HOLLERAN KEVIN

Insider trading profile for HOLLERAN KEVIN at Hayward Holdings (HAYW, 103 tx, 2021-2026) + Armstrong World Industries (AWI, 2 tx): HAYW: 1,772,187 SELL vs 18,100 BUY. The insider holds consistently around 52K-60K HAYW shares across 2021-2022 with vesting cost $1.40; then a series of large bracket S-code events starting Jan 2025: Dec 2025 60.6K at $16.13, Oct 2025 60.6K at $15.16, Sep 2025 60.6K at $15.72, Aug 2025 60.6K at $15.27, Nov 2025 60.6K at $16.74, Feb 2026 52.4K at $16.05 (Jan) + 52.4K at $13.42 (Apr 2026). Overall S-code earn rate ~$15-16 midpoint; cost basis $1.40. Zero discretionary P-code open-market purchases since 2021. AWI: small A-code vesting 876 Jun 2026 (diversified). KEY SIGNAL: Hayward is a recent SPAC listing (2021); the insider locked up, received large RSU packages, and is now fully monetizing at 10x-11x return with ZERO reinvestment. The executive has extracted essentially all vesting value in 2025-2026. AWI exposure is minimal. Classification: bearish. The 98:1 sell-buy ratio with zero open-market acquisition is a fuller liquidation than most. The fact that the insider cashes out at $13-16 while the company is still growing and the stock is modestly priced (still double-digit P/E territory) indicates the insider does not view further upside as high-conviction. The pre-SPAC 18K buy is the only bullish artifact and is dominated by 1.77M sell -- conservative read is bearish.