Devlin William R, the SVP and Controller of Eagle Materials Inc. (EXP), has filed 40 Form 4 transactions over the past year, all involving a single company. The pattern is overwhelmingly one-sided: there are no open-market purchases, no acquisitions, and no option exercises that resulted in a net gain. Instead, the filings show a steady stream of automatic, non-discretionary events—shares withheld to cover taxes (code F), option exercises (code M), and compensation grants (code A) with zero dollar value. The only true open-market sale came on August 19, 2025, when Devlin sold $465,518 worth of EXP stock, the single largest transaction in the dataset.
The recent activity, spanning May 2025 through May 2026, is dominated by routine administrative transactions. On May 22, 2026, Devlin exercised options worth $52,968.58 and had $20,908.65 withheld for taxes; similar paired F and M filings occurred on March 31, 2026, and May 24, 2025. The largest single tax-withholding event was $472,182.24 on May 18, 2025, which likely reflects a vesting tranche. The most recent open-market sale was the August 2025 disposition, and since then, all filings have been zero-value grants or tax-related withholdings. In total, Devlin has sold $1,691,395.56 worth of EXP shares over the period, with no corresponding buys, indicating a clear net-selling bias—though the mechanics of the transactions suggest the selling is tied to compensation vesting and tax obligations rather than discretionary portfolio decisions.
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