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Animal spirits are picking up.  This is the most buying we’ve seen since the market sell-off last December. One thing for sure, Insiders buy stocks when they think they are cheap.  Highlights are:

  • Several insiders bought GE stock immediately prior to and immediately after Harry Markapolis’s interview on CNBC where he alleged fraud.
  • Axogen Chairman bought $1 million worth of stock after the company she leads plunged 30% on weaker earnings forecast
  • Outdoor billboard leader, Clear Channel newly appointed Chairman bought $913k at $2.28 per share.  CCO is loaded with debt.
  • Three CIT insiders took advantage of low prices to add to their holdings.
  • Insider and CEO John Idol continues to make big bets on Capri Holdings, parent of Versace, Jimmy Choo, and Michael Kors brands.
  • COT Director Rosenfield added to his recent large purchase of Canadian beverage company. According to the Washington Service, Rosenfeld two prior buys yielded an average impressive nine-month return of 537.2%.
  • Two insiders bought $1.3 million of beleaguered pet care company and home care company, Care.com
  • Enlink Midstream Director bought over $1 million of this pipeline company yielding 14.30%!  MPLX director bought $513k of this midstream energy infrastructure play yielding 9.8%
  • MEDNAX Chairman bought over $10 million of this physician practice management company as it sunk to a twenty-year low.
  • Chairman Fertitta bought $18.5 million of Red Rock Resorts as it dips to the lowest price since IPO
  • Two insiders bet heavily on this gene therapy  Duchenne muscular dystrophy breakthrough biotech Sarepta Therapeutics with the CEO buying $2 million at $123.07.
  • Tricida CFO buys $969k at this development stage pharmaceutical tackling metabolic acidosis in chronic kidney disease. The company plans an NDA this quarter.  Goldman started ‘potential game-changer’ with a buy and $48 price target on June 27th.
  • TWOU education software provider gets a failing grade from Wall Street as stock craters. Two insiders buy over $ 1million worth of stock.
  • UAL Director Shapiro reiterates his faith adding $820k to his already aggressive buy history.
  • Wright Medical Group pullback brings good entry point says Piper Jaffray analyst Matt O’Brein. Four insiders buy almost $2million worth of stock.

 

Symbol Company Market Cap ($B) Insider Relation Type Shares Price Mkt Val
ATSG Air Transport Services Group Inc  $1.193 Coretz Robert K Dir Purchase 10,000  $20.00  $200,000
AXGN Axogen Inc  $0.573 Zaderej Karen L Chmn Purchase 75,000  $13.50  $1,012,425
AXGN Axogen Inc  $0.573 Blackford Quentin S Dir Purchase 15,535  $14.01  $217,672
BHF Brighthouse Financial Inc  $3.768 Steigerwalt Eric T CEO Purchase 12,500  $34.04  $425,506
BHGE Baker Hughes a GE Co LLC  $21.858 Rice John G Dir Purchase 10,000  $20.75  $207,500
BHGE Baker Hughes a GE Co LLC  $21.858 Simonelli Lorenzo Chmn Purchase 15,000  $20.61  $309,081
BJRI BJ’s Restaurants Inc  $0.670 Trojan Greg CEO Purchase 14,400  $32.92  $474,048
BKCC BlackRock Capital Investment Corp  $0.357 Lies Mark S Dir Purchase 50,000  $5.19  $259,590
BW Babcock & Wilcox Enterprises Inc  $0.166 Riley Bryant R Dir Purchase 70,000  $3.70  $259,133
CASI CASI Pharmaceuticals Inc  $0.303 He Wei Wu Chmn Purchase 160,000  $3.17  $507,200
CCO Clear Channel Outdoor Holdings Inc  $1.044 Moreland W Benjamin Chmn Purchase 400,000  $2.28  $913,680
CDEV Centennial Resource Development Inc  $1.094 Glyphis George S CFO Purchase 50,000  $4.69  $234,705
CFR Cullen/Frost Bankers Inc  $5.309 Alvarez Carlos Dir Purchase 30,000  $85.08  $2,552,400
CIT CIT Group Inc  $3.922 Alemany Ellen R Chmn Purchase 11,500  $43.55  $500,817
CIT CIT Group Inc  $3.922 Fawcett John J CFO Purchase 7,000  $43.96  $307,717
CIT CIT Group Inc  $3.922 Rubino Robert C Officer Purchase 6,930  $43.22  $299,483
CNR Cornerstone Building Brands Inc  $0.567 Ball George L Dir Purchase 100,000  $4.54  $454,220
CNR Cornerstone Building Brands Inc  $0.567 Janki Daniel C Dir Purchase 50,000  $4.20  $210,000
COLD Americold Realty Trust  $6.785 Barrett Kelly Hefner Dir Purchase 6,000  $34.96  $209,778
COT Cott Corp  $1.652 Rosenfeld Eric S Dir Purchase 80,000  $12.38  $990,400
CPRI Capri Holdings Ltd  $4.091 Idol John D Chmn Purchase 363,000  $27.48  $9,976,692
CRCM Care.com Inc  $0.329 Bell George Dir Purchase 27,500  $9.00  $247,500
CRCM Care.com Inc  $0.329 Kapoor Chet Dir Purchase 120,000  $9.23  $1,107,468
CWH Camping World Holdings Inc  $0.672 Flanigan Melvin CFO Purchase 36,000  $8.25  $297,000
DOVA Dova Pharmaceuticals Inc  $0.426 Manning Paul B Chmn Purchase 28,062  $15.87  $445,344
ENLC EnLink Midstream LLC  $3.673 Davis Barry E Chmn Purchase 136,700  $7.32  $1,000,835
EPC Edgewell Personal Care Co  $1.475 Hoover R David Dir Purchase 10,000  $30.69  $306,917
ERI Eldorado Resorts Inc  $3.051 Hawkins James B Dir Purchase 6,000  $40.35  $242,070
ERI Eldorado Resorts Inc  $3.051 Pegram Michael E Dir Purchase 10,000  $40.36  $403,600
ETM Entercom Communications Corp  $0.512 Schmaeling Richard J CFO Purchase 55,676  $3.61  $201,141
FANG Diamondback Energy Inc  $15.620 Stice Travis D CEO Purchase 4,186  $95.55  $399,968
FG FGL Holdings  $1.635 Blunt Christopher O CEO Purchase 110,000  $7.34  $807,796
FRPT Freshpet Inc  $1.467 Basto J David Dir Purchase 6,400  $38.61  $247,095
FRTA Forterra Inc  $0.434 Watson Karl CEO Purchase 65,200  $6.94  $452,488
GAIA Gaia Inc  $0.133 Rysavy Jirka Chmn Purchase 105,879  $7.14  $755,669
GE General Electric Co  $76.711 Culp Henry Lawrence Jr Chmn Purchase 331,684  $9.04  $2,998,423
GE General Electric Co  $76.711 Horton Thomas W Dir Purchase 55,248  $9.02  $498,337
GE General Electric Co  $76.711 Cox L Kevin VP Purchase 105,600  $9.42  $994,752
GE General Electric Co  $76.711 Culp Henry Lawrence Jr Chmn Purchase 252,200  $7.93  $1,999,946
GE General Electric Co  $76.711 Strazik Scott VP Purchase 34,836  $8.01  $279,036
GOGO Gogo Inc  $0.375 Townsend Charles C Dir Purchase 100,000  $4.43  $442,850
GTE Gran Tierra Energy Inc  $0.510 Wade Brooke N Dir Purchase 185,000  $1.44  $265,475
GTLS Chart Industries Inc  $2.100 Chen Carey Dir Purchase 3,403  $59.73  $203,261
HSC Harsco Corp  $1.503 Grasberger F Nicholas III Chmn Purchase 25,000  $16.73  $418,250
IBOC Intl Bancshares Corp  $2.245 De Anda Javier Dir Purchase 9,533  $32.82  $312,832
KDP Keurig Dr Pepper Inc  $39.163 Loucks Brian Andrew Officer Purchase 18,554  $28.31  $525,355
KODK Eastman Kodak Co  $0.089 Continenza James V Chmn Purchase 100,000  $2.05  $205,200
KOP Koppers Holdings Inc  $0.565 Johnson R Michael VP Purchase 12,000  $28.92  $347,072
KREF KKR Real Estate Finance Trust Inc  $1.098 Salem Matthew A CEO Purchase 13,000  $18.85  $245,050
LILA Liberty Latin America Ltd  $2.984 Nair Balan CEO Purchase 15,060  $16.60  $250,056
LKFN Lakeland Finl Corp  $1.095 Welch M Scott Dir Purchase 10,000  $42.51  $425,100
LMT Lockheed Martin Corp  $105.462 Taiclet James D Jr Dir Purchase 1,354  $376.32  $509,534
LXFR Luxfer Holdings PLC  $0.420 Maskara Alok CEO Purchase 15,000  $15.65  $234,750
MA Mastercard Inc  $275.849 Davis Richard K Dir Purchase 1,735  $270.09  $468,603
MAC Macerich Co  $4.221 Coppola Edward C Pres Purchase 13,439  $30.59  $411,139
MD MEDNAX Inc  $1.806 Fernandez Michael B Dir Purchase 377,591  $21.58  $8,146,941
MD MEDNAX Inc  $1.806 Fernandez Michael B Dir Purchase 122,409  $21.35  $2,613,652
MGY Magnolia Oil & Gas Corp  $2.558 Chazen Stephen I Chmn Purchase 25,000  $10.22  $255,425
MPLX MPLX LP  $28.068 Peiffer Garry L Dir Purchase 18,800  $27.30  $513,259
MYL Mylan NV  $9.084 Vollebregt Sjoerd S Dir Purchase 34,000  $18.90  $642,539
NICK Nicholas Financial Inc  $0.103 Peterson Adam K Dir/>10% Own Purchase 61,615  $8.28  $510,197
NOG Northern Oil & Gas Inc  $0.682 Akradi Bahram Chmn Purchase 213,201  $1.73  $367,836
OCN Ocwen Financial Corp  $0.187 Lipstein Robert J Dir Purchase 161,105  $1.55  $250,019
OXY Occidental Petroleum Corp  $39.321 Klesse William R Dir Purchase 5,000  $44.96  $224,800
PATK Patrick Industries Inc  $0.924 Welch M Scott Dir Purchase 10,000  $39.00  $390,000
PICO Pico Holdings Inc  $0.194 Bylinsky Gregory Dir Purchase 50,000  $9.49  $474,340
PRTY Party City Holdco Inc  $0.398 Harrison James M CEO Purchase 125,000  $4.53  $566,250
PS Pluralsight Inc  $2.188 Maudlin Timothy I Dir Purchase 30,000  $16.58  $497,445
QMCO Quantum Corp  $0.202 Dodson J Michael CFO Purchase 100,000  $5.09  $509,030
QMCO Quantum Corp  $0.202 Lerner James J CEO Purchase 80,000  $5.10  $408,352
QUOT Quotient Technology Inc  $0.676 Gessow Andrew J Dir Purchase 50,000  $7.66  $383,000
RESN Resonant Inc  $0.067 Fox Michael J Dir Purchase 396,000  $2.53  $1,001,880
RHP Ryman Hospitality Properties Inc  $4.114 Reed Colin V Chmn Purchase 13,585  $79.30  $1,077,291
RILY B Riley Financial Inc  $0.547 Riley Bryant R Chmn Purchase 20,000  $20.34  $406,890
RRR Red Rock Resorts Inc  $2.195 Fertitta Frank J III Chmn Purchase 760,000  $18.71  $14,222,108
RRR Red Rock Resorts Inc  $2.195 Fertitta Frank J III Chmn Purchase 233,500  $18.65  $4,355,499
RYN Rayonier Inc  $3.480 Nunes David L CEO Purchase 10,500  $26.14  $274,458
SPB Spectrum Brands Holdings Inc  $2.400 Maura David M Officer/Dir Purchase 20,000  $50.43  $1,008,500
SRPT Sarepta Therapeutics Inc  $9.067 Ingram Douglas S CEO Purchase 16,252  $123.07  $2,000,160
SRPT Sarepta Therapeutics Inc  $9.067 Barry Richard J Dir Purchase 3,700  $122.50  $453,250
STKL SunOpta Inc  $0.191 Ennen Joseph CEO Purchase 100,000  $2.25  $225,300
STKL SunOpta Inc  $0.191 Versteegh Geradus Joseph Maria VP Purchase 100,000  $2.15  $214,820
SYMC Symantec Corp  $14.301 Feld Peter A Dir Purchase 5,325,814  $22.69  $120,834,198
TCDA Tricida Inc  $1.612 Parker Geoffrey M CFO Purchase 30,000  $32.33  $969,870
TH Target Hospitality Corp  $0.705 Sagansky Jeffrey F Dir Purchase 55,000  $6.93  $381,150
TNAV Telenav Inc  $0.518 Jin H P Chmn Purchase 40,000  $10.59  $423,400
TSE Trinseo SA  $1.177 Bozich Frank A CEO Purchase 15,000  $28.97  $434,520
TTS Tile Shop Holdings Inc  $0.117 Jacullo Peter J III Dir/>10% Own Purchase 105,000  $2.51  $263,151
TWOU 2U Inc  $1.051 Larson John M Dir Purchase 50,000  $15.10  $755,000
TWOU 2U Inc  $1.051 Chernis Mark COO Purchase 32,250  $15.47  $498,908
UAL United Airlines Holdings Inc  $21.309 Shapiro Edward L Dir Purchase 10,000  $82.00  $820,000
UFI Unifi Inc  $0.372 Langone Kenneth G Dir Purchase 20,711  $18.27  $378,328
UFI Unifi Inc  $0.372 Langone Kenneth G Dir Purchase 10,600  $19.00  $201,400
VBTX Veritex Holdings Inc  $1.241 Griege Mark C Dir Purchase 15,000  $22.38  $335,625
VICI VICI Properties Inc  $9.482 Pitoniak Edward Baltazar CEO Purchase 15,200  $21.29  $323,608
VRAY ViewRay Inc  $0.387 Drake Scott William CEO Purchase 131,260  $3.81  $500,048
VRAY ViewRay Inc  $0.387 Matin Shahriar COO Purchase 60,000  $4.02  $241,200
WH Wyndham Hotels & Resorts Inc  $4.816 Nelson Ronald L Dir Purchase 10,000  $49.95  $499,500
WMB Williams Companies Inc  $27.780 Creel Michael A Dir Purchase 10,000  $23.22  $232,191
WMGI Wright Medical Group NV  $2.662 Palmisano Robert J CEO Purchase 46,654  $21.39  $997,742
WMGI Wright Medical Group NV  $2.662 Wallman Richard F Dir Purchase 23,000  $21.56  $495,880
WMGI Wright Medical Group NV  $2.662 Regan Barry J VP Purchase 10,000  $21.50  $215,000
WMGI Wright Medical Group NV  $2.662 Weatherman Elizabeth H Dir Purchase 15,000  $20.87  $313,050
WSBC WesBanco Inc  $1.877 Callen Stephen J Dir Purchase 7,000  $33.76  $236,324

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.  Officers, directors, and 10% owners are required to inform the public through a Form 4 Filing any transaction, buy, sell, exercise, or any other with 48 hours of doing so. This info is available for free from the SEC’s Web site, Edgar, although we subscribe to the Washington Service as they provide a way to manage and make sense of the vast realms of data.

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. Unfortunately, the public information disclosure requirements about these programs referred to as Rule 10b5-1 is horrendously poor.  I also generally ignore 10 percent shareholders as they tend to be OPM (other people’s money) and perhaps not the smart money we are trying to read the tea leaves on.

Of course, unintuitive as it may seem, insiders can also be wrong about their Company’s prospects, they can easily be wrong about how much others will value them, and in many cases, maybe most cases have no more idea what the future may hold than  you or I. In short, you can lose money following them.  We have and we curse aloud, what were they thinking!  Needless to say, past good fortune is no guarantee of future success.  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.

This blog is solely for educational purposes and the author’s own amusement.  Investing with The Insiders Fund is for qualified investors and by Prospectus only. Nothing herein should be construed otherwise.  To learn more about our strategy, visit our website.

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


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