Charles Morgan, chief executive officer of Acxiom Corp., has bought 1 million shares of stock to show his confidence in the company and its future, according to the Arkansas Democrat-Gazette.
As the Little Rock, AR-based newspaper reported, papers filed with the U.S. Securities and Exchange Commission indicate that Morgan struck a deal with a bank Nov. 30 to borrow money to buy 1 million shares at an average price of $19.83, for a purchase price of $19.8 million.
According to the Democrat-Gazette, the purchase brings Morgan's personal stake in Acxiom to approximately 4.3 million shares of Acxiom.
Acxiom's stock has taken a beating in recent weeks as a result of announced plans to limit earnings growth in favor of capital investments, as well a the impact of a workforce reduction. At the time, the company indicated that earnings growth would likely be limited to 15%-20% growth, as opposed to its customary 25%+ gains.
