Insider Buying Week Ending June 21, 2019

PBF Energy CEO Buys $950,000 in Stock Moments before Competitor’s Refinery Blows Up reminding me of the saying when it comes to Wall Street, Sometimes It’s Better to be Lucky than Good
Ron Perleman thinks Scientific Games is his lottery ticket. Investors aren’t so lucky.
Prospect Capital Corp insiders like its 10% plus yield yet the stock is lower now than a year ago in spite of the bull run in yield sensitive names.
Medicine Man Technologies is no cure for poverty.  Insiders can play games too.

Insider Buying Week Ending 6-21-16

Ticker Holdings
Symbol Company Market Cap ($B) Insider Relation Type Shares Price Mkt Val Ending % Chng
CHFC Chemical Financial Corp  $2.826 Shafer Thomas C Officer/Dir Purchase 6,380  $39.12  $249,611 31,555 25.3%
CLBK Columbia Financial Inc  $1.725 Van Dyk Robert Dir Purchase 15,000  $14.67  $220,050 70,000 27.3%
FSFG First Savings Financial Group Inc  $0.135 Czeschin Frank Dir Purchase 3,592  $58.98  $211,841 8,086 79.9%
MDCL Medicine Man Technologies Inc  $0.106 Dye Justin Dir Purchase 1,500,000  $2.00  $5,745,000 1,500,000 NEW
PBF PBF Energy Inc  $3.068 Nimbley Thomas J CEO Purchase 40,000  $23.76  $950,400 405,990 10.9%
PSEC Prospect Capital Corp  $2.410 Barry John F III Chmn Purchase 408,911  $6.38  $2,608,157 39,115,601 1.1%
PRVB Provention Bio Inc  $0.409 DiGiandomenico Anthony Dir Purchase 25,000  $12.16  $304,000 108,712 29.9%
SGMS Scientific Games Corp  $1.765 Perelman Ronald O Chmn Purchase 110,000  $19.73  $2,170,300 36,256,287 0.3%
VERI Veritone Inc  $0.169 Steelberg Ryan Pres Purchase 33,244  $7.49  $248,998 4,280,768 0.8%
VST Vistra Energy Corp  $11.674 Campbell David A CFO Purchase 30,000  $23.35  $700,500 81,503 58.2%
CPS Cooper-Standard Holding Inc  $0.732 Pumphrey D William Jr VP Purchase 5,320  $39.00  $207,480 27,439 24.1%
GIII G-III Apparel Group Ltd  $1.305 Goldfarb Morris Chmn Purchase 40,479  $25.39  $1,027,762 4,143,074 1.0%
JILL J Jill Inc  $0.073 Scully James S Dir Purchase 136,403  $1.68  $228,721 189,294 257.9%
NBR Nabors Industries Ltd  $0.975 Restrepo William J CFO Purchase 177,100  $2.03  $359,070 2,216,255 8.7%
ODT Odonate Therapeutics Inc  $0.723 Tang Kevin C Chmn Purchase 50,000  $26.15  $1,307,545 13,306,038 0.4%
PSEC Prospect Capital Corp  $2.410 Barry John F III Chmn Purchase 233,482  $6.32  $1,474,439 39,349,083 0.6%
CNX CNX Resources Corp  $1.454 Lanigan Bernard Jr Dir Purchase 34,150  $7.32  $250,019 541,403 6.7%
ETM Entercom Communications Corp  $0.864 Field Joseph M Ofcr/Dir/>10% Purchase 200,000  $5.98  $1,195,560 12,026,235 1.7%
FCNCB First Citizens BancShares Inc  $4.939 Holding Frank B Jr Chmn Purchase 6,293  $375.00  $2,359,875 153,644 4.3%
PSEC Prospect Capital Corp  $2.410 Barry John F III Chmn Purchase 137,839  $6.34  $874,492 39,486,922 0.4%
SGMS Scientific Games Corp  $1.765 Perelman Ronald O Chmn Purchase 120,000  $20.29  $2,434,800 36,376,287 0.3%
NICK Nicholas Financial Inc $0.07 Peterson Adam K Dir Purchase 87,231 $9.01 $785,629 1,680,836 5.50%
LOW Lowe’s Cos Inc  $78.949 Frieson Donald VP Purchase 2,030  $98.69  $200,342 10,980 22.7%

Insiders sell stock for many reasons, but they generally buy for just one – to make money. THE INSIDERS FUND invests 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.  This is as close to “insider information” that an ordinary investor is likely to see- and it’s entirely legal.

As a rule, 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. We may own positions, long or short, in any of these names and are under no obligation to disclose that. We welcome your comments on our analysis.

 

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