Insider Buying Week Ending May 31, 2019

Jay Hoag of Zillow Goes All In

Trump rocks market with trade wars on multiple fronts.  Impromptu tweet on Friday about tariffs on Mexico linked to immigration enforcement cap off a month that most investors would like to forget.  Monday’s action is likely not to be any better for FANGS with the news that the Justice Department is opening up an anti-trust investigation on Google aka Alphabet.   S&P 500 Wipes Out $4 Trillion in Its Second-Worst May Since the ‘60s.  Insiders are nibbling at a few names but in the short term are losing money like everyone else.

 

Insider Buying Week Ending 5-31-19

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.

Symbol Company Market Cap ($B) Insider Relation Type Shares Price Mkt Val Shares Ending % Chng
BG Bunge Ltd  $7.238 Fribourg Paul J Dir Purchase 19,750  $50.94  $1,006,132 19,750 3,915,879 0.5%
ITGR Integer Holdings Corp  $2.314 Hinrichs James F Dir Purchase 3,750  $68.47  $256,763 3,750 6,549 134.0%
MDT Medtronic PLC  $124.154 Anderson Richard H Dir Purchase 10,900  $92.40  $1,007,160 10,900 97,217 12.6%
UVE Universal Insurance Holdings  $0.977 Downes Sean P Chmn Purchase 10,000  $28.50  $285,034 10,000 1,427,880 0.7%
Z Zillow Group Inc  $8.937 Hoag Jay C Dir Purchase 2,098,211  $41.80  $87,703,331 2,098,211 5,840,712 56.1%
AGNC AGNC Investment Corp  $8.854 Kain Gary D CEO Purchase 103,202  $16.93  $1,747,530 103,202 1,648,955 6.7%
AGNCM AGNC Investment Corp  $8.854 Kain Gary D CEO Purchase 10,900  $25.14  $274,026 10,900 10,900 NEW
CRC California Resources Corp  $0.819 McMahon Harry T Dir Purchase 15,230  $16.37  $249,378 15,230 78,008 24.3%
EIDX Eidos Therapeutics Inc  $1.162 Kumar Neil CEO Purchase 1,103,848  $25.93  $28,622,779 1,103,848 23,693,148 4.9%
IBKC IBERIABANK Corp  $4.003 Koerner John E III Dir Purchase 13,000  $74.81  $972,530 13,000 24,300 115.0%
LOW Lowe’s Cos Inc  $74.719 Ellison Marvin R CEO Purchase 10,000  $95.05  $950,538 10,000 80,090 14.3%
OPK Opko Health Inc  $1.136 Frost Phillip Chmn Purchase 200,000  $1.90  $380,340 200,000 216,416,633 0.1%
CTLT Catalent Inc  $6.625 Buzy Peter Officer Purchase 44,500  $45.13  $2,008,285 44,500 44,500 NEW
CIVB Civista Bancshares Inc  $0.356 Wurm Gerald B Unit Officer Purchase 10,000  $21.77  $217,740 10,000 80,612 14.2%
COTY Coty Inc  $9.441 Harf Peter Dir Purchase 309,222  $13.04  $4,033,306 309,222 9,208,410 3.5%
XRAY Dentsply Sirona Inc  $12.516 Casey Donald M Jr CEO Purchase 10,000  $53.68  $536,769 10,000 138,131 7.8%
DISCA Discovery Inc  $19.153 Faricy Peter Officer Purchase 35,900  $27.91  $1,001,969 35,900 182,367 24.5%
ESGR Enstar Group Ltd  $3.489 Gerhardt Hans-Peter Dir Purchase 6,000  $166.90  $1,001,400 6,000 7,887 318.0%
EQT EQT Corp  $4.659 McNally Robert Joseph CEO Purchase 13,572  $18.37  $249,318 13,572 213,088 6.8%
HSY Hershey Co/The  $27.311 Tillemans Todd W Officer Purchase 2,000  $129.92  $259,840 2,000 15,773 14.5%
XON Intrexon Corp  $0.770 Kirk Randal J Chmn Purchase 825,451  $4.75  $3,919,489 825,451 49,754,783 1.7%
KMI Kinder Morgan Inc  $45.404 Kinder Richard D Chmn Purchase 300,000  $19.68  $5,903,910 300,000 253,053,722 0.1%
TPR Tapestry Inc  $8.226 Cavens Darrell Dir Purchase 7,000  $30.01  $210,050 7,000 10,826 183.0%
CNX CNX Resources Corp  $1.470 Lanigan Bernard Jr Dir Purchase 198,000  $7.56  $1,496,880 198,000 437,653 82.6%
COTY Coty Inc  $9.441 Harf Peter Dir Purchase 959,760  $12.92  $12,402,019 959,760 10,168,170 10.4%
MDCO Medicines Co  $2.571 Denner Alexander J Dir Purchase 85,000  $34.83  $2,960,253 85,000 4,152,000 2.1%
QTS QTS Realty Trust Inc  $2.557 Williams Chad L Chmn Purchase 7,230  $45.88  $331,719 7,230 402,187 1.8%
VERI Veritone Inc  $0.198 Steelberg Ryan Pres Purchase 25,201  $9.89  $249,238 25,201 4,247,524 0.6%

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.