Curious how well insiders are doing with their buys? Click on this link or image above to scroll through the significant buys of the last year.

The S&P 500 lost over 6% points last week after losing 5% in the previous week. Stocks don’t fall like this unless there is something really wrong. I’m trying to figure that out and the only thing that I can come up with is that the Fed has been bullied into raising interest rates into a weakening economy. Raising interest rates to bring down the price of oil or to untangle the supply chain disruptions is an act of lunacy.  The market is telling us that. The glimmer of hope is that long bonds rallied furiously as the Fed hiked rates by 0.75% in its latest meeting. The market is telling us that the economy can’t handle this kind of aggressive tightening.  Unfortunately, we are in the midst of earnings blackout periods now and there is little buying.  This is the perfect time for bear raids. The few brave insiders are described in this report.

 

Finviz Chart

Name: Hees Bernardo
Position: Chairman
Transaction Date: 2022-06-10 Shares Bought: 29,400 Average Price Paid: $168.69 Cost: $4,959,374.00
Company: Avis Budget Group Inc (CAR)
Avis Budget Group, Inc., together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers. It operates the Avis brand, which provides premium commercial and leisure travelers with vehicle rental and other mobility solutions; and the Budget Truck brand, which provides local and one-way truck and cargo van rentals through a network of approximately 465 dealer-operated and 385 company-operated locations throughout the continental United States. Budget, Payless, Apex, Maggiore, MoriniRent, FranceCars, Amicoblue, Turiscar, and ACL Hire are some of the other car rental brands operated by the corporation. It also provides supplemental liability, personal accident, personal effects protection, emergency sickness protection, automobile towing protection, and cargo insurance products; fuel service options, roadside assistance, electronic toll collection, curbside delivery, tablet rentals, satellite radio access, portable navigation units, and child safety seat rentals; and automobile towing equipment.

Mr. Hees has been a director since February 2020. Previously, Mr. Hees served as Chief Executive Officer of The Kraft Heinz Company from 2015 to June 2019. Since 2013, he has been the Chief Executive Officer of H.J. Heinz Holding Corporation. Mr. Hees was the Chief Executive Officer of Burger King Worldwide Holdings, Inc., a global fast-food restaurant company, from 2010 until 2013. He was the CEO of América Latina Logistica, a Brazilian logistics company, from 2005 to 2010. From 2010 through 2019, Mr. Hees was a partner with 3G Capital. Mr. Hees is also a director of Bunge Limited, which is required by the Exchange Act to file reports.

Opinion: There is enormous pent-up demand for traveling and renting cars this summer. Avis Budget will have a banner year.  Plus the rental agencies are like giant used car dealerships. CAR is sitting on vast amounts of used cars that have appreciated in value and not declined. These are some of the reasons Bernado Hees might be buying.  This is his 3rd $5 million dollar purchase in as many weeks.

 

Finviz Chart

Name: Rickertsen Carl J
Position: Director
Transaction Date: 2022-06-13 Shares Bought: 4,000 Average Price Paid: $152.00 Cost: $608,000.00
Company: MicroStrategy Inc (MSTR)
ORIC Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company focused on improving patients’ lives by overcoming resistance in cancer. By using its experience in three specific areas: hormone-dependent tumours, precision oncology, and major tumour dependencies, the Company is focused on building a varied pipeline of medicines tailored to overcome resistance mechanisms in cancer. ORIC-101, ORIC-533, ORIC-944, and ORIC-114 are some of the product prospects. ORIC-101 is a strong and selective small-molecule antagonist of the glucocorticoid receptor (GR), which has been related to drug resistance in a number of solid cancers. ORIC-533, the company’s second product candidate, is an orally accessible, small-molecule inhibitor of CD73, a critical node in the adenosine pathway that contributes to resistance to chemotherapy and immunotherapy. Its ORIC-944 is being developed as a treatment for prostate and breast cancer.

Carl J. Rickertsen is Managing Partner at Pine Creek Partners LLC and on the board of 7 other companies. He was Chairman of Noranda Aluminum Holding Corp., Partner of HCI Equity Partners LLC, Chief Operating Officer and Partner of Thayer Capital Partners LP, Partner of Hancock Park Associates, Inc., Associate of Brentwood Associates, and Chairman of SAGA Systems, Inc. in the past. Mr. Rickertsen holds a bachelor’s degree from Stanford University and a master’s degree from Harvard Business School.

Opinion: Microstrategy is a leveraged play on bitcoin and it’s not working out very well lately for the buyers. If there was a way to arbitrage it, I would as MSTR has more bitcoin that the enterprise value of the company. Since there really isn’t a way to arbitrage it, I see no point in following this insider. This is the 3rd director that has purchased shares recently.

 

Finviz Chart

Name: Orthwein Peter Busch
Position: Director
Transaction Date: 2022-06-10 Shares Bought: 10,000 Average Price Paid: $75.00 Cost: $750,000.00
Company: Thor Industries Inc. (THO)
Thor Industries, Inc. designs, manufacturesTUPPERWARE BRANDS CORP and sells recreational vehicles (RVs), and related parts and accessories in the United States, Canada, and Europe. The company offers travel trailers; gasoline and diesel Class A, Class B, and Class C motorhomes; conventional travel trailers and fifth wheels; luxury fifth wheels; and motorcaravans, caravans, campervans, and urban vehicles. It also provides aluminum extrusion and specialized component products to RV and other manufacturers, and digital products and services for RVs. The company provides its products through independent and non-franchise dealers. The company was founded in 1980 and is based in Elkhart, Indiana. In 1980, THOR Industries embarked on a journey to connect people with nature, and families with each other. Today, the THOR Family of Companies continues the journey by acquiring outstanding outdoor companies which make it easier and more enjoyable for families of all types to create lasting outdoor memories. On the surface, they are the world’s largest manufacturer of recreation vehicles. But in reality, they are so much more. Their family of companies makes it easier and more enjoyable for families like yours to connect with nature—and each other. Together they can Go Everywhere; Stay Anywhere.

Peter Busch Orthwein serves as Chairman Emeritus of the Board of the Company. He retired from his position as Executive Chairman of the Company in 2019. Mr. Orthwein has served as a Director of our Company since its inception, Chairman of our Company from 1980 to 1986, Vice Chairman of our Company from 1986 to November 2009, and Treasurer of our Company from 1980 to November of 2009. Our Nominating and Corporate Governance Committee and Board believe that his extensive experience with our Company and the industry makes him an asset to the Board.

Opinion: You would think this is the worst of all words for Thor.  Soaring gasoline and diesel prices combined with rapidly rising rates make driving an RV more expensive and the cost of buying one more. The facts on the ground speak otherwise. Thor just reported record revenues and earnings. Net sales for their fiscal third quarter increased 34.6%, net income attributable to THOR grew 89.9% and their gross margin improved by 270 basis points compared to the fiscal third quarter of 2022.  Demand is moderating to more normal levels.  Thor is exceptionally well managed and will be able to handle most macroeconomic outcomes. The fact is that even with high prices of gas, RV vacations and lifestyle are still one of the most economical ways of enjoyment.

 

Finviz Chart

Name: Caswell Bruce
Position: CEO
Transaction Date: 2022-06-15 Shares Bought: 8,300 Average Price Paid: $60.32 Cost: $500,656.00
Company: Maximus Inc (MMS)

Name: Haley John J
Position: Director
Transaction Date: 2022-06-15 Shares Bought: 18,000 Average Price Paid: $60.32 Cost: $1,085,760.00
Company: Maximus Inc (MMS)

Name: Ruddy Raymond B
Position: Director
Transaction Date: 2022-06-14 Shares Bought: 17,341 Average Price Paid: $57.72 Cost: $1,000,919.00
Company: Maximus Inc (MMS)
Maximus, Inc. provides business process services (BPS) to government health and human services programs. It operates in three segments: United States Services, United States Federal Services, and Outside the United States. The U.S. Services segment provides BPS solutions for U.S. state and local government programs, such as the Affordable Care Act, Medicaid, the Children’s Health Insurance Program, Temporary Assistance to Needy Families, child support programs, Preadmission Screening and Resident Reviews, and Independent Developmental Disability assessments, as well as related consulting services.

Bruce L. Caswell is the Company’s President, Chief Executive Officer, and Director. Mr. Caswell brings to the table subject area experience in government policy and health and human services programs, as well as a thorough understanding of the Company’s operations obtained during his time as President and other top leadership positions. The Board of Directors feels that having the Company’s CEO also serve as a director is critical. On April 1, 2018, Mr. Caswell was named Chief Executive Officer of MAXIMUS. He was appointed President of MAXIMUS in 2014, after serving as President of our Health Services Segment from 2007 to 2014. From 2005 to 2007, he was President of Operations, and from 2004 to 2005, he was President of our Human Services Group.

John J. Haley is an entrepreneur who has led seven separate businesses. Mr. Haley is now the Independent Non-Executive Chairman of MAXIMUS, Inc., as well as the President of Towers Watson Pennsylvania, Inc. He is also a member of the American Academy of Actuaries, the International Actuarial Association, and the Conference of Consulting Actuaries, as well as the US-China Business Council, Employee Benefit Research Institute, and New World Symphony, Inc. He is also a member of The American Academy of Actuaries, The International Actuarial Association, and the Conference of Consulting Actuaries.

MAXIMUS, Inc. has Raymond B. Ruddy on its board of directors. Mr. Ruddy served as Chairman of MAXIMUS, Inc., Chairman of Interpace Biosciences, Inc., and Associate National Director-Consulting at Touche Ross & Co. in the past. Mr. Ruddy earned a bachelor’s degree from College of the Holy Cross and an MBA from the University of Pennsylvania’s Wharton School. MAXIMUS, Inc. has Raymond B. Ruddy on its board of directors. Mr. Ruddy served as Chairman of MAXIMUS, Inc., Chairman of Interpace Biosciences, Inc., and Associate National Director-Consulting at Touche Ross & Co. in the past. Mr. Ruddy earned a bachelor’s degree from the College of the Holy Cross and an MBA from the University of Pennsylvania’s Wharton School.

Opinion: Cluster insider buying is usually a very bullish sign. I don’t see anything company-specific that can explain Maximus’s weak stock performance.  The second quarter outlook was disappointing but much of it was due to the outsized effect Covid had on their business. Normalizing for Covid response work, growth was in the 20% organic range. Operating margin rates declined due to the higher payout Covid response work.  Maximus is primarily dependent on government medical work. Management is buying back stock and the insiders are personally buying. I don’t see much upside here as all the numbers are turning down but then insiders are voting with their dollars.

 

Finviz Chart

Name: Davis Simon
Position: VP
Transaction Date: 2022-06-10 Shares Bought: 8,500 Average Price Paid: $59.35 Cost: $504,500.00
Company: Brinks Co (BCO)
The Brink’s Company operates in North America, Latin America, Europe, and other parts of the world, providing safe transportation, cash management, and other security-related services. The company provides armored vehicle transportation of valuables, as well as cash replenishment, replenishment forecasting, cash optimization, ATM remote monitoring, service call dispatching, transaction processing, installation, and first and second-line maintenance services. It also provides network infrastructure and cash-in-transit services. It also offers transportation services for diamonds, jewelry, precious metals, securities, bank notes, currency, high-tech devices, electronics, and pharmaceuticals, as well as vault outsourcing and money processing services, as well as cashier balancing, counterfeit detection, account consolidation, electronic reporting, check imaging and reconciliation.

Simon Davis is the Executive Vice President and Chief Human Resources Officer of Brinks. From July 2018 until January 2019, he was the Senior Vice President of Human Resources for Brink’s U.S. business. From 2015 to October 2017, he was the Chief Human Resources Officer at Johnson Controls International before joining Brinks. From 2014 to 2015, Mr. Davis served as Johnson Controls International’s Assistant Chief Human Resources Officer, and from 2011 to 2014, he served as the company’s Vice President of Talent Strategy and Organizational Excellence. Sheffield Hallam University awarded him a B.A.

Opinion: Cash is a disappearing financial asset and Brinks is a dinosaur yet VP Davis bought 3,958at $36.10 on May 2020, 3174 at 3.82 on May 14th 2002 and now his largest purchase last week at $59.35. Brinks continues to grow revenue in spite of this. Brinks reported 10% revenue growth in spite of many markets impacted by Covid. They achieved record EBITDA profits. Revenue was up 10% driven by 9% organic growth. Operating profits was up 24%, margin 10.4%, up 120 bps.  They reaffirmed 2022 guidance of revenue growth of 8%-11% and margin expansion of 90-120 bps driven by internal initiatives, cost reductions and operating leverage.

Brinks is clearly dependent on retail sales versus e-commerce sales. Its a matter of Brinks picking up cash at the store versus e commerce paying for it with credit cards. It’s a losing battle in my opinion but retail sales are not going away.  I’d prefer to find the companies on the right side of the long term growth curve.

 

Finviz Chart

Name: Shmunis Vladimir
Position: CEO/Chairman
Transaction Date: 2022-06-14 Shares Bought: 10,000 Average Price Paid: $50.07 Cost: $500,730.00
Company: RingCentral Inc (RNG)
RingCentral, Inc. is a North American provider of software-as-a-service solutions that let businesses communicate, collaborate, and connect. The company’s Message Video Phone? the platform is used to provide enterprise cloud communications and contact center solutions. RingCentral Office, a high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax solution; RingCentral Contact Center, a collaborative contact center solution that delivers omnichannel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers, are some of the company’s products. RingCentral Engage Voice, a cloud-based outbound/blended customer engagement platform for midsize and enterprise businesses, and RingCentral Video, a video meeting service that includes our RCV video and team messaging capabilities and offers video and audio conferencing, file sharing, contact, task, and calendar management, are among the company’s other products. RingCentral Professional, a cloud-based virtual telephone service that provides inbound call answering and management services for professionals, and RingCentral Fax, an online fax service, are also available.

Vlad Shmunis is a problem-solver with a love for coming up with amazing solutions. His parents immigrated to the United States in the 1970s after he was born in Ukraine while it was still a part of the Soviet Union. Shmunis and his younger sister ended up in San Francisco, where they attended public high schools. Shmunis later earned a bachelor’s degree in computer science from San Francisco State University, which he later advanced to a master’s degree.

Opinion:  RingCentral is a barn burner of a growth company. Like many of its peers, it’s had a land and expand strategy on a large addressable market ($100B+) without regard to earnings. Growth at all costs is clearly out of favor now and how fast companies like RingCentral can pivot to this new reality. RNG was trading at $300 per share and $50 today with growth still accelerating is worth a shot. The CEO and Founder bought $1.19M at $59.52 on May 24th. Of course he has sold many times that amount of stock at prices from $218- $346 so he is playing with the house’s money so to speak.

They lost their CFO, and the new CFO Parekh who was announced as CFO on May 9 just sold 15,360 shares at $62.69 on 6/2/22.  I don’t understand this at all. I plan on calling the company next week to see if I can get some color on this.

Q1 subscription revenue increased year over year to $467.6M up 38%Y/Y. Total Revenue increased to $1.6B up 39% Y/Y. Enterprise ARR, customers generating $100k or more increased 63% Y/Y- their fastest growing segment. All of these are accelerating growth rates year over year.  Ring Central ranked #1 in three out of four Gartner metrics in the cloud based unified communication systems.

Sequentially RNG grew revenues for the last 17 quarters as well. In November of 2021 RingCentral became Mitel exclusive UCaaS partner for over 35 million users. They paid Mitel $650 million to acquire intellectual property rights and patents and Mitel’s existing investor group led by affilaites of Searchlight invested $200 million in equity in RingCentral as part of the transaction.  Cash from operations though only totaled $174 million during the last 12 months while losing $527 M and $.5.69 per share.

RNG raised FY22 EPS view to $1.83-$1.87 versus consensus $1.71 or FY22, raising subscriptions revenue range to $1.882B-$1.898B, representing annual growth of 27% to 28%. This is up from their prior range of $1.87B-$1.89B and annual growth of 26% to 28%. Maintaining total revenue range of $1.99B-$2.015B, which represents annual growth of 25% to 26%. Raising non-GAAP EPS to $1.83 to $1.87 based on 96 to 97 million fully diluted shares. This is up from our prior range of $1.69 to $1.72 based on 96 to 97 million fully diluted shares.

It’s best summed up by Craig-Hallum analyst George Sutton who lowered the firm’s price target on RingCentral to $175 from $270 “purely” as a function of reduced comp valuations, while keeping a Buy rating on the shares. With “yet another stellar yet predictable quarter,” Ring Central continues to provide a fundamental story that provides a treadmill-like consistency that feels very protected from all the elements that appear out there, the analyst notes. Nonetheless, the stock has fallen over the past 15 months from $400 to $68 – while never missing a quarter, Sutton adds. He believes the stock has fallen to a level “bordering on ridiculousness,” especially considering that it has achieved solid free cash flow generation and growth rates have remained remarkably consistent.

We are sticking our toes in the water here.  The problem is pretty simple though. Non GAAP earnings have fallen out of favor.

 

Finviz Chart

Name: Carucci Richard
Position: Director
Transaction Date: 2022-06-14 Shares Bought: 10,000 Average Price Paid: $45.39 Cost: $453,858
Company: V F CORP (VFC)
VF Corp (VF) designs, manufactures, distributes, and markets lifestyle apparel, footwear, and accessories. Jeanswear, outdoor and action sports, eyewear, and athletic goods such as clothes, accessories, purses, luggage, totes, and backpacks are all available. It sells merchandise through its VF-owned stores, concession retail locations, and e-commerce sites. Various specialised stores, department stores, national chains, mass merchants, agents, distributors, and independently-operated partnership stores are also used to advertise these items. North Face, Wrangler, Timberland, Vans, and Lee are some of the brands marketed by VF. The corporation has operations in Europe, Asia, and the Americas. The headquarters of VF is in Denver, Colorado, United States.

Mr. Richard T. Carucci is the Company’s Independent Director. From 2012 until 2014, Mr. Carucci was President of Yum Brands, Inc., a corporation that runs fast-service restaurants across the world. Before being named President in 2012, he joined Yum Brands in 1997 and served a number of finance jobs, including Chief Financial Officer. Since May 2019, Mr. Carucci has been a director of Kontoor Brands, Inc.

Opinion: Maybe the stock is value priced. It certainly has a chart that looks like it can bounce from here.

 

Finviz Chart

Name: Feinberg Joshua H
Position: VP
Transaction Date: 2022-06-13 Shares Bought: 6,330 Average Price Paid: $39.16 Cost: $247,905.00
Company: ABM Industries Inc (ABM)
ABM Industries Incorporated (ABM) is an integrated facilities solutions supplier. Thousands of commercial, governmental, industrial, institutional, residential, and retail client buildings in hundreds of locations across the United States benefit from the Company’s end-to-end comprehensive facilities management services. Facility services, energy solutions, commercial cleaning, maintenance and repair, heating, ventilation, and air conditioning (HVAC), electrical, landscaping, parking, and security are among its ABM capabilities, which are available as stand-alone or integrated solutions. Janitorial, Facility Services, Parking, Security, Building & Energy Solutions, and Other are the company’s segments. It bought Air Serv Corporation (Air Serv), a facilities solutions provider for airlines, airports, and freight businesses, and HHA Services, Inc. on November 1, 2012. Calvert-Jones’ activities were acquired by ABM Building Services on November 1, 2012.

The Cleaning Coalition of America’s president at the moment is Joshua H. Feinberg. He is also the Chief Strategy & Transformation Officer and the Executive Vice President of ABM Industries, Inc. He formerly worked at The Boston Consulting Group as a Managing Director and Partner. He earned his MBA from the University of Pennsylvania’s Wharton School.

Opinion:  very low growth, perhaps accelerating wage costs.

 

Finviz Chart

Name: Shapiro Edward
Position: Director
Transaction Date: 2022-06-13 Shares Bought: 50,000 Average Price Paid: $37.69 Cost: $1,884,465.00
Company: United Airlines Holdings Inc. (UAL)
United Airlines Holdings, Inc. operates air transportation services in North America, Asia, Europe, Africa, the Pacific, the Middle East, and Latin America through its subsidiaries. The company’s mainline and regional fleets convey people and goods. It also provides third-party catering, ground handling, training, and maintenance services. United Continental Holdings, Inc. was the company’s previous name until June 2019, when it was renamed United Airlines Holdings, Inc. United Airlines Holdings, Inc. is based in Chicago, Illinois, and was founded in 1968.

From 1999 until 2016, Mr. Shapiro was the Managing Partner of PAR Capital Management, Inc., a Boston-based investment management business concentrating in travel, media, and Internet-related firms. Mr. Shapiro was previously a Vice President at Wellington Management Company and an Analyst at Morgan Stanley & Co. before joining PAR Capital. Mr. Shapiro sat on the boards of Global Eagle Entertainment, US Airways, Web.com, Lumexis Corporation, and Sonifi Solutions in the past (formerly LodgeNet Interactive Corporation). Mr. Shapiro graduated from the University of Pennsylvania’s Wharton School with a bachelor’s degree in economics and an MBA from UCLA’s Anderson School of Management.

Opinion: This is the second large buy by Director Shapiro. I don’t understand it as China travel where UAL was so strong doesn’t seem likely to come back anytime soon.

 

Finviz Chart

Name: Patterson Mark Robert
Position: Director
Transaction Date: 2022-06-14 Shares Bought: 25,000 Average Price Paid: $34.81 Cost: $870,212.00
Company: HomeStreet Inc. (HMST)
HomeStreet, Inc. is the parent business of HomeStreet Bank, which primarily serves the Western United States with commercial, mortgage, and consumer/retail banking services. Personal and commercial checking, savings, interest-bearing negotiable order of withdrawal accounts, money market accounts, and time certificates of deposit are available, as well as credit cards, insurance, and treasury management products and services. Commercial business and agriculture loans, single-family residential mortgages, consumer loans, commercial loans secured by residential and commercial real estate, and construction loans for residential and commercial real estate development.

Mark Robert Patterson is the Company’s Independent Director. From 1997 through 2014, Mr. Patterson was the Managing Director and Equity Analyst of NWQ Investment Management Co., LLC, an investment management firm (“NWQ”). He did basic research and value analysis of public financial services organizations while at NWQ. Mr. Patterson worked at U.S. Bancorp from 1989 until 1997, where he held the position of Vice President, Investor Relations, and was the key point of contact between the bank holding company and the investment community. In that role he also performed detailed valuation and capital planning financial analysis that informed the company’s strategic direction.

Opinion: This is the typical challenge with the Fed raising rates. It’s enormously helpful to banks but if it pushes the economy into recession, it will cause loan delinquencies to rise.

 

Finviz Chart

Name: Salem Paul J
Position: Director
Transaction Date: 2022-06-13 Shares Bought: 34,500 Average Price Paid: $28.92 Cost: $997,695.00
Company: MGM Resorts International (MGM)
MGM Resorts International owns and operates casino, hotel, and entertainment resorts in the United States and Macau through its subsidiaries. Las Vegas Strip Resorts, Regional Operations, and MGM China are the company’s three segments. Gaming, hotel, conference, eating, entertainment, retail, and other resort amenities are available at its casino resorts. Slots and table games are among the company’s casino offerings, as are online sports betting and iGaming with BetMGM. Its portfolio included 29 hotel and destination gaming offers as of February 17, 2021. Las Vegas Strip Resorts and Fallen Oak Golf Course are both owned and operated by the corporation. Premium gaming clients, leisure and wholesale travel customers, business travelers, and group customers, such as conferences, trade organizations, and small gatherings, are among its clientele. MGM MIRAGE was the company’s previous name until June 2010, when it was renamed MGM Resorts International. MGM Resorts International is situated in Las Vegas, Nevada, and was founded in 1986.

Paul Jude Salem is an entrepreneur who created Skydeck Acquisition Corp. and has led six separate businesses. He is now the Chairman of MGM Resorts International, the Chairman of Moses Brown School, the Chairman of Skydeck Acquisition Corp., the Senior Managing Director of Providence Equity Partners LLC, and the Chairman of MGM Growth Properties Operating Partnership LP. Mr. Salem also serves on the boards of seven additional businesses. Mr. Salem formerly worked at MGM Growth Properties LLC as Chairman, PGIM, Inc. as a Principal, and Morgan Stanley & Co. LLC as a Principal. He graduated from Brown University with a bachelor’s degree in economics and a master’s degree in business administration from Harvard Business School.

Opinion: China is closed down due to Covid restrictions. The pent up travel demand could be peaking. The stock has been trashed but if and when China reopens, it could have a nice rebound.

 

Finviz Chart

Name: Lemonis Marcus
Position: CEO, 10% Owner
Transaction Date: 2022-06-10 Shares Bought: 38,350 Average Price Paid: $26.36 Cost: $1,011,094.00
Company: Camping World Holdings Inc (CWH)
Camping World Holdings, Inc. is an American firm that sells recreational vehicles, as well as recreational vehicle components and servicing. They also sell camping equipment. Lincolnshire, Illinois is the company’s headquarters. Camping World has approximately 180 retail and service sites in 46 states, as well as mail order and internet sales. It claims to be the largest provider of RV components and accessories around the globe. The corporation is actively involved in sports sponsorship, serving as the title sponsor of Camping World Stadium and the Camping World Kickoff, both of which are held at the same venue. It is also the official presenting sponsor of the League Championship Series in Major League Baseball and the Camping World Truck Series in NASCAR.

Marcus A. Lemonis has served as Chairman and Chief Executive Officer of Camping World Holdings, Inc. and on the board of directors of Camping World Holdings, Inc. since its formation, as President and Chief Executive Officer and on the board of directors of CWGS, LLC since February 2011, as Chief Executive Officer and on the board of directors of Good Sam Enterprises, LLC since January 2011, as President and Chief Executive Officer and on the board of directors of Good Sam Enterprises, LLC since January 2011, as President and Chief Executive Officer and on the Mr. Lemonis graduated from Marquette University with a B.A. Mr. Lemonis’ background in retail, RV and automotive, business operations, and entrepreneurial endeavors qualifies him to be our Chief Executive Officer and Chairman of the Board of Directors.

Opinion: Lemonis is back buying his shares.  The story here is very similar to Thor

 

Finviz Chart

Name: Burke James A
Position: CFO
Transaction Date: 2022-06-13 Shares Bought: 32,000 Average Price Paid: $23.30 Cost: $745,568
Company: Vistra Corp (VST)

Name: Helm Scott B
Position: Director
Transaction Date: 2022-06-13 Shares Bought: 20,000 Average Price Paid: $23.16 Cost: $463,160
Company: Vistra Corp (VST)

Name: Ferraioli Brian K
Position: Director
Transaction Date: 2022-06-16 Shares Bought: 8,050 Average Price Paid: $22.50 Cost: $181,143
Company: Vistra Corp (VST)
Vistra Corp. acts as an integrated retail electricity and power generation corporation through its subsidiaries. Retail, Texas, East, West, Sunset, and Asset Closure are the company’s six segments. It provides residential, commercial, and industrial clients with electricity and natural gas in 20 states and the District of Columbia. Electricity generating, wholesale energy purchases and sales, commodities risk management, fuel production, and fuel logistics management are among the company’s other activities. With a portfolio of natural gas, nuclear, coal, solar, and battery energy storage plants, it serves over 4.3 million consumers with a generation capacity of around 38,700 megawatts. Vistra Energy Corp. was the previous name of the corporation, which was changed to Vistra Corp. in July 2020. Vistra Corp., situated in Irving, Texas, was formed in 1882.

James A. Burke is the Chief Operating Officer and Executive Vice President of Vistra Corp. and TXU Retail Services Co., as well as the Chief Operating Officer and Executive Vice President of EquiPower Resources Corp. (both are subsidiaries of Vistra Corp.). James A. Burke also serves on the boards of five other businesses. Mr. Burke’s previous positions include Chairman of Marucci Sports LLC, Senior Vice President-Consumer Operations at CenterPoint Energy, Inc., Chairman, President, and Chief Executive Officer of TXU Energy Solutions Co. LLC, President & Chief Operating Officer of Gexa Energy, Senior Vice President-Consumer Operations at Reliant Energy, Inc., and Chief Executive Officer-TXU Energy at Energy Future Holdings Corp.

Scott B. Helm is the Company’s Independent Chairman of the Board. Since October 2017, Mr. Helm has served as Chairman of the Board. Mr. Helm has been a private investor headquartered in Baltimore, Maryland for the past five years. Mr. Helm was previously a founding partner of Energy Capital Partners, a private equity firm specializing in energy infrastructure investments in North America. He previously worked for Orion Power Holdings, Inc., a publicly traded corporation that owned and operated power plants, as Executive Vice President and Chief Financial Officer. Mr. Helm began his career at Goldman, Sachs & Co., where he worked first in the fixed income area and then in investment banking.

Brian K. Ferraioli is now the Executive Chairman of Atlas Technical Consultants, Inc., as well as the Chief Financial Officer and Director of Kellogg Brown & Root LLC, the Chief Financial Officer and Director of KBR USA LLC, and the Operating Partner of Bernhard Capital Partners Management LP. Mr. Ferraioli is also a member of the National Association of Corporate Directors and serves on the boards of KBRwyle Technology Solutions LLC, KBR Holdings LLC, Kellogg Brown & Root Services, Inc., and Vistra Corp. Mr. Ferraioli’s previous positions include Chief Financial Officer and Executive Vice President at KBR, Inc., Chief Financial Officer and Executive Vice President at CB&I Group, Inc., Chief Financial Officer and Vice President for Foster Wheeler Power Systems, Inc., Chief Financial Officer and Vice President of Amec Foster Wheeler USA Corp., Chief Financial Officer and Vice President of Amec Foster Wheeler USA Corp., Chief Financial Officer and Executive Vice President for The Shaw Group, Inc., Vice President-International Project Finance.

Opinion: Cluster buying is always a bullish sign. Utility stocks have recently rolled over due to the Fed’s tightening policy. We are long term bullish on utilities primarily as they will be major beneficiaries of the electrification of the transportation fleet and long term digital trends. Add in transitioning to heat pumps, the average utility bill could rise by 100%.  The recent Fed hike of .75% was met with a corresponding drop in long term rates. While rising rates are not good for utility stocks, the prospects for recession are. Utilities are recession resistant so this is going to be a tug of war between rising rates, increasing economics and a deteriorating economy.

 

Finviz Chart

Name: Keeton Ryan S.
Position: Chief Brand Officer
Transaction Date: 2022-06-9 Shares Bought: 32,000 Average Price Paid: $23.06 Cost: $737,840.00
Company: Carvana Co. (CVNA)

Name: Breaux Paul W.
Position: Vice President
Transaction Date: 2022-06-10 Shares Bought: 10,000 Average Price Paid: $21.85 Cost: $218,500.00
Company: Carvana Co. (CVNA)

Name: Garcia Ernest C. II
Position: 10% Owner
Transaction Date: 2022-06-10 Shares Bought: 1,985,258 Average Price Paid: $21.18 Cost: $42,046,810.00
Company: Carvana Co. (CVNA)

Name: Gill Daniel J
Position: CPO
Transaction Date: 2022-06-15 Shares Bought: 94,000 Average Price Paid: $21.77 Cost: $2,046,380.00
Company: Carvana Co. (CVNA)
Carvana Co. is a holding business that operates an e-commerce platform for the purchase of secondhand automobiles. Consumers can use the Company’s platform to research and locate a vehicle, inspect it utilizing 360-degree vehicle image technology, acquire finance and warranty coverage, purchase the vehicle, and schedule delivery or pick-up, all from the comfort of their own home or office. Customers can acquire financing, complete a purchase, and schedule delivery or pick-up online using the Company’s transaction technologies and web platform. Customers in select markets can also choose to pick up their automobiles from a vending machine. Over 266 metropolitan markets are served by its in-house distribution network.

Since Carvana’s debut in 2012, Ryan Keeton has served as the company’s Chief Brand Officer. From 2010 to 2012, Ryan worked as a principal at the Montero Group, a strategic consulting firm, where he assisted worldwide public and private firms on strategy and commercial initiatives. Ryan worked for George P. Johnson, a worldwide marketing agency, as Director of Strategic Marketing from 2008 until 2010. Ryan graduated from Harvard University with a bachelor’s degree in English and American Literature and Language.

Paul Breaux is the Company’s Vice President, General Counsel, and Secretary. From 2008 through 2015, Mr. Breaux worked as an attorney with Andrews Kurth LLP (now Hunton Andrews Kurth LLP) in Houston, Texas. Mr. Breaux’s representative expertise at Andrews Kurth included a wide range of general commercial transaction matters. Mr. Breaux has a Harvard Law School J.D., a University of Texas at Austin B.A. in Plan II Honors, and a University of Texas at Austin B.B.A. in finance.

David Miller now works for Boxed, Inc. as the Chief Technology Officer. Mr. Miller formerly worked for On Deck Capital, Inc. as the Senior Vice President of Technology. He graduated from the University of Baltimore with a bachelor’s degree in business administration and an MBA from the Sellinger School of Business and Management.

Daniel Gill is the company’s, Chief Product Officer. Mr. Gill formerly served as our chief product officer, leading all technical functions as well as strategic alliances for the company, before joining Carvana. Mr. Gill has worked in both enterprise software and consumer online businesses prior to joining Carvana. From 2007 until the company’s acquisition by Wikia in May of 2014, he co-founded and served as CEO of Huddler. Mr. Gill graduated from Stanford University with a bachelor’s degree in biology.

Opinion: I just can’t add any more. I’ve never seen so much insider buying with such a negative stock price reaction. Carvana is shaping up to be the major test of the wisdom of insider buying

 

Finviz Chart

Name: French Christopher E
Position: President
Transaction Date: 2022-06-13 Shares Bought: 11,670 Average Price Paid: $21.43 Cost: $250,072.00
Company: Shenandoah Telecommunications Co (SHEN)
Shenandoah Telecommunications Company and its subsidiaries provide the Mid-Atlantic region of the United States with a variety of broadband communication services and cell tower colocation space. Its Internet section provides residential and commercial clients in Virginia, West Virginia, Maryland, Pennsylvania, and Kentucky with broadband, video, and phone services via hybrid fiber-coaxial cable, fiber optic services, and fixed wireless network services under the Beam brand name. This division rents fiber and offers Ethernet and wavelength fiber optic services. The firm also provides voice and digital subscriber line phone services. The Tower part of the corporation owns 220 cell towers and leases colocation space on them. Shenandoah Telecommunications Company, situated in Edinburg, Virginia, was formed in 1902.

Shenandoah Telecommunications Co. (Virginia) Chairman, President, and Chief Executive Officer Christopher E. French is also Chairman, President, and Chief Executive Officer of Shentel Wireless Co. (a subsidiary of Shenandoah Telecommunications Co. (Virginia)). He is also a member of the United States Telecom Association’s board of directors. He was the President of the Virginia Telecommunication Industry Association in the past. He graduated from the University of Virginia with a bachelor’s degree and an MBA.

Opinion: Don’t have much to say here.

 

Finviz Chart

Name: Arougheti Michael J
Position: VP
Transaction Date: 2022-06-14 Shares Bought: 300,000 Average Price Paid: $17.75 Cost: $5,325,000.00
Company: Ares Capital Corp (ARCC)
Ares Capital Corp is a middle market investment firm based in the United States and Canada. Health Care Services, Software & Services, Consumer Durables & Apparel, Energy, Food & Beverage, and Retail are among the sectors targeted by the fund. Buyouts, acquisitions, recapitalizations, restructurings, rescue finance, growth capital, and general refinancing are all covered. It invests in both debt and equity assets in the form of the complete capital structure. It takes a seat on the board of directors and functions as a lead investor.

Michael J. Arougheti is the Company’s President, Chief Executive Officer, Co-Founder, and Director. He serves on the Ares Executive Management Committee and the Management Committee of the company. He is also a director of Ares Commercial Real Estate Corporation (NYSE: ACRE) (“ACRE”) and serves as Co-Chairman of Ares Capital Corporation (NASDAQ: ARCC) (“ARCC”). Mr. Arougheti sits on the Ares Credit Group’s U.S. Direct Lending Investment Committee as well as the Ares Equity Income Opportunity Strategy Portfolio Review Committee. Prior to joining Ares in 2004, Mr. Arougheti worked at Royal Bank of Canada, where he was a Managing Partner of RBC Capital Partners’ Principal Finance Group and a member of the firm’s Mezzanine Investment Committee from 2001 to 2004.

Opinion:  ARCC is yielding 9.64% but the market is clearly concerned about declining book value of the loans.

 

Finviz Chart

Name: Stapley Marc
Position: CEO
Transaction Date: 2022-06-10 Shares Bought: 60,000 Average Price Paid: $16.33 Cost: $980,094.00
Company: Veracyte Inc (VCYT)
Veracyte, Inc. is a diagnostics firm with operations all over the world. Afirma Genomic Sequencing Classifier and Xpression Atlas are used to determine whether patients with indeterminate results are benign, avoiding unnecessary surgery; Decipher Prostate Biopsy and Radical Prostatectomy for a prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Genomic Sequencing Classifier and Percepta Nasal Swab Test for a lung cancer diagnosis; Envisia Genomic Classifier for diagnosing interstitial lung disease. Percepta Genomic Atlas is being developed to aid with lung cancer treatment decisions, as well as Envisia Classifier, the nCounter analysis system, and LymphMark, a lymphoma subtyping test.

On June 1, 2021, Marc Stapley was named Chief Executive Officer of Veracyte, and he is also a member of the company’s board of directors. Mr. Stapley has extensive experience in the genetic diagnostics sector, including creating and running large-scale worldwide operations. He was Chairman and CEO of Helix, a prominent population genomics firm, from April 2019 until May 2021, prior to joining Veracyte. Helix became a national leader in viral monitoring under Mr. Stapley’s guidance, building one of the biggest COVID-19 testing facilities in the United States. Prior to joining Helix, Mr. Stapley worked at Illumina, a global leader in DNA sequencing and array-based technologies that serves clients in the research, clinical, and application industries. Over the course of seven years at Illumina, he held the positions of Chief Financial Officer, Chief Administrative Officer, and Executive Vice President, overseeing a variety of tasks such as G&A, corporate strategy, commercial development, population genomics, and government relations.

Opinion: This was a large buy but immediately followed by a director selling stock and consistent selling before this buy.

 

Finviz Chart

Name: Bartolo Anthony
Position: COO
Transaction Date: 2022-06-13 Shares Bought: 10,000 Average Price Paid: $15.88 Cost: $158,800.00
Company: Bandwidth Inc (BAND)
Bandwidth is a software company that’s transforming the way people communicate and challenging the standards of old telecom. Together with their customers, they’re unlocking remarkable value, questioning the status quo, and helping people interact with technology and one another, oftentimes in ways, they never dreamed possible. Haven’t heard of Bandwidth? You’ve probably used one of the products before. Thir power some of the most important communications technologies on the market today names like Google, Skype, and Ring Central to name a few. At Bandwidth, they’ve got a passion for doing things the other way imagining what they could be, and uncovering opportunities to take a new approach to create what should be. They’re out to disrupt the century-old rules of the telecom industry and that means doing things differently in every area of our business. It’s in the way we treat our people, and how we create with our customers. Whether the engineering teams are crunching code during all-night hack-a-thons or the team members are competing in a Big Idea competition, they love to dive in and get their hands dirty. No idea at Bandwidth is too big or too small, and every voice gets a listen. The folks have diverse backgrounds from all over the world.

Anthony Bartolo, a proven pioneer in cloud communications and SaaS, is in charge of Bandwidth’s day-to-day operations, overseeing the entire P&L stack of Sales, Marketing, Product, Operations, R&D, and Technology. Anthony was previously Executive Vice President and Chief Product Officer at Avaya, where he oversaw the company’s transformation to a SaaS-based business model, which resulted in substantial new customer wins and an increase in yearly recurring income by an 11-fold. Prior to that, he worked at Tata Communications as President of Mobility and Chief Product Officer, among other positions. Designing and implementing a more competitive product strategy, leading the company’s expansion into new market areas, gaining new strategic relationships, a social and peer-to-peer networking start-up, as Vice President and General Manager of Symbol Technologies’ Wireless and RFID Divisions, and as a leader at Nortel Networks.

Opinion: Band has been growing like a weed, much like Ring Central and other SAAS providers. There has been consistent insider buying here by COO Bartolo and other insiders. BAND look like its close to bottoming out here. Its the same story as most of the fast growing cloud names.  Land and expand is now changing to maintain RPU but grow profitability. Those companies that can do this will have a lot of upside. I think BAND is in that group and at this price, I’d start accumulating

 

Finviz Chart

Name: Muransky Edward
Position: Director
Transaction Date: 2022-06-10 Shares Bought: 18,560 Average Price Paid: $14.83 Cost: $275,245.00
Company: Farmers National Banc Corp (FMNB)
Farmers National Banc Corp. is a financial holding firm that specializes in banking, trust, retirement counseling, insurance, and financial management. It provides commercial and retail banking services, such as checking, savings, and time deposit accounts; commercial, mortgage, and installment loans; home equity lines of credit; night depository, safe deposit box, money order, bank check, automated teller machine, Internet banking, travel card, E bond transaction, MasterCard and Visa credit cards; brokerage; and other services. Personal and corporate trust services in the areas of estate settlement, trust administration, and employee benefit plans are also provided, as well as retirement services, property and casualty insurance products and services, and various insurance products through licensed representatives. The company also invests in municipal securities.

In April of 2017, Mr. Muransky joined the Farmers National Banc Corp Board of Directors. Mr. Muransky is the Chairman of the Board of The Muransky Companies, a multifaceted business management firm, as well as the Chairman and Chief Executive Officer of Southwoods Health and the Chairman and Chief Executive Officer of Chestnut Land Company, the largest Auntie Anne’s Soft Pretzels franchise with locations across the United States. Rise Pies Handcrafted Pizza, which presently has outlets in eight states, is the newest addition to The Muransky Companies umbrella.

Opinion: See my comments on HomeStreet

 

Finviz Chart

Name: Jabbour Anthony M
Position: CEO
Transaction Date: 2022-06-14 Shares Bought: 105,000 Average Price Paid: $13.84 Cost: $1,453,242.00
Company: Dun & Bradstreet Holdings Inc. (DNB)
In North America and beyond, Dun & Bradstreet Holdings, Inc. offers analytics and data for corporate decision-making. It provides finance and risk solutions, such as D&B Finance Analytics, an online tool that gives users immediate access to information, thorough monitoring, and portfolio analysis; D&B Direct, an application programming interface (API) that sends risk and financial data directly into enterprise applications for instant credit decision making; and D&B Small Business, a collection of potent tools that enables SMBs to track and develop their business credit. The company also offers risk and compliance solutions, such as D&B Supplier Risk Manager, which offers information to assist in certifying, monitoring, analyzing, and mitigating risk across the supply chain; D&B Onboard, which offers thorough information about businesses to assist in facilitating KYC/AML compliance and to reduce exposure to financial, legal, and reputational risk; and D&B Beneficial Ownership, which provides risk intelligence on ultimate beneficial ownership.

The Chief Executive Officer (CEO) of Dun & Bradstreet, a major international supplier of corporate analytics and decision-making data, is Anthony Jabbour. Anthony’s outstanding track record of running prosperous firms throughout his career is based on his focus on innovation and expansion. A leading supplier of integrated software, data, and analytics to the mortgage sector, Anthony also holds the position of CEO of Black Knight, Inc. Anthony served as the Chief Operating Officer of FIS, a pioneer in financial services technology and the top fintech for several years before joining Black Knight.As a crucial part of the executive leadership team, Anthony joined FIS in 2004 and has since held roles of increasing responsibility in operations and service delivery. Anthony continually assisted FIS in expanding throughout his time there by utilizing a potent mix of organic growth, product development, market penetration, and smart acquisitions.

Opinion: I really don’t understand what the heck is happening with Jabbour. He’s the CEO of Black Knight and DNB and buying both of these names at ever lower prices.

 

Finviz Chart

Name: Klinsky Steven B
Position: CEO
Transaction Date: 2022-06-15 Shares Bought: 20,000 Average Price Paid: $11.63 Cost: $232,506.00
Company: New Mountain Finance Corp (NMFC)
A business development firm, New Mountain Finance Corporation (Nasdaq: NMFC), is a private equity/buyouts and loan fund that specializes in directly investing and lending to middle market companies in defensive growth industries. The fund likes to invest in the middle market and buyout firms. It also invests in financial instruments across the capital structure, including first and second lien loans, unsecured notes, and mezzanine debt. Its investments may involve stock holdings in some situations. The fund is looking to make investments in the United States of America. It plans to invest $10 million to $50 million in each acquisition. The company invests in both original originations and secondary market purchases. It targets investments up to a $125 million hold size and invests in firms with EBITDA between $10 million and $200 million. The fund seeks a majority stake in the companies it invests in.

New Mountain’s Chief Executive Officer, Robert Hamwee, joined the company in 2008. Since 2008, Mr. Hamwee has also been a Managing Director of New Mountain Capital. He was President of GSC Group (“GSC”) before joining New Mountain, where he was in charge of GSC’s supervision of distressed debt funds. From 1994 to 1999, he worked with Greenwich Street Capital Partners, the precursor to GSC. From 1992 to 1994, Mr. Hamwee worked in the Restructuring and Merchant Banking Departments of The Blackstone Group, where he worked on a variety of projects. Mr. Hamwee has been on the boards of various companies, including Purina Mills, Envirosource, and Viasystems, and has chaired numerous creditor committees and bank steering groups. In 1992, he earned a B.B.A. in Finance and Accounting from the University of Michigan, Phi Beta Kappa.

Opinion: Another mezzanine lender with a high yield and a declining portfolio book value.

Name: Coppola Edward C
Position: President
Transaction Date: 2022-06-10 Shares Bought: 40,000 Average Price Paid: $10.28 Cost: $411,360.00
Company: Macerich Co (DNB)
The company’s roots may be traced back to the Macerich Real Estate Company, which was created in New York in 1964 by Mace Siegel and Richard Cohen, who named their company after combining their first names. In the United States, the Macerich Company is a real estate investment trust (REIT). The Macerich Partnership, L.P., the company’s majority-owned partnership, is in the business of buying, owning, developing, redeveloping, managing, and leasing regional and community shopping complexes.

Macerich Co. was started by Edward C. Coppola. He serves as Vice Chairman and President of this business. Additionally, Mr. Coppola serves on the board of Strategic Hotels Capital, Inc., is a member of the Pension Real Estate Association, The Real Estate Roundtable, the National Association of Real Estate Investment Trusts, Inc., and the International Council of Shopping Centers, Inc.
Mr. Coppola previously belonged to the Urban Land Institute. He graduated from Drake University with a master’s degree after earning his undergraduate degree from the University of Notre Dame.

Opinion: Back to the mall

 

Finviz Chart

Name: Crawford Gordon
Position: Director
Transaction Date: 2022-06-09 Shares Bought: 132,383 Average Price Paid: $9.43 Cost: $1,248,019.00

Transaction Date: 2022-06-13 Shares Bought: 212,071 Average Price Paid: $8.70 Cost: $1,845,981
Company: Lions Gate Entertainment Corp. (LGF.B)
Lions Gate Entertainment Corporation, doing business as Lionsgate, is an American-Canadian entertainment company. It was formed by Frank Giustra on July 10, 1997, in Vancouver, British Columbia, Canada, and is currently headquartered in Santa Monica, California, United States. In addition to its flagship Lionsgate Films division, the company contains other divisions such as Lionsgate Television and Lionsgate Interactive. It owns a variety of subsidiaries such as Summit Entertainment, Debmar-Mercury, and Starz Inc.

Mr. Gordon Crawford is a Lions Gate Entertainment Corporation independent director. Since February 7th, 2013, He worked for Capital Research and Management, a privately-held investment management firm, in several capacities. Mr. Crawford left his position as Senior Vice President in December 2012. Mr. Crawford is now Chairman of the US Olympic and Paralympic Foundation’s Board of Trustees and a Life Trustee on the Board of Trustees of Southern California Public Radio. Mr. Crawford formerly served as Vice Chairman of the Paley Center for Media and Vice Chairman of The Nature Conservancy. Since 1971, Mr. Crawford has been one of the most powerful and successful investors in the media and entertainment sector.

Opinion: Clearly this company has been shopped to all the new entrants in the streaming wars. Why else would Gordy keep buying.  There may be a deal one day but  the longer this takes, the less likely it seems.

 

Finviz Chart

Name: Rosenfeld Ronald A.
Position: Director
Transaction Date: 2022-06-10 Shares Bought: 25,000 Average Price Paid: $9.27 Cost: $231,697.00
Company: New York Community Bancorp Inc (NYCB)
New York Community Bancorp, Inc. is the parent corporation of New York Community Bank, which offers banking services in Metro New York, New Jersey, Ohio, Florida, and Arizona. Interest-bearing checking and money market accounts, savings, non-interest-bearing, and individual retirement accounts, as well as certificates of deposit, are all accepted by the firm. Multifamily loans, commercial real estate loans, specialized finance loans and leases, commercial and industrial loans, acquisition, development, and construction loans, one-to-four family loans, and consumer loans are among the company’s lending offerings. Annuities, life and long-term care insurance, and mutual funds are also available, as well as cash management products and online, mobile, and phone banking services.

Since January 1, 2012, Ronald A. Rosenfeld has served on the boards of directors of New York Community Bancorp, Inc. and New York Community Bank. He also serves on the Company’s and Bank’s Audit Committees, Nominating and Corporate Governance Committees, and Risk Assessment Committees. Housing and development, corporate finance, and investment banking are among Mr. Rosenfeld’s specialties. President George W. Bush nominated him Chairman of the Federal Housing Finance Board in 2004, with full Senate confirmation; he served in that role from 2005 to 2008. He served as President of the Government National Mortgage Association from 2001 to 2004, which was his first presidential assignment.Mr. Rosenfeld previously served as the Secretary of Commerce for the State of Oklahoma for three years and as the Deputy Assistant Secretary for Corporate Finance at the US Treasury Department for one year. He spent three years at the Department of Housing and Urban Development, serving as Deputy Assistant Secretary for Single-Family Housing, Acting Deputy Assistant Secretary for Multi-Family Housing, and General Deputy Assistant Secretary for Housing Federal Housing Commissioner before joining the Treasury Department.

Opinion: See my comments on HomeStreet

 

Finviz Chart

Name: Lezama Hector
Position: Pres. Comm. Bus. Expansion
Transaction Date: 2022-06-10 Shares Bought: 33,500 Average Price Paid: $6.22 Cost: $208,370.00
Company: Tupperware Brands Corp (TUP)

Name: Minges Tim
Position: Director
Transaction Date: 2022-06-10 Shares Bought: 16,500 Average Price Paid: $6.08 Cost: $100,320.00
Company: Tupperware Brands Corp (TUP)

Name: Goudis Richard
Position: Executive Vice Chair
Transaction Date: 2022-06-14 Shares Bought: 170,000 Average Price Paid: $6.07 Cost: $1,031,900.00
Company: Tupperware Brands Corp (TUP)

Name: Fernandez Calero Miguel Angel
Position: CEO
Transaction Date: 2022-06-10 Shares Bought: 35,000 Average Price Paid: $6.00 Cost: $210,000.00
Company: Tupperware Brands Corp (TUP)

Name: Harbour Pamela Jones
Position: Director
Transaction Date: 2022-06-14 Shares Bought: 45,000 Average Price Paid: $5.70 Cost: $256,500.00
Company: Tupperware Brands Corp (TUP)

Name: Fordyce James H
Position: Director
Transaction Date: 2022-06-14 Shares Bought: 35,000 Average Price Paid: $5.69 Cost: $199,150.00
Company: Tupperware Brands Corp (TUP)
Tupperware Brands Corp is a consumer goods firm that creates items that are innovative, functional, and ecologically friendly. Nearly 70 countries are served by the company’s goods. Through the Tupperware brand, the firm markets manufacture and sells design-centric preparation, storage, and serving products for the kitchen and home. The company primarily distributes and markets items through a direct selling business model, while also expanding digital platforms and business-to-business distribution channels. The corporation operates in four large geographic regions: the Asia Pacific, Europe (Europe, Africa, and the Middle East), North America, and South America, with four reportable segments each.

Hector Lezama is the Company’s Senior Vice President of Expansion and Turnaround Areas, where he will oversee the implementation of turnaround plans for Tupperware Brands’ portfolio’s selected markets that are poised for development and expansion. Lezama has a wealth of retail experience to the post, having previously led business and brand transformations as CEO and President of Waldo’s Holdings and CEO of Oprimax Group, as well as growing major American brands into Mexico and Latin America.

Tim Minges joined the Barry Callebaut Board of Directors in 2013. He worked in the food industry throughout his whole career, including 32 years at PepsiCo before retiring in 2016. Tim Minges was Executive Vice President and Chief Customer Officer of PepsiCo North America Beverages and a member of PepsiCo’s Executive Committee prior to his retirement. He was previously President and CEO of PepsiCo’s Greater China division and President of PepsiCo Foods Asia Pacific. Tim Minges was a CPA at Alexander Grant prior to joining PepsiCo.

Richard P. Goudis currently serves as the Chief Operating Officer of Herbalife International of America, Inc. Tupperware Brands Corp. and Herbalife Europe Ltd. are also on Mr. Goudis’ board of directors. He previously served as Chief Executive Officer of Herbalife Nutrition Ltd. and Herbalife International, Inc. (a subsidiary of Herbalife Nutrition Ltd.), Chief Financial Officer of Tupperware Brands Corp., Partner of Flamingo Capital Partners, Inc., and Chief Operating Officer of Rexall Sundown, Inc. Mr. Goudis graduated from the University of Massachusetts with a bachelor’s degree and an MBA from Nova Southeastern University, Inc.

Tupperware Brands Corporation’s Chief Executive Officer is Miguel Fernandez. Mr. Fernandez joined the company in April 2020, with a focus on ensuring the company’s core business activities remain stable. Mr. Fernandez, the former Global President of Avon Products, Inc., has over 20 years of global direct-selling experience and a track record of driving positive global change. Mr. Fernandez oversaw Avon’s transformation plan, assisting in the modernization and optimization of the company’s digital services and new omnichannel methods. Mr. Fernandez previously worked for Herbalife Nutrition for a decade, where he was crucial in growing the Herbalife Mexico business to become one of the largest direct-selling companies in Mexico, before managing the Herbalife Nutrition Americas team to restore growth in North America.

Former Federal Trade Commissioner and current Independent Director, Herbalife Nutrition’s departed SVP/Legal Officer, Global Member Compliance & Privacy, oversaw member practices and compliance on a global scale. Well-known for his expertise in rapidly changing areas of competition and consumer protection law, such as privacy and data security.

James H. Fordyce is a businessman and entrepreneur who founded Stone Canyon Industries LLC, Stone Canyon Industries Holdings, Inc., and Stone Canyon Industries Holdings LLC, as well as 13 other firms. He is Chairman of Mauser Packaging Solutions, Chairman of BWAY Corp., and Co-Managing Director of SCI Mauser International GmbH (all Mauser Packaging Solutions subsidiaries), Co-Chairman & Co-Chief Executive Officer of Stone Canyon Industries Holdings LLC, Co-Chief Executive Officer of Stone Canyon Industries LLC, Co-Chairman & Co-Chief Executive Officer of Stone Canyon Industries Holdings, Inc. (a subsidiary of Stone Canyon Industries LLC), Co-Chairman

Opinion: You can make money buying stocks on a terminal decline path but its hard.

 

Finviz Chart

Name: Douglas Woodrum N
Position: Director
Transaction Date: 2022-06-14 Shares Bought: 100,000 Average Price Paid: $2.66 Cost: $266,000.00
Company: Barnwell Industries Inc (BRN)
Barnwell Industries, Inc., through its two subsidiaries, Barnwell of Canada and Octavian Oil, acquires and develops crude oil and natural gas assets in Alberta, Canada. The Company acquires, develops, produces, and sells oil and natural gas in Canada and Oklahoma, as well as invests in land interests in Hawaii, drilling wells, and installing and maintaining water pumping systems. Oil and Natural Gas, Land Investment, and Contract Drilling are the company’s three segments. In Canada and the United States, the Oil and Natural Gas Segment is involved in oil and natural gas development, production, acquisitions, and sales. The Land Investment Segment invests in Hawaii real estate. In Hawaii, the Contract Drilling Segment provides well drilling services as well as the construction and repair of water pumping systems.

Barnwell Industries, Inc., MarketScout Corp., and Liberated Syndication Inc. all have Douglas N. Woodrum on their boards. He has previously held the positions of Chief Financial Officer, Secretary, and Independent Director at ChinaCast Education Corp., Principal at Jayhawk Capital Management LLC, Chief Financial Officer and Executive Vice President at CBS Interactive, Inc., and Chief Financial Officer at CNET Networks, Inc. Mr. Woodrum graduated from the University of Iowa with a bachelor’s degree.

Opinion: Microcap play, too small for me.

Finviz Chart

Name: Matter David
Position: Director
Transaction Date: 2022-06-14 Shares Bought: 168,879 Average Price Paid: $2.42 Cost: $409,519.00
Company: Great Elm Group Inc (GEG)
A holding company is Great Elm Group, Inc. The company invests in a variety of businesses and assets in a variety of industries. The Company aims to construct a business that spans three verticals: operating companies, investment management, and real estate, with the goal of creating long-term shareholder value. The Company wants to use its Operating Company’s business to leverage its money to purchase and control controlling interests in a variety of emerging businesses. Great Elm Capital Management, Inc (GECM), a subsidiary of the company, serves as an investment advisor. GECM is the external investment manager for Great Elm Capital Corp. and other pooled investment funds and accounts. Its Real Estate company aims to create a diverse portfolio of income-producing real estate assets.

Mr. Matter was most recently a Managing Director at BlackRock, where he was Co-Chief Investment Officer of BlackRock Alternative Advisors (BAA), the firm’s Hedge Fund Solutions group. He was a member of the BAA Management Committee and the Co-Investment Portfolio Management Group, as well as chairing the BAA Investment Committee. Before joining Quellos Group in 1998, Mr. Matter worked as a financial analyst for American Funds-Capital Group and Bankers Trust. He was a Principal and member of the Investment Committee at Quellos, where he was in charge of managing Absolute Return Strategy portfolios as well as Investment Research. Mr. Matter continued on when Quellos’ alternative investment management division was bought by BlackRock in 2007.

Opinion: another microcap

 

Finviz Chart

Name: Pearson Andrew C
Position: Director
Transaction Date: 2022-06-10 Shares Bought: 150,000 Average Price Paid: $1.82 Cost: $272,390.00
Company: Boxed Inc. (BOXD)
Box, Inc. is a cloud content management platform that allows businesses of all kinds to manage and distribute their material from any location and on any device. Users can collaborate on content internally and with external parties, automate content-driven business processes, develop custom applications, and implement data protection, security, and compliance features to meet legal and regulatory requirements, internal policies, and industry standards and regulations using the company’s Software-as-a-Service platform. It provides cloud content management online, mobile, and desktop apps, as well as industry-specific features, on a platform for designing bespoke applications. The firm had around 100,000 paying companies as of January 31, 2022, and its service was available in 25 languages.

Mr. Pearson is currently the Chief Operating Officer at Biospring Management Partners LP and the Chief Financial Officer of Seven Oaks Acquisition Corp. He created SoundView Advisors PS. II. He also serves on the boards of Boxed, Inc., GapStar LLC, and The Blossom Hill Foundation as Treasurer and Director. Andrew C. Pearson has worked with McKinsey & Co., Inc., Seven Oaks Acquisition Corp., and General Atlantic LLC as a Business Analyst, Chief Financial Officer, and Global Head-Portfolio Management. He graduated from The Wharton School of the University of Pennsylvania with a bachelor’s degree and a master’s degree, and from The College of Arts and Sciences with a bachelor’s degree and a master’s degree.

Opinion: From $10 to $1.30 in a month. That’s a new record for stock collapse. No thank you. Have a nice Father’s Day. I’m done.

 


 

Follow us on Twitter for real-time insider buying alerts at https://twitter.com/theinsidersfund


Insiders sell the stock for many reasons, but they generally buy for just one – to make money. You’ve always heard the best information is inside information.  Everyone who has any experience at all in the stock market pays close attention to what insiders are doing.  After all, who knows a business better than the people running it?  Officers, directors, and 10% owners are required to inform the public through a Form 4 Filing any transaction, buy, sell, exercise, or any other within 48 hours of doing so. This info is available for free from the SEC’s Web site, Edgar, although we subscribe to SECForm4  as they provide a way to manage and make sense of the vast realms of data. I’ve tried a lot of vendors. SECForm4 is one of the smaller ones but I like supporting Frank. He is not arrogant. He’s helpful and has great prices. He also trades on his own data so I like people that eat what they kill.

“Typos Modus Operandi” if you can’t figure out what I meant
you shouldn’t be reading my emails anyway. In other words, the typos are free.

We publish a subscription newsletter called The Insiders Report.  We offer a free 30-day trial so you have nothing to lose by trying it out. Be sure to carefully read the TERMS OF SERVICE.

qThe 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 and options. 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. Also planned sales that just pop up out of nowhere are basically sales and are seeking cover under the Sarbanes Oxley corporate welfare clause. 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.q

Of course, insiders can also be wrong about their Company’s prospects. Don’t let anyone fool you into believing they never make mistakes.  Do your own analysis. They can easily be wrong about, and in many cases, maybe most cases have no more idea what the future may hold than you or me. In short, you can lose money following them.  We have and we curse aloud, what were they thinking!

We like Fly on the Wall for keeping up with what events might be happening, analysts’ comments, and whatever else could be moving the stock.  Dow Jones news service is an essential tool but many services pick up their feed like they do Bloomberg. For quick financial analysis, it’s hard to beat Old School Value.

No one tracks and understands insider behavior better than us. We’ve been doing it religiously since 2001 when I quit being an insider myself and devoted myself full time to managing my personal investments. 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.  THE INSIDERS FUND invests in companies at or near prices that management has been willing to invest significant amounts of their own money in.  If you would like to hear more about how you can get involved with the Insiders Fund, please schedule some time on my calendar. 

Prosperous Trading,

Harvey Sax

The Insiders Fund was the 4th best long-short equity fund in the world in 2019