February 18, 2009 / 2:05 AM / 10 years ago

US builder NVR's founder sells $139 mln of its stock

NEW YORK, Feb 17 (Reuters) - The founder and chairman of NVR Inc (NVR.N) recently sold $139 million of the home builder’s stock, U.S. Securities and Exchange Commission filings show.

Dwight Schar sold 339,059 shares, including many after he exercised stock options, the filings show. Following a sale of 13,406 shares on Feb. 11, he retained a direct stake in just 8,608 of the Reston, Virginia-based company’s shares.

Several other NVR officials also sold shares in recent weeks, including Chief Executive Paul Saville, other SEC filings show.

The company did not immediately return a call seeking comment. Schar, who is also a part-owner of the Washington Redskins football team, stepped down this month as executive chairman, but retained the chairman’s title.

The Wall Street Journal earlier reported the share sales on its website. It quoted a specialist in insider transactions who said the sales patterns suggest “cluster selling on weakness.”

Many analysts have said that stock sales by insiders after a period of weakness suggests negative sentiment.

NVR shares closed Tuesday down $13.07 at $375.14. They have fallen 45 percent from their 52-week high set last April 21, but are 18 percent above their 52-week low set last Nov 21. (Reporting by Jonathan Stempel; Editing by Gary Hill)

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