Never a dull moment in the Trump show. Big Bromance Thursday with Elon and Trump near simultaneously launching broadsides from the social media platforms. It didn’t seem to faze the stock market in anything but a positive way as Friday’s rally and the generally upward tone of the market bodes well.
Name: Melissa D. Smith
Position: Chair, CEO, and President
Transaction Date: 05-29-2025 Shares Bought: 3,721 shares an Average Price Paid of $134.57 for Cost: $500,720
Company: WEX Inc. (WEX):
WEX is a B2B ecosystem provider dedicated to enhancing corporate efficiency by addressing manual workflows, administrative challenges, and the complexities of consumer-directed healthcare benefits. The company’s globally scalable and reliable technology supports the movement of large-scale funds in over 20 currencies, serving as critical infrastructure for a range of industries. WEX distinguishes its offerings through customer-centric innovation and deep industry expertise, delivering solutions seamlessly integrated into end-user operations via both direct and partner distribution channels.
Melissa D. Smith joined WEX Inc. in 1997 as a Senior Financial Analyst. She advanced through a series of leadership roles, becoming Chief Financial Officer in 2001, during which she led the company through its initial public offering in 2005. Smith was appointed Chief Executive Officer in 2014 and Chair of the Board in 2019. She holds a bachelor’s degree in Business Administration from the University of Maine, which also awarded her an honorary Doctorate of Humane Letters in 2021.
Opinion: Nothing yet of interest to me. Perhaps there is a new hot product but 5 year average revenue growth of 8% is impressive but to do this with debt to equity of 689 is flat out dangerous.
Name: Todd M. Cleveland
Position: Director
Transaction Date: 06-02-2025 Shares Bought: 3,000 shares an Average Price Paid of $82.62 for Cost: $247,850
Company: Patrick Industries Inc (PATK):
Patrick Industries, Inc. designs, manufactures, and distributes components and materials for the recreational vehicle, marine, power sports, manufactured housing, and industrial markets across the United States, Mexico, China, and Canada. The Manufacturing segment produces a diverse range of products, including laminated materials for furniture, shelving, wall panels, countertops, and cabinets; cabinet doors; fiberglass bath fixtures; tile systems; hardwood furniture; vinyl printing solutions; audio components such as amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertops; aluminum products; fiberglass and plastic components; RV exteriors and paintings; decorative vinyl and paper-laminated panels; and softwood lumber. Founded in 1959, the company is headquartered in Elkhart, Indiana.
Todd M. Cleveland has served as a member of the Board of Directors of Patrick Industries, Inc. since 2008. He held the role of Chief Executive Officer from February 2009 to December 2019, served as President from May 2008 to December 2015, and was Chief Operating Officer from May 2008 to March 2013. Prior to that, from August 2007 to May 2008, he served as Executive Vice President of Operations and Sales and Chief Operating Officer. Cleveland holds a Bachelor of Arts degree from DePauw University.
Opinion: Nothing yet of interest to me.
Name: Anil Chintapalli
Position: EVP
Transaction Date: 05-15-2025 Shares Bought: 20,000 shares an Average Price Paid of $55.76 for Cost: $1,115,226
Company: WNS (Holdings) Ltd (WNS):
WNS (Holdings) Limited, established in 2002 in Jersey, Channel Islands, is a leading provider of digital business transformation and services. The company delivers strategy, execution, and managed services by integrating domain expertise, data and analytics, advanced technologies, artificial intelligence (including Generative AI), process capabilities, and global talent. WNS offers digitally enabled solutions and delivers measurable business outcomes to leading enterprises across sectors such as insurance, manufacturing, retail, travel, healthcare, financial services, logistics, utilities, and professional services.
Anil Chintapalli joined WNS (Holdings) Ltd. in June 2024 as Executive Vice President and Head of Strategic Growth Initiatives. In this role, he leads enterprise-wide growth strategies, including large-scale transactions, client relationship development, geographic expansion, and mergers and acquisitions. Chintapalli holds a bachelor’s degree in Electrical and Electronics Engineering from the Birla Institute of Technology and Science, and a master’s degree in Industrial Engineering from the University of Massachusetts, Amherst, with a focus on robotics, artificial intelligence, and supply chain management.
Opinion: They definitely needed a new Head of Strategic Growth as growth was stagnant in the last quarter. It was rumored that Capgemini was in talks to acquire WNS but that seemed to fizzle out. Perhaps the new initiative with Snowflake can supercharge growth.
Name: James G. Flanigan II
Position: COO, President
Transaction Date: 05-21-2025 Shares Bought: 10,940 shares an Average Price Paid of $25.39 for Cost: $277,776
Company: Flanigans Enterprises Inc (BDL):
Flanigan’s Enterprises, Inc., along with its subsidiaries, operates a network of full-service restaurants and package liquor stores across South Florida. The company operates through two primary segments: package stores and restaurants. Its liquor stores, branded as Big Daddy’s Liquors, offer a variety of private label liquors, beers, and wines. The restaurant segment operates under the Flanigan’s Seafood Bar and Grill name, serving full meals and alcoholic beverages in a casual dining setting. Founded in 1959, the company is headquartered in Fort Lauderdale, Florida.
James G. Flanigan II has served as President of Flanigan’s Enterprises Inc. since 2002 and as Chief Executive Officer since February 25, 2005. He became a member of the Board of Directors in 1991. Prior to assuming his executive roles, Mr. Flanigan held operational responsibilities within the company, including serving as Vice President and a shareholder of Twenty Seven Birds Corporation, a franchisee of the company since 1985. He is the son of Joseph G. Flanigan, the former Chairman and CEO. Mr. Flanigan holds a Bachelor of Science in Business Administration from the University of Florida and a Juris Doctor from the University of Miami School of Law.
Opinion: I can’t tell anything about the price action. The stock leaped 10% on this purchase so I’m at a loss as why.
Name: Chris Mayrhofer
Position: VP, Controller & CAO
Transaction Date: 05-29-2025 Shares Bought: 23,266 shares an Average Price Paid of $22.11 for Cost: $514,319
Company: Reynolds Consumer Products Inc. (REYN):
Reynolds Consumer Products Inc. manufactures and distributes products across the cooking, trash and storage, and dinnerware categories in the United States and internationally. The company operates through four segments: Reynolds Cooking & Baking, Hefty Waste & Storage, Hefty Tableware, and Presto Products. The Reynolds Cooking & Baking segment produces aluminum foil, disposable aluminum pans, parchment paper, freezer paper, wax paper, butcher paper, plastic wrap, baking cups, oven bags, and slow cooker liners. These products are marketed under the Reynolds Wrap, Reynolds KITCHENS, and EZ Foil brands in the United States, the ALCAN brand in Canada, and the Diamond brand globally. Reynolds Consumer Products Inc. is a subsidiary of Packaging Finance Limited.
Mr. Mayrhofer has served as Senior Vice President and Corporate Controller of the Company since January 1, 2021, and as Principal Accounting Officer since April 22, 2020. He previously held the role of Vice President and Controller from July 15, 2019, to January 1, 2021. Prior to joining the Company, Mr. Mayrhofer was Vice President and Corporate Controller at Evergreen Packaging from 2017 to July 2019 and held the same title at Graham Packaging from 2012 to 2017. From 2009 to 2012, he held various financial positions at Pactiv Evergreen Inc. and its subsidiaries. His earlier roles include positions at Performance Food Group Company from 2005 to 2009 and at Ernst & Young LLP. He holds a Bachelor of Business Administration in Accounting from the University of Richmond and is a Certified Public Accountant.
Opinion: I haven’t heard anything about AI disrupting aluminium foil but the stock price action looks like its in secular decline. Tariffs might be just noise in the channel. The real story might be plastics replacing aluminum wrap and generics nipping it Reynolds heels.
Name: George Ervin Perdue III
Position: Director
Transaction Date: 06-02-2025 Shares Bought: 19,252 shares an Average Price Paid of $18.79 for Cost: $361,796
Company: Smith Douglas Homes Corp. (SDHC):
Smith Douglas Homes Corp. designs, builds, and sells single-family homes in high-growth, desirable locations across the Southeastern and Southern United States. The company follows a land-light, production-focused, and conservatively financed business model that supports strong gross margins on home closings, short construction cycle times, and attractive returns. Targeting primarily entry-level buyers and empty-nesters, Smith Douglas Homes offers a personalized homebuying experience at an accessible price point. The company aims to become a leading homebuilder in its regions by expanding within its current footprint and entering new markets to enhance profitability and long-term returns.
George Ervin Perdue III has served as a director of Smith Douglas Homes Corp. since January 2024. He currently holds the position of 14th Chancellor of the University System of Georgia, which oversees 26 public colleges and universities. Dr. Perdue previously served as the 31st Secretary of the United States Department of Agriculture from April 2017 to January 2021. His public service career also includes two terms as Governor of Georgia from 2003 to 2011 and a decade as a Georgia State Senator from 1991 to 2001. He earned a Doctor of Veterinary Medicine degree from the University of Georgia and served in the United States Air Force for three years. In addition to his government service, Dr. Perdue founded and operated several successful agricultural businesses.
Opinion: This is the same story as Beazer and other home builders and builder’s supply stores. When rates drop, these stocks will pop.
Name: Damian Gumpel
Position: See Remarks
Transaction Date: 06-02-2025 Shares Bought: 21,222 shares an Average Price Paid of $9.49 for Cost: $201,376
Company: Chemours Co (CC):
The Chemours Company is a global provider of performance chemicals that serve as critical inputs across a wide range of industries. The company supplies industrial and specialized chemical products to markets such as refrigeration, air conditioning, paints and coatings, plastics, transportation, semiconductors and consumer electronics, general industry, and oil and gas. Its core product offerings include refrigerants, titanium dioxide pigment, and industrial fluoropolymer resins. Chemours operates through three business segments: Thermal & Specialized Solutions, Titanium Technologies, and Advanced Performance Materials. The Advanced Performance Materials segment delivers high-performance polymers known for characteristics such as low friction, resistance to extreme temperatures, and superior chemical durability.
Damián Gumpel was appointed President of the Titanium Technologies business segment at The Chemours Company, effective March 3, 2025. He brings extensive leadership experience from previous roles at Olin Corporation, where he served as Vice President of Corporate Strategy, and Dow Inc., where he held various senior corporate leadership positions. Gumpel holds a Bachelor of Science in Chemical Engineering from Imperial College London and an MBA from the London Business School.
Opinion: President Gumpel buys 21,222 at $9.489 is a small vote of confidence in this collapsing stock price.
Name: Adebayo O. Ogunlesi
Position: Director
Transaction Date: 06-04-2025 Shares Bought: 383,701 shares an Average Price Paid of $6.47 for Cost: $2,481,049
Company: Topgolf Callaway Brands Corp. (MODG):
Topgolf Callaway Brands Corp. designs, manufactures, and markets golf equipment, lifestyle and golf apparel, and related accessories across the United States, Europe, Asia, and other global markets. The company operates through three segments: Topgolf, Golf Equipment, and Active Lifestyle. The Topgolf segment includes entertainment venues equipped with technology-enabled hitting bays, bars, dining areas, event spaces, and Toptracer ball-flight tracking systems. The Golf Equipment segment offers a range of products under the Callaway and Odyssey brands, including drivers, fairway woods, hybrids, irons, wedges, putters, bundled sets, and pre-owned golf clubs, as well as Callaway Golf and Strata-branded golf balls. Founded in 1982, Topgolf Callaway Brands Corp. is headquartered in Carlsbad, California.
Mr. Ogunlesi was appointed to the Board of Directors in January 2010 and currently serves as Chair of the Nominating and Corporate Governance Committee. He is the Chairman and Managing Partner of Global Infrastructure Management, LLC, a private equity firm that manages over $15 billion in assets and invests in infrastructure across the energy, transportation, water, and waste sectors worldwide. Mr. Ogunlesi holds a B.A. with First Class Honours in Politics, Philosophy, and Economics from Oxford University, a J.D. magna cum laude from Harvard Law School, and an M.B.A. from Harvard Business School.
Opinion: The stock got a huge 20% pop from this large purchase but it will struggle to stay there without improvement in its financial results. Highly leveraged TopGolf doesn’t have a lot of clubs to swing.
Name: Clint D. Coghill
Position: Director
Transaction Date: 06-04-2025 Shares Bought: 304,000 shares an Average Price Paid of $3.28 for Cost: $997,190
Company: Amplify Energy Corp. (AMPY):
Amplify Energy is an independent oil and gas company engaged in the acquisition, development, exploitation, and production of oil and natural gas properties. The company operates under a single reportable segment, as its oil and natural gas activities share similar economic characteristics. Operations are conducted through wholly owned subsidiaries, with assets primarily consisting of producing properties located in Oklahoma, the Rockies, federal waters offshore Southern California, East Texas/North Louisiana, and the Eagle Ford region. Most of these properties are situated in large, mature oil and gas reservoirs.
Clint D. Coghill joined the Board of Directors of Amplify Energy Corp. as Lead Independent Director, effective May 16, 2025. He brings over 30 years of experience in finance and technology, having founded Backstop Solutions Group and previously serving as President and Chief Investment Officer at Coghill Capital Management. He holds a Bachelor of Arts in Business Administration from the University of Arizona and an MBA from the London Business School.
Opinion: Another also ran oil and gas company. Hope springs eternal. Eventually one of these names will work.
Name: Lori Freedman
Position: Chief Admin and Legal Officer
Transaction Date: 06-04-2025 Shares Bought: 252,264 shares an Average Price Paid of $2.88 for Cost: $725,290
Company: Organogenesis Holdings Inc. (ORGO):
Organogenesis Holdings Inc. is a regenerative medicine and tissue technology company that develops, manufactures, and commercializes solutions for the advanced wound care, surgical, and sports medicine markets. The company offers a comprehensive portfolio of healing and tissue repair products designed to improve patient outcomes and reduce overall healthcare costs. Several products in its pipeline have received approval or clearance from the U.S. Food and Drug Administration. These solutions address large and growing markets driven by aging demographics and the increasing prevalence of diabetes, obesity, cardiovascular disease, and peripheral vascular disorders. Organogenesis serves a diverse customer base, including hospitals, wound care centers, government facilities, ambulatory surgery centers, and physician offices.
Lori Freedman has served as Chief Administrative and Legal Officer of Organogenesis since 2023. She joined the company in 2017 and held the role of Vice President and General Counsel beginning in 2018. Prior to joining Organogenesis, she served as Vice President of Corporate Affairs and General Counsel at pSivida Corp., a specialty biopharmaceutical company, from 2001 to 2016. From 1998 to 2001, she held the position of Vice President and General Counsel at Allaire Corporation, a computer software firm. Mrs. Freedman holds a Juris Doctor from Boston University School of Law and a Bachelor of Arts in Economics and Psychology from Brandeis University.
Opinion:ORGO makes some wild moves. Just make you’re on the upswing side.
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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 with any stock market experience 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 of 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.
The bar is different from selling because the natural state of management is to be a seller. This is because most companies provide significant amounts of management compensation packages as stock and options. Therefore, we analyze unusual patterns with selling, 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, are horrendously poor. Also, planned sales that pop up out of nowhere are basically sales and are seeking cover under this corporate welfare loophole. I also generally ignore 10 percent shareholders as they tend to be OPM (other people’s money) and perhaps not the smart money on which we are trying to read the tea leaves. I say generally because some 10% shareholders are great investors. Think Warren Buffett and others
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, 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.
A big callout to my assistant Ambreen who sets up this conversation by listing the notable buys that I’ve identified as soon as practically possible. She probes the 10k for a reasonable description of the business. I’ve found that to be the most accurate and succinct place to find out what a business actually does. When I have time, over the weekend, I’ll add some preliminary analysis to the Opinion at the end. Sometimes I won’t update this for a couple of weeks or more. A good way to use this blog is as I do, it’s a reference point and filing cabinet for various stocks with notable insider buying. It’s one of many tools I use. I regularly live on Chat GPT and Microsoft Copilot now. I find the footnotes research very helpful in eliminating errors from AI hallucinations.
The Insiders Fund is for qualified investors and by Prospectus only. Nothing herein should be construed otherwise. THE INSIDERS FUND prefers to invest in companies at or near prices that management has been willing to invest significant amounts of their own money in, but we have no requirement to do so. We also invest in many companies in anticipation of future insider buying or with the expectation that there is none at all.
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Prosperous Trading,
