduction in his personal stake.
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Updated Ownership Structure
Patrick E. Beans, manager of key entities, now has beneficial ownership of 45.7% of outstanding shares, reflecting his control over various trusts and LLCs.
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Amendment to Prior Filing
This is Amendment No. 4 to the Schedule 13D, updating ownership figures and confirming recent transactions.
Analysis
Entities associated with NRC Health's founder and Chairman, Michael D. Hays, executed significant sales of common stock, totaling over $5 million. This follows previous disclosures of reduced beneficial ownership and a registration to sell a large block of shares. The filing also confirms that Michael D. Hays' direct beneficial ownership (excluding disclaimed shares) fell below the 5% threshold as of March 23, 2026, indicating a continued reduction in his personal stake in the company. These sales represent a notable portion of the company's market capitalization and contribute to an overhang on the stock.
At the time of this filing, NRC was trading at $18.79 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $423.5M. The 52-week trading range was $11.01 to $22.79. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.