Filtronic Directors selling personal holdings at prices from 205p up to 278p in last three weeks – does that tell us anything?

Mark Watson-Mitchell – 26.04.2026 

When the Finance Director of any company sells 49% of his personal shareholding in that company’s equity, it certainly rings alarm bells.

But when three other directors sell off chunks of their holdings too, then it does gain even more attention.

That is exactly what has been happening with Filtronic (LON:FTC) since Thursday, 9^th April.

It was on that day that Chief Financial Officer Michael Tyerman sold 240,631 shares @ 205p each, representing 49% of his total holdings in the aerospace, defence and telecoms solutions maker, leaving him with 250,000 shares.

The same day, Non-Executive Director Peter Magowan sold 100,000 shares @ 205p, with 650,000 shares left in his holding.

On Tuesday, 21^st April, Jonathan Neale, the group’s Non-Executive Chairman, sold 65,151 shares @ 244.50p, while retaining 200,000 shares.

Last Thursday, 23^rd April, saw Non-Executive Director John Behrendt selling 30,000 shares @ 278.11p, leaving him with a holding of 170,000 shares.

On Friday night, the group’s shares closed at 296p, valuing the whole group at £651.03m.

That close was after a massive 6,620,228 shares changed hands, well over three times the daily average dealing volume.

In the last seven trading days, some 37,272,075 shares were dealt.

My Thoughts

I feel that the Directors' disposals are not alarming, after all, they have very few days in any trading year in which to buy or sell shares in the companies that employ them.

Like any shareholder that sells before the price rises further, it must be frustrating, but they are truly limited in their dealing ‘windows’ ahead of corporate announcements of any kind.

Their disposals would help to scotch any market rumours that Elon Musk’s SpaceX is about to pounce.

More likely, in my view, is the ‘free’ time ahead of the group announcing its Trading Update ahead of its year ending on Sunday 31^st May – last year’s similar Update was issued on Tuesday 6^th May – so a similar timing could well be expected.

In April alone, the group’s shares have put on a truly stellar performance, rising from 194p on Wednesday, 1^st April, to last Friday’s close of 296p – up over 52%.

They have gained over 59% since my last Target Price was set, just over two months ago.

Will this magnificent performance continue, and will I now set a new Target Price?

I consider it sensible to await the next bout of corporate news to reiterate my continuing faith in Filtronic's ability to perform.

(Profile 04.02.22 @ 11.6p set a Target Price of 14.5p*)

(Profile 04.01.24 @ 21p set a Target Price of 24p*)

(Profile 26.06.24 @ 67p set a Target Price of 80p*)

(Profile 10.02.25 @ 103p set a Target Price of 150p*)

(Profile 03.12.25 @ 135p set a Target Price of 175p*)

(Profile 04.02.26 @ 186p set a Target Price of 232p*)

Director shares sales of concern?