Cleveland Todd M

Cleveland Todd M’s recent SEC Form 4 filings reveal a pronounced sell-side bias, with 22 open-market sales in the past several months and no corresponding purchases. Across 46 total transactions spanning two companies, his aggregate sales reached roughly $31.5 million, while his acquisition value stood at zero. The activity concentrated almost entirely in IES Holdings (IESC), where a series of sales between March and June 2026 ranged from modest five-figure disposals to a single $2.84 million transaction on May 8. That date alone saw ten separate sales totaling approximately $7.3 million, including blocks of $2.07 million, $743,740, and $619,407. Earlier sales on March 3 and March 4 added roughly $864,000 combined, while June 12 brought three more sales worth $1.15 million, $913,572, and $836,451. The pattern is unambiguous: Cleveland has been a consistent, large-scale seller of IESC shares, with no open-market purchases recorded in the dataset. The only non-sale entries were compensation-related grants (code “A”) on April 1, July 1, and a May 14 grant in Patrick Industries (PATK), all valued at zero—these represent equity awards rather than discretionary buying. His selling accelerated in May, when the bulk of the dollar volume occurred, and continued into June, suggesting a deliberate reduction of his IESC position over a concentrated window. The absence of any “P” transactions—the only code indicating conviction buying—underscores that his recent activity has been entirely one-directional. Notably, Cleveland’s sales were executed in numerous small tranches rather than single large blocks, a structure that may reflect liquidity management or staggered execution. The total sell value of $31.5 million across roughly 22 sales averages about $1.43 million per transaction, though the distribution is heavily skewed toward the May 8 cluster. With no buys and no option exercises or tax-related withholdings in the recent window, the filings paint a straightforward picture: a senior insider monetizing a substantial equity stake in IESC while holding a smaller, grant-only position in PATK.