The busiest week we’ve seen in some time. In fact, it’s so busy that I would venture to say that a short-term bottom is in and there is a more room to the upside. It’s basically all in now and I don’t often make a call like that. Of course, we won’t know that for months, but this is the most bullish Insider Buy/Sell Ratio in a year. At least it gives us a lot to ponder.
There are a lot of compelling insider buys this week. As usual insiders are value buyers, preferring to buy their stocks nearer a 52-week low than a 52-week high breakout. This is likely a good byproduct of the short swing rule that prohibits insiders from profiting selling any stock they purchase for six months less they disgorge any profits to the Company. I can’t extrapolate anything about the general market from these buys, but it’s clear that some insiders are sniffing out bargains. Animal spirits are definitely up since Treasury Secretary walked back Trump’s “greatest thing ever ‘tariff’s.”
Name: John F. Rex
Position: President & CFO
Transaction Date: 05-16-2025 Shares Bought: 17,175 shares an Average Price Paid of $291.12 for Cost: $4,999,919
Name: Stephen J. Hemsley
Position: CEO, UHG
Transaction Date: 05-16-2025 Shares Bought: 86,700 shares an Average Price Paid of $288.57 for Cost: $25,019,019
Company: UnitedHealth Group Inc (UNH):
UnitedHealth Group Incorporated is a health and wellness company committed to helping individuals live healthier lives while advancing the healthcare system. Its two complementary businesses, Optum and UnitedHealthcare, work together to build a modern, high-performing system that enhances access, affordability, outcomes, and experiences for both individuals and organizations. Leveraging advanced data analytics and deep healthcare expertise, the company delivers comprehensive, end-to-end solutions to address industry-wide challenges. Optum combines clinical knowledge, technology, and data to streamline care, improve efficiency and affordability, and support clinicians in delivering personalized, evidence-based treatments that promote better health outcomes.
John F. Rex serves as President and Chief Financial Officer of UnitedHealth Group Inc. He joined the company in March 2012 as Executive Vice President and Chief Financial Officer of the Optum division. In June 2016, he was appointed CFO of UnitedHealth Group, and he assumed the role of President in April 2024. Prior to joining UnitedHealth, Mr. Rex worked as a managing director at JPMorgan and as a senior research analyst at Bear Stearns. He holds a bachelor’s degree in accounting and economics from Brigham Young University and an MBA from the Wharton School of the University of Pennsylvania.
Stephen J. Hemsley returned to UnitedHealth Group as Chief Executive Officer on May 13, 2025, having previously held the position from 2006 to 2017. He initially joined the company in 1997 after serving as managing partner and chief financial officer at Arthur Andersen LLP. During his leadership, UnitedHealth Group expanded its operations into insurance, pharmaceutical benefits, and data services. Since stepping down as CEO in 2017, he has continued to serve as Chairman of the Board. Hemsley holds a Bachelor of Arts degree from Fordham University.
Opinion: If you are reading the headlines in the Wall St. Journal, you would think that the world has come to an end for United Health. The return of the CEO combined with his massive $25 million purchase buys the Company some time. What’s next? I can’t imagine the world of pain the country would be in if it allowed its largest health insurance company to go bust. The government bailed out banks to keep the housing market alive, I’m sure its not going to shoot itself in the head by letting millions of Americans lose healthcare benefits. Expect a big government fine and business as usual. Of course, they may have pay a fine and perhaps pay it in the Trump’s new stable dollar crypto.
Name: James A. Rechtin
Position: President & CEO
Transaction Date: 05-14-2025 Shares Bought: 6,530 shares an Average Price Paid of $229.25 for Cost: $1,496,984
Company: Humana Inc (HUM):
Humana Inc. is a leading U.S.-based healthcare company that provides a wide range of medical and specialty insurance products. The company operates through two primary segments: Insurance and CenterWell. It offers medical services and supplemental benefit options to individuals, including Medicare and Medicaid beneficiaries. Humana holds a contract with the Centers for Medicare and Medicaid Services to administer the Limited Income Newly Eligible Transition prescription drug plan and partners with several states to deliver Medicaid, dual eligible, and long-term care services. Founded in 1961, Humana is headquartered in Louisville, Kentucky.
James Rechtin became President and Chief Executive Officer of Humana Inc. in July 2024, after initially joining the company as President and Chief Operating Officer in January 2024. Since taking the helm, Mr. Rechtin has guided Humana’s continued focus on its integrated care delivery strategy, aiming to enhance quality, reduce costs, improve health outcomes, and deliver a more personalized and streamlined experience for members and patients. He holds a Bachelor of Arts from DePauw University and an MBA from Harvard Business School.
Opinion: Another big purchase in the healthcare insurance space. It’s been a brutal year for insurers but these purchases including the $25 Million buy by the former and now newly appointed CEO of United Healthcare provides a good bottom in this sector.
Name: Heather A. Planishek
Position: Director
Transaction Date: 05-08-2025 Shares Bought: 10,000 shares an Average Price Paid of $116.14 for Cost: $1,161,400
Company: Palantir Technologies Inc. (PLTR)
Palantir Technologies Inc. develops and implements software systems designed to assist the intelligence community in counterterrorism investigations and operations globally, including in the United States and the United Kingdom. The company offers Palantir Gotham, a software platform that enables users to uncover patterns hidden within large datasets, ranging from signal intelligence to confidential informant reports. It also supports the hand-off between analysts and operational users, aiding in the planning and execution of real-world responses to identified threats. Founded in 2003, Palantir Technologies is headquartered in Denver, Colorado.
Heather A. Planishek joined Palantir Technologies Inc. in August 2016, holding several key financial leadership roles, including Head of Financial Reporting and Technical Accounting, Controller and Financial Operations, and Chief Accounting Officer from January 2023 until her departure in February 2025. Throughout her tenure, she played a crucial role in guiding the company through complex financial and regulatory challenges. Ms. Planishek holds a Bachelor’s degree in Business Administration with a focus on Accounting from the University of North Florida.
Opinion: Retail favorite rewarded last week after a stunning contrarian purchase by Director Panishek near a 52 Week high. It’s contrarian because insiders tend to buy closer to a 52-week low than a 52-week high. This purchase occurred right after analysts at Citi and BofA raised price targets. One-week earlier Director Moore sold twice the amount of shares.
Name: John H. Stone
Position: Director
Transaction Date: 05-16-2025 Shares Bought: 1,000 shares an Average Price Paid of $332.08 for Cost: $332,080
Company: Cummins Inc (CMI):
Cummins Inc., originally founded as Cummins Engine Company in 1919 in Columbus, Indiana, was one of the first manufacturers of diesel engines. Renamed in 2001, Cummins has grown into a global leader in power solutions, operating across five core business segments: Engine, Components, Distribution, Power Systems, and Accelera. The company offers a broad portfolio of products, including advanced diesel, natural gas, electric, and hybrid powertrains, along with key components such as aftertreatment systems, turbochargers, fuel systems, valvetrain technologies, control systems, axles, and electric power generation technologies. Cummins serves original equipment manufacturers, distributors, dealers, and customers worldwide.
John H. Stone joined the Board of Directors of Cummins Inc. on February 12, 2024. He currently serves as the President and CEO of Allegion plc, a global provider of security products and solutions. In this role, Mr. Stone is responsible for guiding the company’s strategic direction and overseeing its global operations. He brings extensive experience in driving strategic, technology-led growth initiatives—expertise that will support Cummins as it advances its development strategy and leads the industry through the energy transition.
Opinion: Cummins Reported Q1EPS $5.96 versus consensus of $4.92 which was a record. Some analysts raised their price targets even with Cummins no providing 2025 outlook due to macroeconomic uncertainty. It seemed certain enough for Director Stone to plunk down $322K.
Name: Bradley D. Tilden
Position: Director
Transaction Date: 05-12-2025 Shares Bought: 2,649 shares an Average Price Paid of $113.41 for Cost: $300,435
Company: Matson Inc. (MATX)
Matson, Inc., along with its subsidiaries, offers ocean transportation and logistics services. It operates in two segments: Ocean Transportation and Logistics. The Ocean Transportation segment provides ocean freight services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, as well as other island economies in Micronesia. The company typically transports dry containers containing a variety of goods such as mixed commodities, refrigerated items, food products, beverages, building supplies, automobiles, household goods, animals, seafood, general cargo, clothing, footwear, e-commerce, and other retail merchandise. The company was formerly known as Alexander & Baldwin Holdings, Inc., but changed its name to Matson, Inc. in June 2012. Founded in 1882, Matson, Inc. is headquartered in Honolulu, Hawaii.
Bradley D. Tilden joined Matson, Inc.’s Board of Directors in 2023. He is the retired Chairman and CEO of Alaska Air Group, Inc., where he served as CEO from 2012 to 2021 and Chairman from 2014 until his retirement in 2022. Mr. Tilden holds a Bachelor of Business Administration in Accounting from Pacific Lutheran University and an MBA from the University of Washington.
Opinion: Obvious tariffs sell off creates an unusual buying opportunity in China ocean going service. P.E multiples of ~8 and Price to free cash flow of ~9 provide opportunities
Name: Paul S. Lev
Position: Director
Transaction Date: 05-08-2025 Shares Bought: 500,000 shares an Average Price Paid of $110.97 for Cost: $55,483,770
Company: Builders FirstSource Inc. (BLDR)
Builders FirstSource, Inc., together with its subsidiaries, manufactures and distributes building materials, manufactured components, and construction services to professional homebuilders, subcontractors, remodelers, and consumers across the United States. The company produces wood floor and roof trusses, wall panels, stairs, and engineered wood products under the Ready-Frame brand; as well as interior and exterior door units, windows, and millwork—including trim and custom features such as intricate moldings, stair parts, and columns—under the Synboard brand. Founded in 1998, Builders FirstSource is headquartered in Irving, Texas.
Paul S. Levy has served as Chairman of the Board of Builders FirstSource, Inc. since its founding in 1998. He is the founder and Managing Director of JLL Partners, a private equity firm established in 1988. Prior to founding JLL, Mr. Levy was a Managing Director at Drexel Burnham Lambert, where he led the firm’s restructuring and exchange offer business in New York. He also previously held senior leadership roles, including CEO of Yves Saint Laurent, Inc. Mr. Levy holds a Bachelor of Arts in History from Lehigh University and a Juris Doctor from the University of Pennsylvania Law School.
Opinion: Paul Lev made a bet the farm type purchase. If you’re not going down this road, you’re not a believer in the wisdom of insiders. Patience might be required until Powell lowers rates and hombuilders boom.
Name: Todd C. Davis
Position: Chief Executive Officer
Transaction Date: 05-09-2025 Shares Bought: 9,510 shares an Average Price Paid of $105.20 for Cost: $1,000,456
Name: Octavio Espinoza
Position: Chief Financial Officer
Transaction Date: 05-09-2025 Shares Bought: 1,500 shares an Average Price Paid of $104.06 for Cost: $156,090
Company: Ligand Pharmaceuticals Inc (LGND)
Ligand Pharmaceuticals Incorporated is a biopharmaceutical company engaged in the global development and licensing of biopharmaceutical assets. The company’s portfolio includes treatments for infectious diseases such as Pradefovir, Posaconazole, Voriconazole, CAPVAXIVE, NOXAFIL, MenFive, and ZELSUVMI. For multiple myeloma, it offers EVOMELA and KYPROLIS. Additional products include FILSPARI, a dual endothelin and angiotensin II receptor antagonist for the treatment of immunoglobulin A nephropathy; Ohtuvayre for respiratory diseases; PNEUMOSIL, a pneumococcal conjugate vaccine aimed at preventing pneumococcal pneumonia in children; and QARZIBA for the treatment of neuroblastoma. Established in 1987, Ligand Pharmaceuticals is headquartered in Jupiter, Florida.
Todd C. Davis has served as Chief Executive Officer of Ligand Pharmaceuticals since December 2022 and has been a member of the Board of Directors since March 2007. Prior to joining Ligand, he was a partner at Apax Partners, where he led biopharmaceutical growth equity investments. Mr. Davis began his commercial career at Abbott Laboratories, holding various sales and marketing roles of increasing responsibility. He later held leadership positions in corporate development, strategic planning, and general management at Elan Pharmaceuticals. A U.S. Navy combat veteran, Mr. Davis holds a Bachelor of Science degree from the U.S. Naval Academy and an M.B.A. from Harvard University.
Mr. Espinoza has been with Ligand Pharmaceuticals since 2016, serving in various finance leadership roles, most recently as Senior Vice President of Finance. Prior to joining Ligand, he was Senior Director of Finance at Receptos, a publicly traded drug discovery company that was acquired by Celgene. Before his tenure at Receptos, he served as Senior Director of Accounting at Illumina, a publicly traded health sciences analytics and genetic sequencing technology company, and as Senior Manager of Accounting at Intuit. Mr. Espinoza began his career in public accounting with PricewaterhouseCoopers. He holds a Bachelor of Science in Business Administration from San Diego State University and is a licensed Certified Public Accountant in the state of California.
Opinion: Ligand reported Q4 EPS $1.277 consensus $1.19. See $6.00 to $6.25 for FY25. According to CEO Davis, “Three of our portfolio products had strong momentum across our major commercial programs and have blockbuster sales potential.
An insider purchases like this would normally blitz the stock higher but it remains virtually unchanged. Pharma and Bio have been in the shitter between Trump pushing Medicare to take most favored nation drug pricing, slashing University research grants, and HHS conspiracy promoter RFK firing thousands at NIH. It’s a brutal place to invest and I don’t see how that changes in the near future the day Trump replaces RFK might see the mother of all pharma and bio ramps. But maybe that never happens.
Name: Seamus Mulligan
Position: Director
Transaction Date: 05-09-2025 Shares Bought: 101,621 shares an Average Price Paid of $98.34 for Cost: $9,993,082
Company: Jazz Pharmaceuticals plc (JAZZ)
Jazz Pharmaceuticals plc is a global biopharmaceutical company committed to improving the lives of patients and their families through innovative treatments. The company focuses on discovering life-changing medications for individuals suffering from serious diseases, many of which have limited or no treatment options. Jazz Pharmaceuticals boasts a diverse portfolio of marketed drugs, including leading therapies for sleep disorders and epilepsy, alongside a growing range of cancer treatments. Driven by a patient-focused and science-based approach, the company continues to advance research and development in oncology and neurology, striving to deliver new and impactful therapies.
Mr. Mulligan joined the board of directors in January 2012 and is the founder and major investor of Azur Pharma. He served as Chairperson and CEO of Adapt Pharma Ltd., a specialty pharmaceutical company, from 2014 to 2018. In October 2018, Adapt Pharma was acquired by Emergent BioSolutions Inc., a multinational specialty biopharmaceutical company, where Mr. Mulligan continued to serve on the board until May 2020. Mr. Mulligan holds a B.Sc in Pharmacy and an M.Sc from Trinity College Dublin.
Opinion: Another large pharma buy ramps the stock this time.
Name: Ankur Dhingra
Position: SVP, Chief Financial Officer
Transaction Date: 05-12-2025 Shares Bought: 6,100 shares an Average Price Paid of $81.21 for Cost: $495,381
Name: Jacob Thaysen
Position: Chief Executive Officer
Transaction Date: 05-12-2025 Shares Bought: 12,350 shares an Average Price Paid of $80.86 for Cost: $998,674
Company: Illumina Inc. (ILMN)
Illumina, Inc. develops and markets sequencing and array-based technologies for genetic and genomic analysis across the Americas, Europe, Greater China, Asia Pacific, the Middle East, and Africa. The company offers sequencing and array-based instruments and consumables, including reagents, flow cells, and library preparation kits. Its product portfolio includes whole-genome sequencing kits designed for genomes of various sizes and complexities, as well as targeted resequencing kits for analyzing exomes, specific genes, RNA, and other genomic regions of interest. Founded in 1998, Illumina is headquartered in San Diego, California.
Ankur Dhingra assumed the role of Chief Financial Officer at Illumina Inc. in April 2024. He oversees the company’s financial planning and analysis, accounting, investor relations, internal audit, tax, and treasury functions. Prior to joining Illumina, Mr. Dhingra served as CFO at Summit Therapeutics and CareDx, Inc. He also spent 18 years at Agilent Technologies, where he held several financial and operational leadership roles, including Vice President of Investor Relations and Group CFO for the Life Sciences and Applied Markets Group. Mr. Dhingra is a Chartered Accountant and a member of the Institute of Chartered Accountants of India.
Jacob Thaysen was appointed Chief Executive Officer of Illumina Inc. on September 25, 2023. Prior to joining Illumina, he served as Senior Vice President and President of the Life Sciences and Applied Markets Group at Agilent Technologies, where he led the digital transformation of analytical laboratories and the development of next-generation instruments. He has also held executive roles at Dako, a Danish cancer diagnostics company, and has experience in management consulting. Dr. Thaysen holds both an M.Sc. and a Ph.D. in physics from the Technical University of Denmark.
Opinion: Two large buys in genomic leader Illumina highlights compelling opportunity. Reducing tensions with China might open up the market for them. Last week the Justice Department dropped the investigation of the Illumina purchase of Grail. Could they hook up again? It makes complete sense to me. If it was good before it’s maybe better now.
Name: J. Erik Fyrwald
Position: Chief Executive Officer
Transaction Date: 05-08-2025 Shares Bought: 25,000 shares an Average Price Paid of $73.97 for Cost: $1,849,254
Company: International Flavors & Fragrances Inc (IFF)
International Flavors & Fragrances Inc. is a leading global developer and manufacturer of innovative solutions for the food, beverage, pharmaceutical, health and biosciences, and fragrance industries. The company also offers complementary products such as natural health ingredients. Its solutions are widely utilized by manufacturers of dairy, meat, beverages, snacks, savory and sweet goods, baked products, and grain-based items within the consumer goods sector. Additional applications include personal care products, cleaning agents, soaps and detergents, dietary supplements, food safety solutions, pharmaceuticals, functional foods, oral care, infant, elderly, and pet nutrition, as well as fragrances.
Mr. Fyrwald has served as Chief Executive Officer and a member of the Board of Directors since February 6, 2024. He joined from Syngenta, where he had been the Chief Executive Officer since 2016. Prior to his tenure at Syngenta, Mr. Fyrwald was the CEO of Univar Solutions from May 2012 to May 2016. He also served as Chairman and CEO of Nalco from 2008 until its merger with Ecolab Inc. in 2011. Following the merger, he was appointed President of Ecolab. Mr. Fyrwald holds a Bachelor of Science degree in Chemical Engineering from the University of Delaware (1981) and completed the Advanced Management Program at Harvard Business School in 1998.
Opinion: Insiders have been buying all year. IFF hasn’t grown revenue since 2022. Could this be the year they turn things around? Insiders sure seem to think so.
Name: Paul A. Lang
Position: Chief Executive Officer
Transaction Date: 05-09-2025 Shares Bought: 7,500 shares an Average Price Paid of $66.95 for Cost: $502,125
Company: Core Natural Resources Inc. (CNR)
Core Natural Resources, Inc., together with its subsidiaries, produces, markets, and exports metallurgical and thermal coal in the United States and internationally. The company operates through two primary segments: Pennsylvania Mining Complex (PAMC) and CONSOL Marine Terminal. The PAMC segment focuses on the mining, preparation, and sale of bituminous coal to power generators, industrial users, and metallurgical customers. The CONSOL Marine Terminal segment provides coal export terminal services at the Port of Baltimore. Formerly known as CONSOL Energy Inc., the company rebranded to Core Natural Resources, Inc. in January 2025. Founded in 1864, Core Natural Resources is headquartered in Canonsburg, Pennsylvania.
Paul A. Lang has served as Chief Executive Officer and Director of Core Natural Resources, Inc. since the company’s formation on January 14, 2025, following its merger. Prior to this role, Mr. Lang was CEO of Arch Resources, Inc. from April 2020 until the completion of the merger. He originally joined Arch in 1984 and held numerous leadership roles over the years, including President and Chief Operating Officer. Mr. Lang serves on the Executive Committee of the National Mining Association, where he is also Chairman, and is a member of the Board of Trustees at the Missouri University of Science and Technology. He holds a Bachelor of Science in Mining Engineering from Missouri S&T and completed the Advanced Management Program at Harvard Business School.
Opinion: Relaxation of political environmental pressure should benefit Core.
Name: Michael P. Hogan
Position: Director
Transaction Date: 05-07-2025 Shares Bought: 3,418 shares an Average Price Paid of $59.00 for Cost: $201,662
Company: Arcbest Corp (ARCB)
ArcBest Corporation is a multibillion-dollar integrated logistics company that leverages advanced technology and comprehensive solutions to meet evolving supply chain demands. Operating as a single, unified logistics resource with global reach, ArcBest optimizes, connects, and delivers across multiple modes of transportation. Its integrated approach—combined with industry expertise, scalable operations, and a resilient workforce committed to finding a way—ensures customers have the solutions and capacity they need in a constantly changing marketplace.
Michael P. Hogan has served as a Director on the Board of ArcBest Corporation since October 2016. He is currently the Chief Development and Growth Officer at Earned Wealth, a financial advisory firm specializing in services for physicians. Previously, Mr. Hogan held key leadership roles including President of Tax-Smart Innovation at Blucora and Executive Vice President of Strategic Business and Brand Development at GameStop Corporation. His extensive background also includes executive positions at Dean Foods, Frito-Lay, and Strategic Frameworking. Mr. Hogan holds a bachelor’s degree in economics from Northern Illinois University and an MBA from Northwestern University.
Opinion: The Trump tariff tantrum has caused hell to unfold on logistics supply companies.
Name: Martin D. Madaus
Position: Director
Transaction Date: 05-07-2025 Shares Bought: 5,445 shares an Average Price Paid of $55.24 for Cost: $300,760
Company: Hologic Inc. (HOLX)
Hologic, Inc. develops, manufactures, and supplies diagnostic products, medical imaging systems, and surgical solutions with a focus on women’s health, emphasizing early detection and treatment. The company operates through four segments: Diagnostics, Breast Health, GYN Surgical, and Skeletal Health. Its offerings include molecular diagnostic assays for infectious diseases, viral load testing, and vaginitis diagnosis, as well as cytology systems and preterm birth risk assessment tools. Incorporated in 1985, Hologic is headquartered in Marlborough, Massachusetts.
Dr. Martin Madaus was elected to Hologic, Inc.’s Board of Directors on December 6, 2024. Concurrently, he was appointed to the Compensation Committee and the Nominating and Corporate Governance Committee. Dr. Madaus brings over 30 years of experience in the diagnostics and life sciences industries. He currently serves as an Operating Executive at The Carlyle Group, a global investment firm he joined in February 2019. Dr. Madaus holds a Doctor of Veterinary Medicine from the University of Munich and a Ph.D. in Veterinary Medicine from the Veterinary School of Hanover, both in Germany.
Opinion: I think this is a compulsory director purchase. I can’t see any other reason as the Company has had flat or declining revenues for the last five years.
Name: Thomas W. Warsop III
Position: Director, President and CEO
Transaction Date: 05-12-2025 Shares Bought: 5,000 shares an Average Price Paid of $48.57 for Cost: $242,847
Company: ACI Worldwide Inc. (ACIW):
ACI develops, delivers, installs, and supports a wide range of software solutions that enable intelligent payment orchestration for banks, merchants, and billers. These solutions support any channel, network, or payment type, facilitating innovative and seamless payment experiences that drive client growth and transformation. By modernizing payment infrastructure, ACI’s intelligent payment orchestration ensures scalable and uninterrupted transaction processing. The platform simplifies and secures complex payments for leading financial institutions and enterprises. ACI solutions are utilized globally by banks, central banks, intermediaries, merchants, billers, and other transaction-generating endpoints, including ATMs, point-of-sale systems, mobile devices, and online commerce platforms.
Tom Warsop serves as the President and Chief Executive Officer of ACI. He joined the ACI Board of Directors in June 2015 and was appointed Non-Executive Chairman in June 2022. Since 2012, he has led portfolio companies backed by major private equity firms, including One Call Care Management, York Risk Services Group, and The Warranty Group. From 2007 to 2012, he held the position of Group President at Fiserv, Inc., a global provider of financial technology solutions. Prior to that, he spent 17 years at Electronic Data Systems, where he held several leadership roles, including President of the Business Process Outsourcing unit in Asia Pacific, Vice President in the United Kingdom, and Vice President of Global Financial Services. He currently serves on the Board of Directors of One Call Care Management.
Opinion: I’d like to see someone else buying other than the CEO.
Name: Eric M. Demarco
Position: President & CEO
Transaction Date: 05-12-2025 Shares Bought: 7,455 shares an Average Price Paid of $33.59 for Cost: $250,378
Company: Kratos Defense & Security Solutions Inc. (KTOS)
Kratos is a technology-driven company specializing in hardware, products, systems, and software, catering to the defense, national security, and commercial markets. The company is dedicated to domestically supported research, development, and investments to rapidly design, build, and deploy systems that meet mission-critical needs for both customers and partners. Known as an innovative disruptor in the industry, Kratos excels in designing hardware products and systems that are optimized for rapid, large-scale, low-cost manufacturing. This forward-thinking approach serves as a competitive differentiator, benefiting both traditional prime system integrators and government and commercial clients.
Mr. DeMarco has held various roles in public accounting, focusing primarily on large multinational corporations and publicly traded companies. He currently serves on the Board of Directors of Kratos Defense & Security Solutions, Inc., and is also a member of the Executive Board and Board of Governors of the Aerospace Industries Association. Previously, Mr. DeMarco was Chairman of the Board of Wavestream Corporation and a Director at nLIGHT. He holds a Bachelor of Science in Business Administration and Finance, summa cum laude, from the University of New Hampshire.
Opinion: Business is booming and longtime CEO Demarco buying makes me think the war in Ukraine has opened up the European market for KTOS in addition to core U.S.A.
Name: Christopher O. Blunt
Position: Chief Executive Officer
Transaction Date: 05-09-2025 Shares Bought: 10,000 shares an Average Price Paid of $30.80 for Cost: $307,953
Company: F&G Annuities & Life Inc. (FG)
F&G Annuities & Life, Inc. provides a range of annuity and life insurance products in the United States, including fixed indexed annuities, registered index-linked annuities, multi-year guarantee annuities, immediate annuities, indexed universal life insurance, pension risk transfer solutions, and institutional funding agreements. The company distributes its products through independent agents, banks, and broker-dealers, serving both individual and institutional clients. Founded in 1959, F&G Annuities & Life, Inc. is a subsidiary of Fidelity National Financial, Inc. The company is headquartered in Des Moines, Iowa.
Chris Blunt joined F&G in 2019, bringing more than 33 years of experience in insurance, investing, and wealth management. Prior to joining F&G, he served as CEO of Blackstone Insurance Solutions and held leadership positions at New York Life for over 13 years. Mr. Blunt currently serves on the Board of Trustees for the YMCA Retirement Fund and is a member of the LIMRA and LOMA Boards, where he chairs the Finance Committee.
Opinion: Insiders keep buying so patience is in order for underwater investors.
Name: Joseph P. Payne
Position: Director
Transaction Date: 05-15-2025 Shares Bought: 8,200 shares an Average Price Paid of $30.46 for Cost: $249,760
Company: Alkami Technology Inc. (ALKT):
Alkami provides cloud-based digital banking solutions that empower community, regional, and super-regional financial institutions in the United States to compete effectively with larger, tech-driven banks. Leveraging a patented, multi-tenant cloud architecture, Alkami’s platform helps institutions onboard and engage users, enhance revenue, and improve operational efficiency. The company fosters long-term client relationships through subscription-based contracts that align its growth with customer success while maintaining strong unit economics.
Joseph Payne was appointed as a Class I Director to Alkami Technology Inc.’s Board of Directors, effective April 2025. He previously served as President and CEO of Code42 Software from 2015 until its acquisition by Mimecast in August 2024. Mr. Payne brings over 30 years of leadership experience in high-growth software companies and has held board positions at several technology organizations. He earned his undergraduate degree magna cum laude from Duke University and an MBA from the Fuqua School of Business, where he was recognized as a Fuqua Scholar.
Opinion: Not to be confused with pioneer content delivery network, Akami. He is a brand-new director so I wouldn’t put much faith into this. It’s probably required and basically free money since he’s likely getting paid as much.
Name: Steven A. Michaels
Position: President and CEO
Transaction Date: 05-12-2025 Shares Bought: 15,000 shares an Average Price Paid of $29.03 for Cost: $435,450
Name: Brian Garner
Position: Chief Financial Officer
Transaction Date: 05-13-2025 Shares Bought: 3,500 shares an Average Price Paid of $28.93 for Cost: $101,255
Company: PROG Holdings Inc. (PRG)
PROG Holdings is a financial technology holding company that offers transparent and competitive payment solutions for consumers. The company operates through several key segments: Progressive Leasing, which provides point-of-sale lease-to-own solutions through in-store, app-based, and e-commerce channels; Vive Financial, an omnichannel provider of second-look revolving credit products; and Four Technologies, Inc., which facilitates Buy Now, Pay Later (BNPL) payment options through its proprietary platform. PROG Holdings also owns Build, a credit and financial management application. Progressive Leasing partners with major traditional and e-commerce retailers to offer lease-purchase options for items such as furniture, appliances, electronics, mobile phones, and accessories.
Steve Michaels has served as the Chief Executive Officer of the company since December 1, 2020, and was appointed President effective April 1, 2021. Prior to this, he was CEO of the Progressive Leasing operational segment from July 31, 2020, to November 30, 2020. Mr. Michaels has held several key leadership roles within the company, including Chief Financial Officer and President of Strategic Operations from February 2016 to July 31, 2020; President from April 2014 to February 2016; Vice President of Strategic Planning & Business Development from 2013 to April 2014; Vice President of Finance from 2012 to April 2014; and Vice President of Finance for Aaron’s Sales & Lease Ownership Division from 2008 to 2011.
Brian Garner has served as the Chief Financial Officer of PROG Holdings since December 2020. Prior to this role, he held positions as Senior Vice President of Finance and Accounting, Vice President of Finance and Accounting, and Controller within the company’s Progressive Leasing division. Before joining Progressive Leasing, Mr. Garner worked in Ernst & Young’s Assurance and Advisory practice, providing technical counsel on SEC filings, initial public offerings, and mergers and acquisitions for both public and private companies in Silicon Valley. He holds a Master of Science degree in Accounting and Finance from Brigham Young University.
Opinion: Do insiders have muscle memory, like when they stock was trading at $40? The Company cut FY 25 earnings due to macroeconomic conditions.
Name: Clayton A. Carrell
Position: President & COO
Transaction Date: 05-09-2025 Shares Bought: 31,010 shares an Average Price Paid of $28.22 for Cost: $875,074
Name: Wouter T. Van Kempen
Position: Director
Transaction Date: 05-09-2025 Shares Bought: 7,150 shares an Average Price Paid of $27.99 for Cost: $200,129
Name: Carrie M. Fox
Position: Director
Transaction Date: 05-09-2025 Shares Bought: 18,076 shares an Average Price Paid of $27.72 for Cost: $501,056
Name: M. Christopher Doyle
Position: CEO & President
Transaction Date: 05-09-2025 Shares Bought: 9,019 shares an Average Price Paid of $27.72 for Cost: $250,002
Name: Howard A. Willard
Position: Director
Transaction Date: 05-09-2025 Shares Bought: 7000 shares an Average Price Paid of $27.67 for Cost: $193,690
Company: Civitas Resources Inc. (CIVI)
Civitas Resources, Inc. is an exploration and production company focused on the acquisition, development, and production of crude oil and liquids-rich natural gas. Its operations are concentrated in Colorado’s DJ Basin and the Permian Basin, spanning counties in Texas and New Mexico. Formerly known as Bonanza Creek Energy, Inc., the company is headquartered in Denver, Colorado.
Clayton A. Carrell serves as the President and Chief Operating Officer of Civitas Resources, Inc. He joined the company in 2021, following the merger of several energy corporations, including Extraction Oil & Gas, where he held various managerial roles. With over 35 years of experience in the energy industry, Mr. Carrell has held engineering and management positions at ARCO Oil and Gas Company, Burlington Resources, and Peoples Energy Production. He holds a bachelor’s degree in petroleum engineering from Texas A&M University.
Wouter T. Van Kempen serves as a director of Civitas Resources Inc., having joined the company’s board in June 2022. Prior to his role at Civitas, Mr. Van Kempen was Chairman, President, and CEO of DCP Midstream from January 2013 to December 2022. He began his career at Duke Energy in 2003, where he held various management positions. Additionally, Mr. Van Kempen spent time at General Electric, where he advanced through the ranks and ultimately became the staff executive for corporate mergers and acquisitions in 1999. He holds a master’s degree in business economics from Erasmus University Rotterdam in the Netherlands.
Carrie M. Fox serves as a Director of Civitas Resources Inc., having joined the company’s Board of Directors in November 2021. She is currently the President and CEO of Driltek Inc., a privately held global company specializing in onshore and offshore upstream operations and decommissioning. Additionally, Ms. Fox is the founder of Cygnet Resources, a real estate investment firm. She holds a Bachelor of Science in Engineering from California Polytechnic State University.
M. Christopher Doyle serves as the President and CEO of Civitas Resources Inc., having joined the company in May 2023. Prior to his role at Civitas, Mr. Doyle held senior leadership positions at several energy companies, including President and CEO of Primexx Energy Partners, as well as executive roles at Chesapeake Energy and Anadarko Petroleum. He brings decades of operational and strategic expertise to the oil and gas industry. Mr. Doyle holds a Bachelor of Science in Petroleum Engineering from Texas A&M University.
Howard A. Willard serves as a member of the Board of Directors of Civitas Resources Inc., having joined the board in June 2023. Prior to this, Mr. Willard was the CEO and Chairman of Altria Group, Inc. He brings extensive expertise in financial management, strategic planning, and business leadership. Mr. Willard holds a Bachelor of Arts in Government from Colgate University and an MBA from the University of Chicago Booth School of Business.
Opinion: Wildcatters are the most optimistic of all insiders. Hope seems to spring eternal in the oil and gas patch.
Name: Spencer M. Rascoff
Position: Chief Executive Officer
Transaction Date: 05-09-2025 Shares Bought: 70,885 shares an Average Price Paid of $28.05 for Cost: $1,988,247
Company: Match Group Inc. (MTCH):
Match Group, Inc., established in 2009 and headquartered in Dallas, Texas, is a leading provider of online dating products. Its diverse portfolio includes globally recognized platforms such as Tinder, Match.com, Meetic, OkCupid, Hinge, Plenty of Fish, and OurTime, among others. These services are offered in more than 40 languages, ensuring broad accessibility across international markets. Formerly a part of IAC/InterActiveCorp, Match Group became an independent publicly traded company in July 2020. The company is dedicated to fostering meaningful relationships across a wide spectrum of ages, genders, and dating preferences.
Spencer M. Rascoff joined the Board of Directors of Match Group Inc. in March 2024 and was appointed Chief Executive Officer in February 2025. He began his career in investment banking at Goldman Sachs before transitioning to private equity with TPG Capital. Rascoff holds a Bachelor of Arts in Government from Harvard University and has served as a Visiting Professor at Harvard Business School. He also serves on the Board of Trustees of Harvard-Westlake School.
Opinion: This is a large buy and it’s not the first buy in online dating leader. he bought $2Million worth back in February at $34.41. Not subject to tariffs but maybe ChatGPT disrupts dating apps? I find that hard to believe but I hear many young people are using it for emotional support. Think the movie HER?
Name: Patrick J. Moore
Position: Director
Transaction Date: 05-12-2025 Shares Bought: 10,000 shares an Average Price Paid of $23.10 for Cost: $231,000
Name: Kevin J. Hunt
Position: Director
Transaction Date: 05-12-2025 Shares Bought: 5,000 shares an Average Price Paid of $22.85 for Cost: $114,250
Name: Mark Stephen Lavigne
Position: President and CEO
Transaction Date: 05-09-2025 Shares Bought: 4,000 shares an Average Price Paid of $21.67 for Cost: $86,680
Company: Energizer Holdings Inc. (ENR)
Energizer Holdings, Inc. and its subsidiaries manufacture, sell, and distribute household batteries, specialty batteries, and lighting products worldwide. The company offers a variety of batteries, including lithium, alkaline, carbon zinc, nickel metal hydride, zinc air, and silver oxide batteries, under the Energizer, Eveready, and Rayovac brands. Additionally, it sells primary, rechargeable, specialty, and hearing aid batteries, as well as handheld lights, headlights, lanterns, area lights, and flashlights, under the Hard Case, Dolphin, and WeatherReady brand names. Energizer also licenses the Energizer, Rayovac, and Eveready brands to companies that produce consumer products such as solar batteries, car batteries, portable power for critical devices, generators, power tools, household light bulbs, and lighting solutions. Founded in 2015, Energizer Holdings, Inc. is headquartered in Saint Louis, Missouri.
Patrick J. Moore has served as a director of Energizer Holdings Inc. since July 2015 and was appointed Chairman of the Board in November 2018. He is also the president and CEO of PJM Advisors, LLC, a private equity investment and advisory firm. Prior to founding PJM Advisors, Mr. Moore was Chairman and CEO of Smurfit-Stone Container Corporation from 2002 until its acquisition in 2011. He holds a bachelor’s degree in business administration from DePaul University.
Kevin J. Hunt joined Energizer Holdings Inc.’s Board of Directors in 2015. He brings substantial experience from his tenure as President and CEO of Ralcorp Holdings, Inc., a private-brand food and food service products company that was acquired by ConAgra Foods, Inc. between 2012 and 2013. Prior to this, Mr. Hunt served as Co-Chief Executive Officer and President of Ralcorp Holdings from 2003 to 2011, and as Corporate Vice President from 1995 to 2003. He currently serves as Chair of Energizer Holdings’ Finance and Oversight Committee and is a member of its Human Capital Committee. Mr. Hunt holds a master’s degree from Columbia University.
Mark is the President and CEO of Energizer Holdings, a position he has held since January 2021. He has been with the company since 2010, holding various senior leadership roles. Prior to becoming CEO, Mark served as President and Chief Operating Officer starting in 2015. His previous positions at Energizer included Vice President, General Counsel, and Corporate Secretary, as well as Vice President, Assistant General Counsel, and Corporate Secretary. Mark began his career at Bryan Cave Leighton Paisner in 1998 and was a partner at the firm from 2007 to 2010, specializing in business and transactional counseling, as well as mergers and acquisitions. He holds a bachelor’s degree from the University of Notre Dame and a law degree from St. Louis University.
Opinion: The energizer bunny looks like a casualty of lithium batteries. Its revenue has significantly shrunk over the last five years but shows some signs of stabilizing. In terms of imports into the United States, China is the leading supplier of Energizer products, accounting for 28% of total shipments, which equates to 18,283 shipments. This is closely followed by the United States itself, with 10,745 shipments (17%), and Vietnam with 6,174 shipments (10%) .Volza
Name: John J. Kelley III
Position: Director
Transaction Date: 05-09-2025 Shares Bought: 10,000 shares an Average Price Paid of $21.50 for Cost: $215,000
Company: Beazer Homes Usa Inc. (BZH):
Beazer Homes USA, Inc. is a U.S.-based homebuilder that designs, constructs, and sells single-family and multi-family residences under the Beazer Homes, Gatherings, and Choice Plans brands. The company markets its homes through commissioned new home sales counselors as well as independent brokers across multiple states, including Arizona, California, Nevada, Texas, Indiana, Delaware, Maryland, Tennessee, Virginia, Florida, Georgia, North Carolina, and South Carolina. Established in 1985, Beazer Homes USA, Inc. is headquartered in Atlanta, Georgia.
John J. Kelley III has served as a Director at Beazer Homes USA, Inc. since 2006. He brings extensive experience in corporate finance, strategic planning, and investment banking. Throughout his career, he has served on the boards of several publicly traded companies. Mr. Kelley holds a bachelor’s degree from the University of Notre Dame and an MBA from the Darden School of Business at the University of Virginia.
Opinion: Glad to see another insider buying at Beazer. Builders might be the only group wanting the Fed to drop rates faster than Trump.
Name: Matthew J. Gould
Position: Senior Vice President
Transaction Date: 05-12-2025 Shares Bought: 25,238 shares an Average Price Paid of $15.26 for Cost: $385,134
Name: Jeffrey Gould
Position: President, CEO
Transaction Date: 05-12-2025 Shares Bought: 25,238 shares an Average Price Paid of $15.26 for Cost: $385,134
Company: BRT Apartments Corp. (BRT):
BRT Apartments Corp. is a real estate investment trust focused on the ownership, operation, and development of multifamily properties. The company’s portfolio consists entirely of multifamily real estate assets, which are primarily leased to tenants on one-year terms. In addition to its core multifamily holdings, BRT also owns and manages other real estate properties.
Matthew J. Gould has served as Senior Vice President of BRT Apartments Corp. since 1993 and as a Trustee since 2001. He is also Chairman and Chief Executive Officer of Georgetown Partners, Inc., and holds leadership positions at One Liberty Properties, REIT Management Corp., and Majestic Property Management Corp. Mr. Gould earned a Bachelor of Arts with honors from the University of Michigan in 1981 and a Juris Doctor, cum laude, from the Benjamin N. Cardozo School of Law in 1984.
Jeffrey A. Gould has served as President and Chief Executive Officer of BRT Apartments Corp. since January 2002 and has been a member of its Board of Directors since 1997. Prior to becoming CEO, he held the position of President and Chief Operating Officer from 1996 to 2001. Mr. Gould is also Senior Vice President and Director of One Liberty Properties, Inc. and Senior Vice President of Georgetown Partners, Inc., the managing general partner of Gould Investors L.P. His extensive experience in real estate evaluation, management, acquisitions, dispositions, and mortgage lending offers valuable strategic, operational, and financial insights to BRT. He holds a Bachelor of Science in Business Administration from the University of Vermont.
Opinion: 6.31% dividend yield looks attractive, but this is a very small company with limited liquidity.
Name: Kevin Michael Fogarty
Position: Director
Transaction Date: 05-12-2025 Shares Bought: 20,000 shares an Average Price Paid of $15.15 for Cost: $302,948
Name: Carl J. Rickertsen
Position: Director
Transaction Date: 05-15-2025 Shares Bought: 20,000 shares an Average Price Paid of $13.65 for Cost: $273,000Company: Magnera Corp (MAGN):
Company: Magnera Corp (MAGN)
Magnera Corporation is a global manufacturer and supplier of nonwoven and related products, primarily serving consumer-oriented markets such as healthcare, personal care, and infection prevention. The company specializes in producing a wide range of healthcare and hygiene products, including infant diapers, medical garments, wipes, dryer sheets, face masks, and filters. In addition, Magnera Corporation develops industrial solutions, such as corrosion protection, wire wrapping, and filtration materials. The company is headquartered in Charlotte, North Carolina.
Mr. Fogarty will serve as Magnera’s Non-Executive Chair. He joined Magnera’s Board of Directors in 2020. Mr. Fogarty previously worked for the Koch Industries, Inc. family of companies for 14 years, holding various roles, including President of Polymer and Resins at Invista and President of KoSa’s Polymer and Intermediaries business. He is also the Non-Executive Chairman of the Board of Directors of Ecovyst Inc., a leading global provider of specialized catalysts and services. Mr. Fogarty holds a bachelor’s degree in finance from Pennsylvania State University.
Carl J. Rickertsen was named to Magnera Corp.’s Board of Directors in August 2024, following the merger of Berry Global’s Health, Hygiene, and Specialties business with Glatfelter Corporation. He has over 25 years of expertise in private equity, M&A, and corporate governance. Mr. Rickertsen is the Managing Partner of Pine Creek Partners, a private equity investment business that he formed in 2004. He has also served on the boards of several publicly traded firms, including Berry Global, MicroStrategy, and Hut 8 Corporation. Mr. Rickertsen earned a Bachelor of Science from Stanford University and an MBA from Harvard Business School.
Opinion: Magnera was created by the merger between Berry’s Global and Glatfelter. This was a $400 stock once! After a 1-13 stock split and threats of delisting we are here today. I am sitting this out.
Name: Burton M. Goldfield
Position: Director
Transaction Date: 05-16-2025 Shares Bought: 13,500 shares an Average Price Paid of $15.10 for Cost: $203,850
Company: Soundthinking Inc. (SSTI):
SoundThinking, Inc. is a public safety technology company that provides data-driven solutions and strategic advisory services to law enforcement agencies, security teams, and civic leaders. Its SafetySmart platform features tools such as ShotSpotter, an outdoor gunshot detection, location, and alerting system; CrimeTracer, a law enforcement search engine designed to help investigators access criminal justice records across jurisdictions to generate tactical leads and solve cases; CaseBuilder, an investigative management system for tracking, reporting, and collaboration; and ResourceRouter, software that optimizes the deployment of patrol and community anti-violence resources. Founded in 1996, the company is headquartered in Fremont, California.
Burton M. Goldfield joined the Board of Directors of SoundThinking Inc. in April 2025. He brings extensive executive leadership experience, having previously served as President and CEO of TriNet Group, where he successfully led the company through its IPO and its growth into a leading cloud-based HR solutions provider. Prior to TriNet, he was CEO of Ketera Technologies and held key roles at Hyperion Solutions and IBM. Goldfield is recognized for his focus on innovation, strategic growth, and operational excellence. He also serves on the boards of EvoNexus, Inc. and FinancialForce. He holds a bachelor’s degree in biomedical engineering from Syracuse University and an MBA from Villanova University.
Opinion: Pass on this one.
Name: Olsen Geir
Position: Director
Transaction Date: 05-07-2025 Shares Bought: 18,230 shares an Average Price Paid of $13.59 for Cost: $247,746
Name: Brett Lee Paschke
Position: Director
Transaction Date: 05-07-2025 Shares Bought: 5,000 shares an Average Price Paid of $13.39 for Cost: $66,950
Company: PRA Group Inc (PRAA)
PRA Group, Inc., founded in 1996 and headquartered in Norfolk, Virginia, is a financial and business services corporation that purchases, collects, and manages nonperforming loan portfolios globally. The company specializes in acquiring accounts representing outstanding debts owed by individuals to credit originators such as banks and other consumer, retail, and auto finance organizations. PRA Group acquires nonperforming loans, including Visa and MasterCard credit card accounts, private label and other credit card accounts, personal loans, auto loans, and small business loans, from banks, credit unions, consumer finance companies, retailers, utilities, automobile finance companies, and other credit originators. Additionally, the company offers fee-based services for class action claim recovery.
Geir Olsen joined PRA Group’s Board of Directors in June 2023. Mr. Olsen was the CEO and a board member of Aktiv Kapital, AS, a major European consumer debt purchaser, from September 2011 until its acquisition by PRA Group in 2014. From August 2014 to January 2016, he served as the CEO of PRA Group Europe. Prior to this, Mr. Olsen held leadership roles in sales, marketing, and strategy at Cisco Systems and Tandberg, a Norwegian company acquired by Cisco in 2010. In 2013, he co-founded Ubon Partners, an investment firm focused on early-stage technology and financial services startups, where he remained a partner until December 2018. Mr. Olsen holds a Master of Economics from the Norwegian School of Economics and a Master of Business Administration from the University of California, Los Angeles.
Brett Lee Paschke joined PRA Group Inc.’s Board of Directors in 2020. He brings extensive experience in investment banking and corporate finance, having previously served as Managing Director and Head of Equity Capital Markets at William Blair & Company. His expertise spans financial markets, corporate strategy, and governance. Mr. Paschke holds a Bachelor’s degree in Public and International Affairs from Princeton University.
Opinion: Collection agencies are supposed to do good in recessions. I haven’t seen this one do good for years.
Name: Anthony M. Aisquith
Position: Chief Operating Officer
Transaction Date: 05-06-2025 Shares Bought: 72,482 shares an Average Price Paid of $12.29 for Cost: $890,985
Company: OneWater Marine Inc. (ONEW)
OneWater Marine Inc. is a leading recreational marine retailer in the United States. The company offers new and pre-owned recreational boats and yachts, along with a comprehensive selection of nautical products, including parts and equipment. It provides boat repair and maintenance services, as well as ancillary offerings such as indoor and outdoor storage and marina operations. Additionally, the company facilitates boat financing, insurance, and extended service contracts through third-party lenders and insurance providers. OneWater Marine also offers rentals of boats and personal watercraft. Founded in 2014, the company is headquartered in Buford, Georgia.
Mr. Aisquith has served on the Board of Directors of OneWater Marine Inc. since May 2020 and has held the position of President and Chief Operating Officer since 2008. He brings over 25 years of experience in the boating industry, having previously held multiple senior management roles at MarineMax. From 2003 to 2008, he served as Vice President, and from 2000 to 2008, he was Regional President, overseeing operations across Georgia, the Carolinas, Texas, and California. Earlier in his career, Mr. Aisquith held various managerial and sales roles within the marine sector. Prior to entering the marine industry in June 1985, he spent ten years in automotive retail.
Opinion:
Name: Gregory L. Summe
Position: Director
Transaction Date: 05-07-2025 Shares Bought: 25,000 shares an Average Price Paid of $12 for Cost: $300,000
Company: Avantor Inc. (AVTR)
Avantor, Inc. is a global provider of mission-critical products and services for customers in the biopharma, healthcare, education, government, advanced technologies, and applied materials sectors. Operating across the Americas, Europe, Asia, the Middle East, and Africa, Avantor delivers a comprehensive portfolio that includes high-purity chemicals and reagents, laboratory supplies, formulated silicone materials, customized excipients, single-use assemblies, process chromatography resins and columns, analytical sample preparation kits, educational and microbiology products, clinical trial kits, and fluid handling tips. Founded in 1904, the company is headquartered in Radnor, Pennsylvania.
Mr. Summe has served on Avantor, Inc.’s Board of Directors since May 2020. He chairs the Nominating and Governance Committee and is a member of the Compensation and Human Resources Committees. Mr. Summe is the Managing Partner at Glen Capital Partners, an investment fund. His previous roles include Managing Director and Vice Chairman of Global Buyouts at The Carlyle Group and Senior Advisor at Goldman Sachs Capital Partners. He holds an MBA with distinction from The Wharton School of the University of Pennsylvania, a master’s degree in electrical engineering from the University of Cincinnati, and a bachelor’s degree in electrical engineering from the University of Kentucky, where he was inducted into the Hall of Distinction.
Opinion:
Name: Corning F. Painter
Position: Chief Executive Officer
Transaction Date: 05-13-2025 Shares Bought: 20,000 shares an Average Price Paid of $11.08 for Cost: $221,632
Company: Orion S.A. (OEC)
Orion S.A., founded in 1862 and headquartered in Senningerberg, Luxembourg, and its subsidiaries produce and market carbon black products. The company operates through two segments: Specialty Carbon Black and Rubber Carbon Black. It offers post-treated specialty carbon black grades for coatings and printing applications, high-purity carbon black grades for the fiber industry, and conductive carbon black grades for batteries, polymers, and coatings. Previously known as Orion Engineered Carbons S.A., the company was renamed Orion S.A. in June 2023.
Mr. Painter was appointed CEO of the Group in September 2018 and joined the Board of Directors in October. He began his career at Air Products in 1984 as part of the company’s professional development program. Over the years, he progressed through various commercial and operations roles in the United States and internationally. He was promoted several times and held leadership positions in supply chain, corporate strategy, and technology. Prior to joining Orion Engineered Carbons, Mr. Painter was Executive Vice President of Industrial Gases at Air Products. He left the company at the end of June 2018 to assume the role of CEO at Orion Engineered Carbons, which officially launched in September 2018.
Opinion: Where is the sizzle?
Name: Thomas Alex Vetter
Position: CEO
Transaction Date: 05-09-2025 Shares Bought: 27,870 shares an Average Price Paid of $10.75 for Cost: $299,558
Company: Cars.com Inc. (CARS):
Cars Commerce is an audience-focused technology company committed to advancing the automotive industry. The company enhances the car-buying and selling experience through innovative products, solutions, and AI-driven technologies that support both retail and post-sale operations, leading to more efficient and profitable outcomes. The Cars Commerce platform encompasses several prominent brands, including Cars.com, a leading automotive marketplace and dealer reputation platform; Dealer Inspire, a provider of digital retail technology and marketing services; AccuTrade, which specializes in trade-in and appraisal technology; and the Cars Commerce Media Network, which delivers in-market media solutions.
Alex serves as the Chief Executive Officer of Cars.com Inc. A founding member of the company, he assumed the role of CEO in 2014. Under his leadership, Cars.com became a publicly traded company and successfully evolved from an online listings and content provider into an audience-driven technology firm that supports automotive professionals and streamlines the car-buying and selling experience. Alex holds a bachelor’s degree from Providence College, where he was a four-year Division I athlete. Outside of his professional responsibilities, he is actively involved in youth development, dedicating time to coaching and mentoring young individuals. He lives with his wife and two children.
Opinion: Can anyone compete with Carvana? This doesn’t look like the biggest vote of confidence.
Name: Scott Andrew Smith
Position: Chief Executive Officer
Transaction Date: 05-12-2025 Shares Bought: 60,000 shares an Average Price Paid of $8.94 for Cost: $536,262
Company: Viatris Inc (VTRS)
Viatris is a global healthcare company with the breadth and scale uniquely positioning it to address worldwide healthcare needs. The company empowers people around the world to live healthier lives at every stage by providing high-quality medicines to approximately 1 billion patients annually. Viatris maintains a global footprint and an extensive, well-diversified portfolio of medicines across multiple therapeutic areas. Its unique global supply chain is designed to deliver medicines efficiently to people when and where they need them. Additionally, the company leverages scientific expertise to tackle some of the world’s most enduring health challenges.
Scott A. Smith serves as CEO of Viatris, having joined the company’s Board of Directors in December 2022 and assuming the CEO role in April 2023. He is a seasoned global biotechnology and pharmaceutical executive with over 35 years of experience and a proven track record of building, growing, and managing large, complex organizations. His expertise encompasses regulatory, clinical, and corporate development strategies. Scott holds a Bachelor of Science in Chemistry and Biology, an Honors Bachelor of Science in Pharmacology and Toxicology from Western University in Ontario, Canada, and an MBA from Thunderbird School of Global Management in Glendale, Arizona.
Opinion: A very high debt to capital ratio in an untimely business.
Name: Claude LeBlanc
Position: Chief Executive Officer
Transaction Date: 05-14-2025 Shares Bought: 40,000 shares an Average Price Paid of $6.50 for Cost: $260,000
Name: Michael D. Price
Position: Director
Transaction Date: 05-14-2025 Shares Bought: 76,986 shares an Average Price Paid of $6.49 for Cost: $499,642
Company: Ambac Financial Group Inc (AMBC):
Ambac Financial Group, Inc. is a financial services holding company operating through two primary segments: Specialty Property and Casualty Insurance, and Insurance Distribution. The Specialty Property and Casualty Insurance segment provides program insurance with a focus on commercial and personal liability risks. The Insurance Distribution segment offers specialty insurance distribution services through managing general agents, underwriters, insurance brokers, and other distribution and underwriting entities. Founded in 1971, the company is headquartered in New York, New York.
Claude LeBlanc has served as President and Chief Executive Officer of Ambac Financial Group, Inc. since January 2017. Upon joining the company, he led a comprehensive transformation strategy, redirecting its focus from legacy financial guarantee operations to specialized property and casualty insurance. Mr. LeBlanc holds a Bachelor of Arts in Economics from York University, a Bachelor of Commerce from the University of Windsor, and an MBA from the Schulich School of Business. He is both a Chartered Accountant and a Certified Public Accountant. Prior to Ambac, he held key leadership roles at Syncora Holdings Ltd., including Chief Financial Officer and Chief Reorganization Officer, where he successfully oversaw a global restructuring initiative.
Michael D. Price has served as a Director at Ambac Financial Group, Inc. since June 22, 2023. He brings over 35 years of experience in the insurance and reinsurance sectors, including a decade as President and Chief Executive Officer of Platinum Underwriters Holdings, Ltd. from 2005 until its acquisition by RenaissanceRe Holdings Ltd. in 2015. Prior to that, he held key leadership roles at Platinum and its predecessor company, including Chief Operating Officer and Chief Underwriter. Mr. Price is a Fellow of the Casualty Actuarial Society and a certified Financial Risk Manager through the Global Association of Risk Professionals.
Opinion: This looks like opportunistic buys. AMBAC is undergoing a profound transformation. On April 7th, they said it had met all of its necessary preclosing conditions under the purchase agreement for the sale of its Assuranc business to Oaktree Capital. I suppose management is optimistic about the remaining P&C business. This is a bit complicated.
Name: Douglas A. Pertz
Position: Director
Transaction Date: 05-08-2025 Shares Bought: 70,000 shares an Average Price Paid of $6.17 for Cost: $431,900
Company: Vestis Corp (VSTS)
Vestis Corporation delivers uniform rental services and workplace supplies throughout the United States and Canada. The company offers an extensive selection of uniforms, including shirts, pants, outerwear, gowns, scrubs, high-visibility garments, particulate-free garments, flame-resistant apparel, footwear, and accessories. In addition, it provides workplace essentials such as managed restroom services, first-aid supplies, safety products, floor mats, towels, and linens. Vestis Corporation serves a broad range of industries, including manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanrooms. Established in 1936, the company is headquartered in Roswell, Georgia.
Douglas A. Pertz has served as Vice Chairman of Vestis Corporation since 2023. Prior to this role, he was Executive Chairman of The Brink’s Company until his retirement in May 2023. Mr. Pertz has held senior leadership roles as President and Chief Executive Officer at several publicly traded companies, including Recall Holdings, IMC Global, and Culligan Water Technologies. He currently serves on the boards of directors for Advance Auto Parts and Vital Records Control. Mr. Pertz holds a bachelor’s degree from Purdue University.
Opinion: No growth but plenty of clean clothes.
Name: Kirk G. Nielsen
Position: Director
Transaction Date: 05-12-2025 Shares Bought: 187,813 shares an Average Price Paid of $5.20 for Cost: $977,346
Company: CVRx Inc. (CVRX):
CVRx, Inc., founded in 2000 and headquartered in Minneapolis, Minnesota, is a commercial-stage medical device company focused on developing, manufacturing, and commercializing neuromodulation therapies for cardiovascular diseases. The company’s flagship product, Barostim, is a neuromodulation device designed to improve symptoms in patients with heart failure with reduced ejection fraction (HFrEF), also known as systolic heart failure. CVRx distributes its products through a combination of direct sales representatives, sales agents, and independent distributors across the United States, Germany, and other international markets.
Kirk Nielsen has served as a member of the Board of Directors since July 2020. He has been a Managing Partner at Ventana Capital, a medical technology investment firm, since January 2019, and a Managing Director at Versant Ventures, a healthcare venture capital firm, since January 2011. Mr. Nielsen currently serves on the boards of several private companies, including Alleviant Medical, Inc., Elucent Medical, Inc., Invacare, Inc., Moxe Health Corporation, and Okami Medical, Inc. His previous board experience includes roles at Artelon, Inc., Inari Medical, Inc., Metavention, Inc., Monteris Medical, Respicardia, Inc., and SpyGlass Pharma. Mr. Nielsen holds an A.B. from Harvard College and an M.B.A. from Harvard Business School.
Opinion: This is not the right time for small medical device stocks.
Name: Carlyn R. Taylor
Position: Director
Transaction Date: 05-12-2025 Shares Bought: 130,000 shares an Average Price Paid of $1.76 for Cost: $229,190
Name: Michael B. Sims
Position: Director
Transaction Date: 05-09-2025 Shares Bought: 232,500 shares an Average Price Paid of $1.61 for Cost: $373,279
Name: Dawn M. Zier
Position: Director
Transaction Date: 05-09-2025 Shares Bought: 200,000 shares an Average Price Paid of $1.60 for Cost: $320,140
Company: Hain Celestial Group Inc (HAIN)
The Hain Celestial Group, Inc., a Delaware corporation, was incorporated in 1993. As a global leader in health and wellness, Hain Celestial is dedicated to inspiring healthier living for individuals, communities, and the environment through better-for-you products. With over 30 years of experience, the company has consistently focused on providing nutrition and well-being solutions that benefit both today and in the future. Headquartered in Hoboken, NJ, Hain Celestial markets and sells its products in more than 70 countries worldwide.
Carlyn R. Taylor has served as a director of The Hain Celestial Group, Inc. since June 2022. She brings over 30 years of experience in strategy, corporate transformation, and transactions. In 2025, she became Chief Executive Officer of Sirva Worldwide, Inc. Prior to that, she held the position of Chief Growth Officer at FTI Consulting, Inc., where she also served as Global Co-Leader of Corporate Finance, leading initiatives in artificial intelligence, digital transformation, and private equity. Ms. Taylor holds both a Bachelor of Science and a Master of Arts in Economics from the University of Southern California.
Michael B. Sims has served as a director since October 2019. Prior to this, Mr. Sims was Executive Vice President and Chief Financial Officer of TruGreen, a residential and commercial lawn care company, from February 2019 until his retirement in February 2023. In this role, he was responsible for driving long-term sales and EBITDA growth by overseeing finance and supply chain management. Since his retirement, he has served as a Senior Advisor to TruGreen. Before joining TruGreen, Mr. Sims was Senior Vice President, Chief Financial Officer, and Treasurer of AdvancePierre Foods Holdings, Inc., a producer and distributor of proteins and ready-to-eat sandwiches, from 2012 until the company was acquired by Tyson Foods in 2017.
Dawn M. Zier has served as a director since September 2017 and has been Chairman of the Board since November 2022. Ms. Zier has been the principal of Aurora Company Consulting, LLC since February 2020, where she advises both public and private companies, as well as executives, on company transformation, digital and marketing acceleration, leadership, and building high-performing teams. Ms. Zier holds an MBA and a Master of Engineering from the Massachusetts Institute of Technology and earned her Corporate Director Certification from Harvard Business School in 2020.
Opinion: The Company has been the overlord of a massive amount of investor money disappearing.
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This blog is solely for educational purposes and the author’s own amusement. IT IS NOT INVESTMENT ADVICE. Think of the blog as part of my personal investment journal that I am willing to share with the DIY investor. There are also many parts that I am not willing to share if I think it could influence trading action or be detrimental to the Fund’s partners. We could be long, short, or have no position at all in any of the stocks mentioned and express no written or implied obligation to disclose any of that.
The Insiders Fund and its blogs and posts are not affiliated with, endorsed by, or sponsored by any of the companies mentioned herein. All company names, logos, and trademarks belong to their respective owners. The use of company logos is solely for descriptive and illustrative purposes under fair use. Any information provided is based on publicly available data and should not be considered financial, investment, or legal advice. Readers should conduct their own research or consult with a professional before making any investment decisions.
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,
