The market suffered its worse loss of the year, but that didn’t stop some insiders buying their own stock. We highlight those over $200,000 in this report.

Ticker Company Market Cap ($B) Insider Relation Type Shares Price Mkt Val Ending % Chng
MITT AG Mortgage Investment Trust  $0.544 Roberts David N Chmn Purchase 50,000  $16.53  $826,500 298,882 20.1%
ADC Agree Realty Corp  $2.567 Rakolta John Jr Dir Purchase 6,801  $66.19  $450,158 206,088 3.4%
Y Alleghany Corp  $9.711 Tyler Lauren M Dir Purchase 1,485  $668.61  $992,885 1,709 662.9%
AIMC Altra Industrial Motion Corp  $2.297 Lipscomb Michael S Dir  $13,000 27,290 91.0%
NLY Annaly Capital Management Inc  $14.052 Keyes Kevin Chmn Purchase 300,000  $9.62  $2,887,470 1,284,779 30.5%
APTX Aptinyx Inc  $0.133 Gosebruch Henry O Dir Purchase 100,000  $3.86  $385,620 100,000 NEW
ARNC Arconic Inc  $9.908 Gupta Rajiv L Dir Purchase 22,603  $22.10  $499,447 38,420 142.9%
ARNC Arconic Inc  $9.908 Plant John C Chmn Purchase 50,000  $22.14  $1,106,930 298,282 20.1%
RILY B Riley Financial Inc  $0.517 Riley Bryant R Chmn Purchase 40,229  $19.24  $773,817 4,737,324 0.9%
BMCH BMC Stock Holdings Inc  $1.519 Flitman David E CEO Purchase 9,000  $22.49  $202,445 103,587 9.5%
CYH Community Health Systems Inc  $0.410 Smith Wayne T Chmn Purchase 993,449  $3.37  $3,345,241 3,318,494 42.7%
XRAY Dentsply Sirona Inc  $12.871 Key Daniel P VP Purchase 3,697  $54.68  $202,152 12,721 41.0%
DTE DTE Energy Co  $22.645 Shaw Ruth G Dir Purchase 2,000  $124.27  $248,540 5,500 57.1%
EVLV EVINE Live Inc  $0.031 Friedman Michael Dir Purchase 1,800,000  $0.75  $1,350,000 2,520,436 249.8%
EVLV EVINE Live Inc  $0.031 Lalo Eyal Officer/Dir Purchase 4,000,000  $0.75  $3,000,000 4,020,436 19,573.3%
FOE Ferro Corp  $1.296 Thomas Peter T Chmn Purchase 17,000  $15.92  $270,640 677,956 2.6%
FFIN First Financial Bankshares Inc  $4.188 Trotter Johnny E Dir Purchase 7,000  $61.08  $427,550 437,913 1.6%
FLR Fluor Corp  $4.185 Boeckmann Alan L Chmn Purchase 16,000  $29.81  $476,960 18,313 691.8%
FNKO Funko Inc  $1.101 Denson Charles D Dir Purchase 20,600  $21.25  $437,781 33,900 154.9%
GM General Motors Co  $53.743 Bush Wesley G Dir Purchase 10,000  $38.58  $385,800 10,000 NEW
GEL Genesis Energy LP  $2.607 Flynn Edward T Officer Purchase 15,700  $21.73  $341,161 43,916 55.6%
GPC Genuine Parts Co  $14.390 Sonnemaker Scott Officer Purchase 5,000  $99.01  $495,050 5,000 NEW
JBHT Hunt (JB) Transport Svcs Inc  $10.372 George Gary Charles Dir Purchase 7,500  $94.51  $708,850 1,117,946 0.7%
IVZ Invesco Ltd  $8.340 Canion Joseph Rodney Dir Purchase 10,000  $21.24  $212,400 96,116 11.6%
IVZ Invesco Ltd  $8.340 Johnson Ben F III Chmn Purchase 10,000  $21.37  $213,700 54,618 22.4%
KMI Kinder Morgan Inc  $44.663 Kinder Richard D Chmn Purchase 200,000  $19.47  $3,894,020 252,276,180 0.1%
KOP Koppers Holdings Inc  $0.614 Johnson R Michael VP Purchase 9,900  $29.09  $287,967 193,687 5.4%
MAC Macerich Co  $5.733 O’Hern Thomas E CEO Purchase 10,000  $40.99  $409,850 66,888 17.6%
VIVO Meridian Bioscience Inc  $0.498 Kenny John P CEO Purchase 20,000  $11.49  $229,744 83,000 31.7%
MGM MGM Resorts International  $13.768 Salem Paul J Dir Purchase 800,000  $25.40  $20,322,240 800,000 NEW
MOS Mosaic Co  $9.220 O’Rourke James Calvin CEO Purchase 10,000  $24.03  $240,300 171,345 6.2%
COOP Mr Cooper Group Inc  $0.868 Marshall Christopher G CFO Purchase 110,000  $9.08  $998,503 718,895 18.1%
NCS NCI Building Systems  $0.754 Metcalf James S Chmn Purchase 96,348  $6.02  $580,015 387,860 33.1%
NRZ New Residential Investment Corp  $6.916 Saltzman David Dir Purchase 14,174  $16.66  $236,139 38,887 57.4%
NVUS Novus Therapeutics Inc  $0.030 Chimovits Erez Dir Purchase 646,204  $3.10  $2,003,232 3,183,314 25.5%
OPK Opko Health Inc  $1.305 Frost Phillip Chmn Purchase 907,000  $2.11  $1,914,586 214,186,633 0.4%
OPK Opko Health Inc  $1.305 Frost Phillip Chmn Purchase 285,000  $2.06  $585,846 214,471,633 0.1%
PBHC Pathfinder Bancorp Inc  $0.062 Barclay William A Dir Purchase 17,545  $14.25  $250,016 73,727 31.2%
PBHC Pathfinder Bancorp Inc  $0.062 Rusnak Walter VP Purchase 17,000  $14.25  $242,250 31,082 120.7%
RLGY Realogy Holdings Corp  $0.980 Schneider Ryan M CEO Purchase 119,300  $8.38  $999,734 352,761 51.1%
SSNC SS&C Technologies Holdings Inc  $14.730 Zamkow Michael Jay Dir Purchase 17,000  $59.76  $1,015,920 86,375 24.5%
TDC Teradata Corp  $4.415 Culhane Mark A CFO Purchase 9,050  $38.41  $347,602 69,135 15.1%
TSLA Tesla Inc  $42.885 Musk Elon CEO Purchase 102,880  $243.00  $24,999,840 33,927,560 0.3%
TDW Tidewater Inc  $0.864 Bates Thomas R Jr Dir Purchase 10,000  $23.11  $231,064 27,141 58.3%
UCTT Ultra Clean Holdings Inc  $0.534 Granger Clarence L Chmn Purchase 44,000  $14.18  $623,907 149,098 41.9%
UNH UnitedHealth Group Inc  $226.152 Wichmann David S CEO Purchase 20,000  $231.79  $4,635,730 904,604 2.3%

In this report, we highlight open market purchases from employees and directors of more than $200,000.  Insiders sell stock for many reasons, but they generally buy for just one – to make money.  As a standard, we only look at material amounts of money, $200 thousand or more, as anything less could just be window dressing. The bar is different from selling because the natural state of management is to be sellers. This is because most companies provide significant amounts of management compensation packages as stock. Therefore, with selling, we analyze for unusual patterns, such as insiders selling 25 percent or more of their holdings or multiple insiders selling near 52-week lows. Another red flag is large planned sale programs that start without warning. We generally ignore 10 percent shareholders as they tend to be OPM (other people’s money) and not the SMART money we are trying to go to school on.  Although this info is available for free from the SEC’s Web site, Edgar, we subscribe to the Washington Service as they provide a way to manage and make sense of the vast realms of data.

To learn more about our strategy, visit our website here. We welcome your comments on our analysis.

THE INSIDERS FUND is a long-short equity fund. We invest in companies at or near prices that management has been willing to invest significant amounts of their own money in. After all, who knows a business better than the people running it?  You’ve always heard the best information is “inside information”. The SEC mandates that officers, directors and 10% shareholders file a Form 4 detailing buying and selling in their company’s stock within 48 hours. The SEC makes this info public immediately upon receiving it. This is as close to “insider information” that an ordinary investor is likely to see.  We may own positions, long or short, in any of these names and are under no obligation to disclose that.

If you would like to hear more about how you can get involved with the Insiders Fund, please schedule some time on my calendar.