All posts written by Asif

Insider Weekends – July 8, 2016

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July 9, 2016 | Insider Buying | Author Asif

Welcome to edition 316 of Insider Weekends. Insider buying decreased last week with insiders buying $44.58 million of stock compared to $53.24 million in the week prior. Selling also declined sharply with insiders selling $422.31 million of stock last week compared to $984.67 million in the week prior.

Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week decreased to 9.69. In other words, insiders sold  almost 10 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 18.49. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

Insider Sell Buy Ratio July 8, 2016

Insider Sell Buy Ratio July 8, 2016

Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

Notable Insider Buys:

1. Essent Group Ltd. (ESNT): $22.65

Director Andrew Turnbull acquired 36,353 shares of this mortgage insurance company, paying $21.33 per share for a total amount of $775,409. Mr. Turnbull increased his stake by 269.06% to 49,864 shares with this purchase.

You can view the list of recent insider transactions for Essent Group Ltd. here.

P/E: 12.18 Forward P/E: 8.75 Industry P/E: 6.05
P/S: 5.4 Price/Book: 1.72 EV/EBITDA: 8.03
Market Cap: $2.11B Avg. Daily Volume: 436,362 52 Week Range: $16.49 – $29.67

2. Liberty Tax, Inc. (TAX): $13.47

Director Robert M. Howard acquired 20,200 shares of this tax preparation services provider, paying $13.07 per share for a total amount of $264,092. Mr. Howard increased his stake by 67.79% to 50,000 shares with this purchase.

With most U.S. indexes at or close to all time highs, it is hard to find stocks that trade at an attractive valuation. Even if you stumble across some that appear cheap, they are cheap for a reason. In other words, they are more likely to be value traps than attractive investments.

This younger sibling of H&R Block (HRB), ails from the same disruption by online tax services that H&R Block suffers from but trades at a much lower valuation across several metrics. It also has a stronger balance sheet and sports a dividend yield that is nearly 5%. Whether Liberty Tax turns out to be a profitable investment or a value trap depends on its ability to survive in a world dominated by TurboTax in the virtual one and H&R Block in the physical one.

You can view the list of recent insider transactions for Liberty Tax, Inc. here.

P/E: 9.73 Forward P/E: 7.28 Industry P/E: 26.27
P/S: 1.06 Price/Book: 1.65 EV/EBITDA: 4.72
Market Cap: $308.37M Avg. Daily Volume: 80,762 52 Week Range: $9.95 – $26.84

3. Biglari Holdings Inc. (BH): $404.1

Director Sardar Biglari, acquired 567 shares of this restaurant chain, paying $399.66 per share for a total amount of $226,605. These shares were purchased indirectly by The Lion Fund .

You can view the list of recent insider transactions for Biglari Holdings Inc. here.

P/E: 22.35 Forward P/E: 31.94 Industry P/E: 20.58
P/S: 0.97 Price/Book: 1.71 EV/EBITDA: 19.23
Market Cap: $835.22M Avg. Daily Volume: 6,173 52 Week Range: $321 – $448

4. Bassett Furniture Industries, Incorporated (BSET): $25.49

Shares of this home furnishings company were acquired by 3 insiders:

  • Chairman & CEO Robert H. Spilman Jr. acquired 4,000 shares, paying $23.64 per share for a total amount of $94,551. Mr. Spilman increased his stake by 2.20% to 185,513 shares with this purchase.
  • Chairman Emeritus Paul Fulton acquired 2,000 shares, paying $23.96 per share for a total amount of $47,924. Mr. Fulton increased his stake by 3.30% to 62,590 shares with this purchase.
  • SVP, Corporate Retail David C. Baker acquired 410 shares, paying $23.95 per share for a total amount of $9,820. Mr. Baker increased his stake by 1.72% to 24,228 shares with this purchase.

You can view the list of recent insider transactions for Bassett Furniture Industries, Incorporated here.

P/E: 16.87 Forward P/E: 14.65 Industry P/E: 12.99
P/S: 0.63 Price/Book: 1.52 EV/EBITDA: 6.18
Market Cap: $277.65M Avg. Daily Volume: 58,057 52 Week Range: $22.97 – $38.65

5. InterCloud Systems, Inc. (ICLD): $0.601

Shares of this IT and network solutions provider were acquired by 2 insiders:

  • Director Mark Durfee acquired 72,463 shares, paying $0.69 per share for a total amount of $49,999. Mr. Durfee increased his stake by 12.94% to 632,428 shares with this purchase.
  • Chairman and CEO Mark E. Munro acquired 72,463 shares, paying $0.69 per share for a total amount of $49,999. Mr. Munro increased his stake by 4.67% to 1,623,087 shares with this purchase.

You can view the list of recent insider transactions for InterCloud Systems, Inc. here.

P/E: N/A Forward P/E: N/A Industry P/E: 52.28
P/S: 0.28 Price/Book: N/A EV/EBITDA: -4.4
Market Cap: $20.16M Avg. Daily Volume: 211,579 52 Week Range: $0.422 – $2.7

You can view the full list of purchases from this Insider Buying page.

Notable Insider Sales:

1. Facebook, Inc. (FB): $117.24

Shares of Facebook were sold by 4 insiders:

  • Director Jan Koum sold 286,906 shares for $115.48, generating $33.13 million from the sale. These shares were sold indirectly through a trust.
  • Chief Operating Officer Sheryl Sandberg sold 109,000 shares for $113.51, generating $12.37 million from the sale. 52,404 of these shares were sold as a result of exercising options immediately prior to the sale.
  • VP Marketing & Business Partnerships David B. Fischer sold 23,625 shares for $115.17, generating $2.72 million from the sale.
  • Chief Technology Officer Michael Todd Schroepfer sold 20,000 shares for $114.20, generating $2.28 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.

You can view the list of recent insider transactions for Facebook, Inc. here.

P/E: 71.71 Forward P/E: 25.27 Industry P/E: 20.83
P/S: 16.76 Price/Book: 7 EV/EBITDA: 33.36
Market Cap: $335.34B Avg. Daily Volume: 24,682,300 52 Week Range: $72 – $121.08

2. American Capital Agency Corp. (AGNC): $19.24

Shares of this residential mortgage REIT were sold by 4 insiders:

  • Director, CEO, Pres. and CIO Gary D. Kain sold 368,953 shares for $19.55, generating $7.21 million from the sale.
  • Senior VP Christopher Kuehl sold 153,987 shares for $19.55, generating $3 million from the sale.
  • EVP and CFO Peter J. Federico sold 153,987 shares for $19.55, generating $3 million from the sale.
  • SVP and Chief Accounting Officer Bernice Bell sold 9,504 shares for $19.55, generating $185,804 from the sale.

You can view the list of recent insider transactions for American Capital Agency Corp. here.

P/E: N/A Forward P/E: N/A Industry P/E: 14.71
P/S: 48.87 Price/Book: 0.88 EV/EBITDA: N/A
Market Cap: $6.37B Avg. Daily Volume: 3,371,870 52 Week Range: $15.69 – $20.08

3. Criteo SA (CRTO): $43.93

Shares of this French digital marketing company were sold by 2 insiders:

  • Executive Chairman Jean-baptiste Rudelle sold 110,000 shares for $44.71, generating $4.92 million from the sale.
  • Chief Financial Officer Benoit Fouilland sold 1,752 shares for $44.99, generating $78,818 from the sale.

You can view the list of recent insider transactions for Criteo SA here.

P/E: 45.29 Forward P/E: 18.61 Industry P/E: 20.83
P/S: 1.85 Price/Book: 5.14 EV/EBITDA: N/A
Market Cap: $2.71B Avg. Daily Volume: 558,840 52 Week Range: $24.23 – $57.3

4. The Priceline Group Inc. (PCLN): $1329.46

Interim CEO & President Jeffery H. Boyd sold 3,000 shares of this online travel company for $1,266.92, generating $3.8 million from the sale.

You can view the list of recent insider transactions for The Priceline Group Inc. here.

P/E: 26.17 Forward P/E: 16.91 Industry P/E: 12.28
P/S: 6.76 Price/Book: 7.11 EV/EBITDA: 18.92
Market Cap: $65.99B Avg. Daily Volume: 658,544 52 Week Range: $954.02 – $1476.52

5. Jacobs Engineering Group Inc. (JEC): $51.25

Director Noel G. Watson sold 66,666 shares of this professional services company for $49.28, generating $3.29 million from the sale. 33,333 of these shares were sold indirectly through a trust.

You can view the list of recent insider transactions for Jacobs Engineering Group Inc. here.

P/E: 27.09 Forward P/E: 15.63 Industry P/E: N/A
P/S: 0.52 Price/Book: 1.39 EV/EBITDA: 9.08
Market Cap: $6.25B Avg. Daily Volume: 985,803 52 Week Range: $34.76 – $53.33

You can view the full list of sales from this Insider Sales page.

Disclaimer Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter @asifsuria

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Merger Arbitrage Mondays – July 4, 2016

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July 3, 2016 | Merger Arbitrage | Author Asif

Merger activity increased last week with six new deals announced and nine deals closing.

You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.

Deal Statistics:

Total Number of Deals Closed in 2016 108
Total Number of Deals Not Completed in 2016 6
Total Number of Pending Deals
Cash Deals 56
Stock Deals 21
Stock & Cash Deals 14
Special Conditions 9
Total Number of Pending Deals 100
Total Deal Size $893.82 billion

New Deals:

  1. The acquisition of Heartware International (HTWR) by Medtronic (MDT) for $1.1 billion or $58.00 per share in cash.
  2. The acquisition of Suffolk Bancorp (SCNB) by People’s United Financial (PBCT) for $402 million in an all stock deal. Under the terms of the agreement, shareholders of Suffolk Bancorp will receive 2.225 shares of People’s United Financial stock for each Suffolk Bancorp share.
  3. The acquisition of ReachLocal (RLOC) by Gannett (GCI) for $156 million or $4.60 per share in cash.
  4. The acquisition of Diamond Resorts International (DRII) by Apollo Global Management (APO) for $2.2 billion or $30.25 per share in cash.
  5. The acquisition of Transition Therapeutics (TTHI) by Opko Health (OPK) for approximately $60 million in an all stock deal. Under the terms of the agreement Transition Therapeutics security holders will receive 0.156 shares of OPKO common stock per TTI stock, valued at $1.55 per share of Transition Therapeutics common stock. At the Effective Time, each issued and outstanding share of TTHI Common Stock (other than any shares of TTHI Common Stock held by the Company or any Company affiliate) will be converted and exchanged into shares of Company Common Stock using an exchange rate equal to (i) 6,430,868 divided by (ii) the number of shares of TTHI Common Stock outstanding immediately prior to the Effective Time (including shares of TTHI Common Stock deemed to have been issued as a result of the conversion of the TTHI Options, but excluding any shares of TTHI Common Stock held by the Company or any affiliate of the Company). Based on the Q3 2016 Financial Report, TTHI has 38,878,879 shares outstanding and 2,320,812 options outstanding.
  6. The acquisition of Starz (STRZA, STRZB) by Lions Gate Entertainment (LGF) for $4.4 billion in a cash and stock deal. Under the terms of the agreement, each share of Lionsgate common stock will be reclassified into 0.5 voting and 0.5 newly created non-voting shares.  Holders of each share of Starz Series A common stock will receive $18.00 in cash as well as 0.6784 of a share of Lionsgate non-voting stock based on a fixed exchange ratio. Holders of each share of Starz Series B common stock will receive $7.26 in cash and 0.6321 of a share of Lionsgate voting stock and 0.6321 of a share of Lionsgate non-voting stock. We are entering this deal only for STRZA.

Deal Updates:

  1. On June 23, 2016, Rouse Properties (RSE) announced that, at a special meeting of stockholders held today, the Company stockholders approved the previously announced merger agreement with BSREP II Retail Pooling, an affiliate of Brookfield Asset Management. Subject to the satisfaction of the conditions set forth in the merger agreement, the merger is expected to close on or about July 6, 2016.
  2. On June 27, 2016, Skullcandy (SKUL) announced that on June 24, 2016 Skullcandy’s board of directors received an unsolicited proposal from Mill Road Capital to acquire all of the outstanding shares of Skullcandy common stock for $6.05 per share in cash.
  3. On June 27, 2016, Marriott International (MAR) and Starwood Hotels and Resorts Worldwide (HOT) today announced they have received unconditional clearance from the European Union for Marriott to acquire Starwood in a merger transaction. Stockholders of both Marriott and Starwood overwhelmingly approved proposals related to the transaction on April 8 and Marriott and Starwood anticipate closing the transaction in July 2016.
  4. On June 27, 2016, The Williams Companies (WMB) stockholders voted to approve the previously announced merger agreement with Energy Transfer Equity (ETE). Williams also filed papers commencing an appeal in the Delaware Supreme Court of the Delaware Court of Chancery’s June 24, 2016 ruling relating to the Merger Agreement between Williams and ETE.
  5. On June 28, 2016, Energy Transfer Equity (ETE) announced that it has terminated its merger agreement with The Williams Companies (WMB) effective June 29, 2016. Williams has appealed the decision by the Delaware Court of Chancery to the Delaware Supreme Court.
  6. On June 28, 2016, C1 Financial (BNK) and Bank of the Ozarks (OZRK) received the approval of the Federal Reserve Bank for the Bank Merger. As a result, all regulatory approvals for the Merger have been received. OZRK has announced that it expects to close the Merger on or about July 21, 2016, subject to the satisfaction of the other closing conditions of the Merger.
  7. June 28, 2016: Since the FTC is continuing its review of the Hutchinson Technology (HTCH) merger and has not indicated when its review may be completed, we are moving the closing date by three months to September 30, 2016.
  8. On June 29, 2016, The Valspar Corporation (VAL) announced that Valspar shareholders voted to approve the Company’s proposed acquisition by The Sherwin-Williams Company (SHW).
  9. On June 30, 2016, InterOil Corporation (IOC) received from a third party an unsolicited, conditional, non-binding proposal to acquire 100% of the outstanding common shares of InterOil.

Closed Deals:

  1. The acquisition of Monarch Financial Holdings (MNRK) by Towne Bank (TOWN) on June 27, 2016. It took 193 days for this deal to be completed.
  2. The acquisition of Nanosphere (NSPH) by Luminex Corporation (LMNX) on June 30, 2016. It took 45 days for this deal to be completed.
  3. The acquisition of Fox Chase Bancorp (FXCB) by Univest Corporation of Pennsylvania (UVSP) on July 1, 2016. It took 206 days for this deal to be completed.
  4. The acquisition of AGL Resources (GAS) by Southern Company (SO) on July 1, 2016. It took 312 days for this deal to be completed.
  5. The acquisition of Columbia Pipeline Group (CPGX) by TransCanada Corporation (TRP) on July 1, 2016. It took 106 days for this deal to be completed.
  6. The acquisition of 1st Century Bancshares (FCTY) by Midland Financial on July 1, 2016. It took 113 days for this deal to be completed.
  7. The acquisition of United Online (UNTD) by B. Riley Financial (RILY) on July 1, 2016. It took 58 days for this deal to be completed.
  8. The acquisition of Avenue Financial Holdings (AVNU) by Pinnacle Financial Partners  (PNFP) on July 1, 2016. It took 154 days for this deal to be completed.
  9. The acquisition of TECO Energy (TE) by Emera on July 1, 2016. It took 300 days for this deal to be completed.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $40.65 12/31/2016 37.76% 76.57%
CI 07/24/2015 Anthem, Inc. (ANTM) $171.24 $128.27 12/31/2016 33.50% 67.92%
HUM 07/03/2015 Aetna Inc. (AET) $225.46 $174.00 12/31/2016 29.57% 59.97%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.31 12/31/2016 23.12% 46.88%
HTCH 11/02/2015 TDK Corporation (N/A) $4.00 $3.37 09/30/2016 18.69% 77.54%
FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) $26.80 $23.08 06/30/2016 16.12% -1470.75%
WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) $0.95 $0.821 03/31/2017 15.71% 21.24%
DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) $6.70 $5.99 12/31/2016 11.85% 24.04%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $34.85 12/31/2016 11.62% 23.57%
APOL 02/08/2016 A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A) $10.00 $9.10 08/31/2016 9.89% 62.24%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $40.65 1,060,723 12/31/2016 37.76% 76.57%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $171.24 $128.27 1,845,584 12/31/2016 33.50% 67.92%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $225.46 $174.00 4,754,089 12/31/2016 29.57% 59.97%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.31 43,509,903 12/31/2016 23.12% 46.88%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.37 79,175 09/30/2016 18.69% 77.54%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $23.08 113,486 06/30/2016 16.12% 0.00%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.821 79,209 03/31/2017 15.71% 21.24%
+ DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) All Cash $556 million $6.70 $5.99 317,976 12/31/2016 11.85% 24.04%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $34.85 807,092 12/31/2016 11.62% 23.57%
+ APOL 02/08/2016 A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A) All Cash $1.1 billion $10.00 $9.10 383,890 08/31/2016 9.89% 62.24%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $22.83 17,847 06/30/2016 9.51% 0.00%
+ AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) All Cash $748.36 million $6.66 $6.12 27,120 12/31/2016 8.82% 17.89%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $9.91 856,732 09/30/2016 7.97% 33.06%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.44 28,439 09/30/2016 7.38% 30.60%
+ LXK 04/19/2016 consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A) All Cash $3.6 billion $40.50 $37.79 464,275 12/31/2016 7.17% 14.54%
+ KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) All Cash N/A $1.08 $1.01 13,382 12/31/2016 6.93% 14.05%
+ WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $56.26 996,191 03/31/2017 6.65% 8.99%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.18 $13.30 116,843 08/15/2016 6.63% 57.58%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.05 3,104 08/15/2016 6.56% 56.99%
+ STRZA 06/30/2016 Lions Gate Entertainment Corp. (LGF) Cash Plus Stock $4.4 billion $31.47 $29.68 5,120,568 12/31/2016 6.02% 12.20%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $75.10 994,260 07/31/2016 5.90% 79.74%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $107.59 455,733 03/31/2017 5.03% 6.80%
+ PBCP 06/02/2016 Prudential Bancorp, Inc. (PBIP) Special Conditions $38.1 million $11.28 $10.75 75 12/31/2016 4.93% 10.00%
+ SCNB 06/27/2016 People’s United Financial Inc. (PBCT) All Stock $402 million $32.60 $31.31 57,257 12/31/2016 4.11% 8.33%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $32.21 1,000,992 06/30/2016 4.00% 0.00%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $81.18 $78.24 1,829,109 12/31/2016 3.76% 7.62%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.17 71,465 12/31/2016 3.69% 7.48%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.33 $11.90 11 12/31/2016 3.62% 7.33%
+ LNKD 06/13/2016 Microsoft Corporation (MSFT) All Cash $26.2 billion $196.00 $189.50 1,756,623 12/31/2016 3.43% 6.96%
+ QLIK 06/02/2016 Thoma Bravo, LLC (N/A) All Cash $3 billion $30.50 $29.60 1,026,555 09/30/2016 3.04% 12.61%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.59 50,864 06/30/2016 3.02% 0.00%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $48.05 $46.67 369,191 12/31/2016 2.95% 5.98%
+ FMD 06/02/2016 FP Resources USA Inc. (N/A) All Cash $65.5 million $5.05 $4.91 7,318 09/30/2016 2.85% 11.83%
+ TLN 06/03/2016 affiliates of Riverstone Holdings LLC (N/A) All Cash $5.2 billion $14.00 $13.62 2,151,916 12/31/2016 2.79% 5.66%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $43.88 $42.88 2,178,013 09/30/2016 2.33% 9.67%
+ MGN 05/24/2016 Hecla Mining Co. (HL) All Stock N/A $1.21 $1.18 445,716 09/30/2016 2.25% 9.35%
+ MESG 05/23/2016 Siris Capital Group, LLC (N/A) All Cash $643 million $25.00 $24.46 405,340 09/30/2016 2.21% 9.16%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.65 $18.26 7 12/31/2016 2.13% 4.31%
+ EVHC 06/15/2016 AmSurg Corp. (AMSG) All Stock $7.66 billion $25.48 $24.96 3,178,898 12/31/2016 2.10% 4.26%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.43 $15.13 752,815 12/31/2016 1.98% 4.02%
+ HTS 04/11/2016 Annaly Capital Management, Inc. (NLY) All Stock $1.5 billion $16.72 $16.42 1,308,897 09/30/2016 1.82% 7.53%
+ CERE 06/17/2016 Land O’Lakes (N/A) All Cash $17.2 million $0.40 $0.393 547,642 09/30/2016 1.78% 7.39%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $16.68 $16.39 3,078,266 12/31/2016 1.77% 3.59%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $13.07 3,991 08/15/2016 1.68% 14.63%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.98 184,797 12/31/2016 1.63% 3.30%
+ RDEN 06/16/2016 Revlon, Inc. (REV) All Cash $870 million $14.00 $13.79 532,454 12/31/2016 1.52% 3.09%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.71 1,089,804 07/07/2016 1.47% 179.01%
+ MKTO 05/31/2016 Vista Equity Partners (N/A) All Cash $1.79 billion $35.25 $34.75 1,555,253 09/30/2016 1.44% 5.97%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $73.49 $72.50 1,090,952 06/30/2016 1.37% 0.00%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $37.34 $36.84 12,293 12/31/2016 1.37% 2.77%
+ SMT 05/26/2016 Foxconn Technology Group (N/A) All Cash N/A $4.50 $4.44 13,113 07/31/2016 1.35% 18.27%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $16.87 $16.68 696,566 12/31/2016 1.14% 2.32%
+ AXLL 06/10/2016 Westlake Chemical Corporation (WLK) All Cash $3.8 billion $33.00 $32.64 1,062,595 12/31/2016 1.10% 2.24%
+ RLOC 06/27/2016 Gannett Co., Inc. (GCI) All Cash $156 million $4.60 $4.55 1,377,612 09/30/2016 1.10% 4.56%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $16.97 735,310 12/15/2016 1.00% 2.23%
+ PLCM 04/15/2016 Mitel Networks Corporation (MITL) Cash Plus Stock $1.96 billlion $11.28 $11.17 807,128 09/30/2016 1.00% 4.13%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $56.44 386,165 01/01/2017 0.99% 2.00%
+ DRII 06/29/2016 Apollo Global Management, LLC (APO) All Cash $2.2 billion $30.25 $29.96 3,346,172 12/31/2016 0.97% 1.96%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $9.75 $9.66 1,532,756 09/30/2016 0.96% 3.98%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $35.72 407,259 09/30/2016 0.78% 3.25%
+ HTWR 06/27/2016 Medtronic plc (MDT) All Cash $1.1 billion $58.00 $57.55 711,276 10/28/2016 0.78% 2.46%
+ ELRC 05/31/2016 Platinum Equity (N/A) All Cash $382.2 million $15.50 $15.38 130,263 09/30/2016 0.78% 3.24%
+ HNSN 04/20/2016 Auris Surgical Robotics (N/A) All Cash $80 million $4.00 $3.97 44,479 06/30/2016 0.76% 0.00%
+ REXI 05/23/2016 C-III Capital Partners (N/A) All Cash $270 million $9.78 $9.71 148,496 11/15/2016 0.72% 1.96%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $4.20 91,199 12/31/2016 0.71% 1.45%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.29 $10.22 318,384 06/30/2016 0.69% 0.00%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.92 684,773 12/31/2016 0.57% 1.17%
+ SQI 05/31/2016 affiliates of Accel-KKR (N/A) All Cash $509 million $17.75 $17.66 443,308 09/30/2016 0.51% 2.11%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $20.19 $20.09 1,000,924 09/30/2016 0.49% 2.02%
+ EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) All Cash $2.2 billion $35.05 $34.89 433,722 09/30/2016 0.46% 1.90%
+ FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $4.2 billion $107.50 $107.01 335,222 01/31/2017 0.46% 0.79%
+ QLGC 06/15/2016 Cavium, Inc. (CAVM) Cash Plus Stock $1.36 billion $14.70 $14.65 709,968 09/30/2016 0.36% 1.48%
+ XNPT 05/23/2016 Arbor Pharmaceuticals, LLC (N/A) All Cash $467 million $7.03 $7.01 1,067,023 09/30/2016 0.29% 1.18%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.91 808,620 12/31/2016 0.22% 0.45%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.93 108,475 03/31/2017 0.21% 0.28%
+ IHS 03/21/2016 Markit Ltd. (MRKT) All Stock N/A $117.72 $117.51 517,161 12/31/2016 0.18% 0.37%
+ CPXX 05/31/2016 Jazz Pharmaceuticals Public Limited Company (JAZZ) All Cash $1.5 billion $30.25 $30.22 543,593 09/30/2016 0.10% 0.41%
+ KKD 05/09/2016 JAB Beech Inc. (N/A) All Cash $1.35 billion $21.00 $20.99 431,386 09/30/2016 0.05% 0.20%
+ LDRH 06/07/2016 Zimmer Biomet Holdings, Inc. (ZBH) All Cash $1 billion $37.00 $36.99 823,640 09/30/2016 0.03% 0.11%
+ DWRE 06/01/2016 salesforce.com, inc. (CRM) All Cash $2.8 billion $75.00 $74.99 1,031,776 07/31/2016 0.01% 0.18%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $60.05 447,731 12/31/2016 -0.08% -0.17%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.28 229,539 07/06/2016 -0.16% -29.95%
+ RRMS 05/31/2016 SemGroup Corporation (SEMG) All Stock $1.74 billion $27.06 $27.11 196,797 09/30/2016 -0.18% -0.76%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $17.22 $17.25 24,492 03/31/2017 -0.20% -0.27%
+ CLBH 06/22/2016 First Bancorp (FBNC) All Stock $97.3 million $17.86 $17.92 16,048 03/31/2017 -0.36% -0.49%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.87 595,733 06/30/2016 -0.45% 40.75%
+ SSRG 05/03/2016 an affiliate of RoundTable Healthcare Partners (N/A) All Cash $140.3 million $13.10 $13.18 87,675 09/30/2016 -0.61% -2.52%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $30.22 459,674 12/31/2016 -0.73% -1.48%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.19 1,072,440 12/31/2016 -0.75% -1.53%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $25.80 N/A 09/30/2016 -0.78% -3.22%
+ TTHI 06/30/2016 Opko Health, Inc. (OPK) All Stock $60 million $1.52 $1.53 836,920 12/31/2016 -0.89% -1.81%
+ ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $15.74 $15.96 813,022 05/31/2017 -1.36% -1.50%
+ ASEI 06/21/2016 OSI Systems, Inc. (OSIS) All Cash $269 million $37.00 $37.58 48,853 12/31/2016 -1.54% -3.13%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $25.67 $26.09 2,742,439 12/31/2016 -1.59% -3.23%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.26 $12.49 10,921 06/30/2016 -1.88% 171.69%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $15.73 $16.35 3,647 09/30/2016 -3.78% -15.70%
+ SKUL 06/24/2016 Incipio LLC (N/A) All Cash $177 million $5.75 $6.05 1,962,347 09/30/2016 -4.96% -20.57%
+ AEGR 06/15/2016 QLT Inc. (QLTI) All Stock $267.27 million $1.48 $1.58 459,178 12/31/2016 -6.20% -12.58%
+ IOC 05/20/2016 Oil Search Limited (OSH.AX) All Stock $2.2 billion $41.51 $46.74 1,102,383 09/30/2016 -11.20% -46.45%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.63 $11.35 86,967 03/31/2015 -59.17% 46.84%

Disclaimer: Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter@asifsuria

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Insider Weekends: July 1, 2016

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July 3, 2016 | Insider Buying | Author Asif

Welcome to edition 315 of Insider Weekends and a happy fourth of July weekend to all of you. I just got back from a trip to Hawaii and the island of Oahu was absolutely stunning. Given below are a couple of pictures of Hanauma Bay on the island of Oahu where I tried snorkeling for the first time and spotted Hawaii’s national fish called the Humuhumunukunukuapua’a (try pronouncing that one).

View of Hanauma Bay from the top

View of Hanauma Bay from the top

Snorkelers on Hanauma Bay

Snorkelers on Hanauma Bay

Getting back to the investing, Insider buying decreased by half last week with insiders buying $53.24 million of stock compared to $124.52 million in the week prior. Selling increased with insiders selling $984.67 million of stock last week compared to $462.5 million in the week prior.

Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week increased to 18.49. In other words, insiders sold  more than 18 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 3.71. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

Insider Sell Buy Ratio July 1, 2016

Insider Sell Buy Ratio July 1, 2016

Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

Notable Insider Buys:

1. Paratek Pharmaceuticals, Inc. (PRTK): $13.67

Shares of this biotech company were acquired by 2 insiders:

  • Director Richard J. Lim acquired 461,538 shares, paying $13.00 per share for a total amount of $5.99 million. These shares were purchased indirectly through a fund.
  • Chairman and CEO Michael Bigham acquired 20,000 shares, paying $13.45 per share for a total amount of $269,014. Mr. Bigham increased his stake by 25.00% to 100,000 shares with this purchase.

You can view the list of recent insider transactions for Paratek Pharmaceuticals, Inc. here.

P/E: N/A Forward P/E: N/A Industry P/E: N/A
P/S: N/A Price/Book: 3.36 EV/EBITDA: -1.67
Market Cap: $299.49M Avg. Daily Volume: 263,114 52 Week Range: $12.05 – $28.74

2. Accelerate Diagnostics, Inc. (AXDX): $16.22

Director Jack W. Schuler acquired 90,147 shares of this in vitro diagnostics company, paying $13.95 per share for a total amount of $1.26 million. These shares were purchased indirectly through a trust.

You can view the list of recent insider transactions for Accelerate Diagnostics, Inc. here.

P/E: N/A Forward P/E: N/A Industry P/E: 26.87
P/S: 2 Price/Book: 6.16 EV/EBITDA: -14.34
Market Cap: $830.76M Avg. Daily Volume: 255,452 52 Week Range: $10.29 – $31.29

3. NuStar GP Holdings, LLC (NSH): $25.36

Director William E. Greehey acquired 40,000 shares of this oil & gas pipeline company, paying $25.15 per share for a total amount of $1.01 million. These shares were purchased indirectly.

You can view the list of recent insider transactions for NuStar GP Holdings, LLC here.

P/E: 17.54 Forward P/E: 15.56 Industry P/E: 28.05
P/S: 15.91 Price/Book: 4.02 EV/EBITDA: N/A
Market Cap: $1.09B Avg. Daily Volume: 123,338 52 Week Range: $12.86 – $37.66

4. Cheniere Energy, Inc. (LNG): $38.65

President and CEO Jack A. Fusco acquired 29,000 shares of this liquefied natural gas company, paying $34.27 per share for a total amount of $993,760. Mr. Fusco increased his stake by 11.22% to 287,378 shares with this purchase. 14,500 of these shares were purchased indirectly by Fusco Energy Investments, LLP.

You can view the list of recent insider transactions for Cheniere Energy, Inc. here.

P/E: N/A Forward P/E: 50.19 Industry P/E: 28.05
P/S: 31.9 Price/Book: N/A EV/EBITDA: -100.22
Market Cap: $9.11B Avg. Daily Volume: 2,522,900 52 Week Range: $22.8 – $71.11

5. Leucadia National Corporation (LUK): $17.47

Director Patrick W. Campbell acquired 56,737 shares of this diversified holding company, paying $17.15 per share for a total amount of $973,040. Mr. Campbell increased his stake by 110.85% to 107,920 shares with this purchase.

You can view the list of recent insider transactions for Leucadia National Corporation here.

P/E: N/A Forward P/E: N/A Industry P/E: 16.85
P/S: 0.6 Price/Book: 0.62 EV/EBITDA: 17.11
Market Cap: $6.33B Avg. Daily Volume: 1,972,950 52 Week Range: $14.27 – $25.39

You can view the full list of purchases from this Insider Buying page.

Notable Insider Sales:

1. Facebook, Inc. (FB): $114.19

Shares of Facebook were sold by 2 insiders:

  • Director Jan Koum sold 1,434,530 shares for $109.64, generating $157.29 million from the sale. These shares were sold indirectly through a trust.
  • Chief Product Officer Christopher K. Cox sold 15,600 shares for $109.68, generating $1.71 million from the sale.

You can view the list of recent insider transactions for Facebook, Inc. here.

P/E: 69.84 Forward P/E: 24.82 Industry P/E: 27.47
P/S: 16.54 Price/Book: 6.91 EV/EBITDA: 32.43
Market Cap: $326.62B Avg. Daily Volume: 25,672,500 52 Week Range: $72 – $121.08

2. Sun Communities Inc. (SUI): $76.37

Chairman and CEO Gary A. Shiffman sold 115,521 shares of this residential REIT for $75.94, generating $8.77 million from the sale.

You can view the list of recent insider transactions for Sun Communities Inc. here.

P/E: 30.82 Forward P/E: 18.63 Industry P/E: 19.92
P/S: 7.15 Price/Book: 2.73 EV/EBITDA: 20.54
Market Cap: $4.95B Avg. Daily Volume: 543,305 52 Week Range: $61.65 – $77.17

3. Accenture plc (ACN): $113.52

Shares of this management and technology consulting company were sold by 7 insiders:

  • Chairman & CEO Pierre Nanterme sold 46,739 shares for $111.32, generating $5.2 million from the sale.
  • Group Chief Exec-Products Alexander M. Van’t Noordende sold 7,929 shares for $109.88, generating $871,246 from the sale.
  • Chief Operating Officer Johan Deblaere sold 5,000 shares for $109.88, generating $549,382 from the sale.
  • Chief Financial Officer David Rowland sold 4,553 shares for $109.84, generating $500,108 from the sale.
  • Chief Human Resources Officer Ellyn Shook sold 3,200 shares for $109.85, generating $351,533 from the sale.
  • Group Chief Exec-Resources Jean-Marc Ollagnier sold 2,237 shares for $109.82, generating $245,666 from the sale.
  • Group Chief Executive-Fin Serv Richard Lumb sold 1,250 shares for $109.88, generating $137,351 from the sale.

You can view the list of recent insider transactions for Accenture plc here.

P/E: 19.19 Forward P/E: 19.47 Industry P/E: 18.45
P/S: 2.18 Price/Book: 9.9 EV/EBITDA: 12.4
Market Cap: $70.67B Avg. Daily Volume: 2,162,970 52 Week Range: $88.43 – $120.78

4. Intercontinental Exchange, Inc. (ICE): $252.74

Chief Executive Officer Jeffrey C. Sprecher sold 24,606 shares of this financial services and brokerage company for $251.95, generating $6.19 million from the sale. 9,606 of these shares were sold as a result of exercising options immediately prior to the sale.

You can view the list of recent insider transactions for Intercontinental Exchange, Inc. here.

P/E: 21.64 Forward P/E: 16.36 Industry P/E: 19.01
P/S: 8.09 Price/Book: 2.02 EV/EBITDA: 15.3
Market Cap: $30.09B Avg. Daily Volume: 796,209 52 Week Range: $220.28 – $271.95

5. Adobe Systems Incorporated (ADBE): $95.32

Shares of this software company were sold by 4 insiders:

  • EVP & GM, Digital Marketing Bradley Rencher sold 37,562 shares for $95.46, generating $3.59 million from the sale.
  • EVP & GM, Digital Media Bryan Lamkin sold 9,616 shares for $95.04, generating $913,905 from the sale.
  • Director John E. Warnock sold 4,000 shares for $95.15, generating $380,605 from the sale. These shares were sold indirectly through a trust.
  • VP, Corp. Controller & CAO Richard Rowley sold 271 shares for $95.68, generating $25,929 from the sale.

You can view the list of recent insider transactions for Adobe Systems Incorporated here.

P/E: 53.85 Forward P/E: 25.02 Industry P/E: 41.88
P/S: 9.03 Price/Book: 6.61 EV/EBITDA: 29.64
Market Cap: $47.68B Avg. Daily Volume: 2,555,390 52 Week Range: $71.27 – $100.56

You can view the full list of sales from this Insider Sales page.

Disclaimer Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter @asifsuria

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Merger Arbitrage Mondays – June 27, 2016

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June 26, 2016 | Merger Arbitrage | Author Asif

Merger activity increased last week with three new deals announced and six deals closing.

You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.

Deal Statistics:

Total Number of Deals Closed in 2016 99
Total Number of Deals Not Completed in 2016 5
Total Number of Pending Deals
Cash Deals 59
Stock Deals 21
Stock & Cash Deals 14
Special Conditions 10
Total Number of Pending Deals 104
Total Deal Size $923.19 billion

New Deals:

  1. The acquisition of American Science & Engineering (ASEI) by OSI Systems (OSIS) for $269 million or $37.00 per share in cash.
  2. The acquisition of Carolina Bank Holdings (CLBH) by First Bancorp (FBNC) for $97.3 million in a stock or cash deal. Under the terms of the agreement, Carolina Bank Holdings shareholders will receive either 1.002 shares of First Bancorp’s common stock or $20.00 in cash for each share of Carolina Bank Holdings common stock, subject to the total consideration being 75% stock / 25% cash. We have entered this deal as an all stock deal in our database.
  3. The acquisition of Skullcandy (SKUL) by Incipio for $177 million or $5.75 per share in cash.

Deal Updates:

  1. On June 21, 2016, Avenue Financial Holdings (AVNU) announced that its shareholders approved the proposed merger with Pinnacle Financial Partners (PNFP) at its special shareholders’ meeting. The deal is expected to close on or about July 1, 2016.
  2. On June 23, 2016, California Insurance Commissioner Dave Jones weighed in against health insurer Aetna (AET) proposed $34 billion acquisition of Humana (HUM), urging national antitrust regulators to block the deal.
  3. On June 24, 2016, Platinum Equity and Electro Rent Corporation (ELRC) announced that the purchase price for Platinum Equity’s previously announced acquisition of Electro Rent has increased by 18% to $15.50 per share in cash from $13.12 per share, now valuing the purchase price at approximately $382.2 million.
  4. On June 24, 2016, ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to July 7, 2016.
  5. On June 24, 2016, Energy Transfer Equity (ETE) announced that the Delaware Court of Chancery has issued an opinion finding that ETE is contractually entitled to terminate its merger agreement with The Williams Companies (WMB) in the event ETE’s counsel Latham & Watkins LLP is unable to deliver a required tax opinion prior to the June 28, 2016 outside date in the merger agreement.
  6. On June 24, 2016, Full Circle Capital Corporation (FULLannounced that it has entered into a merger agreement with Great Elm Capital, a company formed by Great Elm Capital Group. The combined company, to be named Great Elm Capital Corp., will apply for listing on NASDAQ under the symbol “GECC”. Full Circle stockholders are expected to own approximately 38% of the combined Great Elm Capital Corp., based on a pro-forma net asset value in excess of $190 million as of March 31, 2016.

Closed Deals:

  1. The acquisition of The Phoenix Companies (PNX) by Nassau Reinsurance Group Holdings on June 20, 2016. It took 265 days for this deal to be completed.
  2. The acquisition of Alexza Pharmaceuticals (ALXA) by Grupo Ferrer Internacional on June 21, 2016. It took 42 days for this for this deal to be completed.
  3. The acquisition of Cablevision Systems Corporation (CVC) by Altice on June 21, 2016. It took 278 days for this deal to be completed.
  4. The acquisition of China Ming Yang Wind Power Group Limited (MY) by a consortium of investors (the Buyer Consortium), including Mr. Chuanwei Zhang, the Chairman and Chief Executive Officer of the Company on June 22, 2016. It took 140 days for this deal to be completed.
  5. The acquisition of Northern Tier Energy (NTI) by Western Refining (WNR) on June 23, 2016. It took 185 days for this deal to be completed.
  6. The acquisition of Anacor Pharmaceuticals (ANAC) by Pfizer (PFE) on June 24, 2016. It took 39 days for this deal to be completed.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) $43.50 $21.31 06/30/2016 104.13% 12669.09%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $41.60 12/31/2016 34.62% 67.56%
CI 07/24/2015 Anthem, Inc. (ANTM) $168.51 $127.71 12/31/2016 31.95% 62.36%
HUM 07/03/2015 Aetna Inc. (AET) $223.54 $182.90 12/31/2016 22.22% 43.37%
FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) $26.80 $22.71 06/30/2016 18.01% 2191.18%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.71 12/31/2016 16.73% 32.66%
WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) $0.95 $0.83 03/31/2017 14.46% 19.05%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $34.79 12/31/2016 11.81% 23.06%
DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) $6.70 $6.00 12/31/2016 11.67% 22.77%
BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) $25.00 $22.50 06/30/2016 11.11% 1351.85%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $21.31 20,533,696 06/30/2016 104.13% 12669.09%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $41.60 1,035,862 12/31/2016 34.62% 67.56%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $168.51 $127.71 3,101,872 12/31/2016 31.95% 62.36%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $223.54 $182.90 916,985 12/31/2016 22.22% 43.37%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $22.71 204,551 06/30/2016 18.01% 2191.18%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.71 17,349,320 12/31/2016 16.73% 32.66%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.83 96,072 03/31/2017 14.46% 19.05%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $34.79 2,156,890 12/31/2016 11.81% 23.06%
+ DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) All Cash $556 million $6.70 $6.00 528,348 12/31/2016 11.67% 22.77%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $22.50 291,681 06/30/2016 11.11% 1351.85%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $71.80 2,832,580 06/30/2016 10.77% 1309.87%
+ AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) All Cash $748.36 million $6.66 $6.02 21,968 12/31/2016 10.63% 20.75%
+ APOL 02/08/2016 A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A) All Cash $1.1 billion $10.00 $9.11 786,745 08/31/2016 9.77% 54.86%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.69 100,481 06/30/2016 8.40% 1022.13%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.00 30,341 08/15/2016 8.33% 62.07%
+ LXK 04/19/2016 consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A) All Cash $3.6 billion $40.50 $37.40 1,102,854 12/31/2016 8.29% 16.18%
+ KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) All Cash N/A $1.08 $0.998 44,841 12/31/2016 8.22% 16.04%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $9.92 1,136,578 09/30/2016 7.86% 30.21%
+ WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $55.72 1,398,294 03/31/2017 7.68% 10.12%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.44 74,445 09/30/2016 7.38% 28.34%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.27 $13.56 499,465 08/15/2016 5.23% 38.93%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $107.60 887,763 03/31/2017 5.02% 6.61%
+ PBCP 06/02/2016 Prudential Bancorp, Inc. (PBIP) Special Conditions $38.1 million $11.28 $10.75 125 12/31/2016 4.93% 9.62%
+ TLN 06/03/2016 affiliates of Riverstone Holdings LLC (N/A) All Cash $5.2 billion $14.00 $13.39 3,832,970 12/31/2016 4.56% 8.89%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.16 2,520,232 12/31/2016 4.17% 8.13%
+ HTS 04/11/2016 Annaly Capital Management, Inc. (NLY) All Stock $1.5 billion $16.58 $15.98 2,541,896 09/30/2016 3.76% 14.45%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $79.76 $76.88 5,295,970 12/31/2016 3.75% 7.32%
+ QLIK 06/02/2016 Thoma Bravo, LLC (N/A) All Cash $3 billion $30.50 $29.41 8,654,045 09/30/2016 3.71% 14.24%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $47.15 $45.61 1,743,355 12/31/2016 3.38% 6.59%
+ LNKD 06/13/2016 Microsoft Corporation (MSFT) All Cash $26.2 billion $196.00 $190.11 5,708,842 12/31/2016 3.10% 6.05%
+ FMD 06/02/2016 FP Resources USA Inc. (N/A) All Cash $65.5 million $5.05 $4.90 15,961 09/30/2016 3.06% 11.76%
+ MESG 05/23/2016 Siris Capital Group, LLC (N/A) All Cash $643 million $25.00 $24.42 421,047 09/30/2016 2.38% 9.13%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $42.52 $41.60 8,918,086 09/30/2016 2.20% 8.46%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.70 26,088 06/30/2016 2.19% 266.42%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.27 $14.95 958,874 12/31/2016 2.14% 4.18%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $16.25 $15.92 3,037,774 12/31/2016 2.04% 3.98%
+ AXLL 06/10/2016 Westlake Chemical Corporation (WLK) All Cash $3.8 billion $33.00 $32.35 5,027,431 12/31/2016 2.01% 3.92%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.91 387,279 12/31/2016 1.85% 3.61%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $56.00 977,175 01/01/2017 1.79% 3.47%
+ EVHC 06/15/2016 AmSurg Corp. (AMSG) All Stock $7.66 billion $26.44 $25.99 2,928,621 12/31/2016 1.72% 3.35%
+ FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $4.2 billion $107.50 $105.71 4,099,301 01/31/2017 1.69% 2.84%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $13.07 2,609 08/15/2016 1.68% 12.54%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $16.64 $16.37 1,150,060 12/31/2016 1.66% 3.25%
+ CERE 06/17/2016 Land O’Lakes (N/A) All Cash $17.2 million $0.40 $0.394 836,947 09/30/2016 1.52% 5.85%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $37.10 $36.57 386,832 12/31/2016 1.45% 2.84%
+ REXI 05/23/2016 C-III Capital Partners (N/A) All Cash $270 million $9.78 $9.64 347,093 11/15/2016 1.45% 3.76%
+ RDEN 06/16/2016 Revlon, Inc. (REV) All Cash $870 million $14.00 $13.80 2,874,331 12/31/2016 1.45% 2.83%
+ MKTO 05/31/2016 Vista Equity Partners (N/A) All Cash $1.79 billion $35.25 $34.76 3,151,008 09/30/2016 1.41% 5.42%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $18.73 $18.49 752,144 06/30/2016 1.29% 156.89%
+ CLBH 06/22/2016 First Bancorp (FBNC) All Stock $97.3 million $18.03 $17.82 51,956 03/31/2017 1.16% 1.52%
+ SMT 05/26/2016 Foxconn Technology Group (N/A) All Cash N/A $4.50 $4.45 30,016 07/31/2016 1.12% 12.06%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.65 399,026 03/31/2017 1.04% 1.37%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.80 1,857,300 07/07/2016 1.01% 36.87%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $9.83 $9.73 4,635,966 09/30/2016 1.00% 3.85%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $4.19 131,042 12/31/2016 0.95% 1.86%
+ SQI 05/31/2016 affiliates of Accel-KKR (N/A) All Cash $509 million $17.75 $17.59 2,544,302 09/30/2016 0.91% 3.49%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $73.14 $72.55 1,778,818 06/30/2016 0.81% 98.94%
+ EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) All Cash $2.2 billion $35.05 $34.77 1,462,924 09/30/2016 0.81% 3.09%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.89 2,346,276 12/31/2016 0.79% 1.55%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.55 5,192,910 12/31/2016 0.76% 1.47%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $35.74 1,619,034 09/30/2016 0.73% 2.80%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.71 3,818,743 12/31/2016 0.71% 1.39%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.30 $10.23 903,709 06/30/2016 0.66% 80.61%
+ NSPH 05/16/2016 Luminex Corporation (LMNX) All Cash $58 million $1.70 $1.69 1,300,130 06/30/2016 0.59% 71.99%
+ HNSN 04/20/2016 Auris Surgical Robotics (N/A) All Cash $80 million $4.00 $3.98 75,983 06/30/2016 0.50% 61.14%
+ RRMS 05/31/2016 SemGroup Corporation (SEMG) All Stock $1.74 billion $25.45 $25.36 122,264 09/30/2016 0.35% 1.35%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.08 2,396,483 12/15/2016 0.35% 0.75%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.66 1,228,443 06/30/2016 0.34% 41.07%
+ QLGC 06/15/2016 Cavium, Inc. (CAVM) Cash Plus Stock $1.36 billion $14.70 $14.65 3,027,105 09/30/2016 0.31% 1.20%
+ KKD 05/09/2016 JAB Beech Inc. (N/A) All Cash $1.35 billion $21.00 $20.94 1,544,220 09/30/2016 0.29% 1.10%
+ XNPT 05/23/2016 Arbor Pharmaceuticals, LLC (N/A) All Cash $467 million $7.03 $7.01 526,909 09/30/2016 0.29% 1.10%
+ ELRC 05/31/2016 Platinum Equity (N/A) All Cash $382.2 million $15.50 $15.46 911,320 09/30/2016 0.26% 0.99%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $19.81 $19.76 1,757,263 09/30/2016 0.25% 0.96%
+ CPXX 05/31/2016 Jazz Pharmaceuticals Public Limited Company (JAZZ) All Cash $1.5 billion $30.25 $30.19 4,127,809 09/30/2016 0.20% 0.76%
+ UNTD 05/04/2016 B. Riley Financial, Inc. (RILY) All Cash $170 million $11.00 $10.98 475,976 09/30/2016 0.18% 0.70%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $65.90 1,069,044 12/31/2016 0.15% 0.30%
+ DWRE 06/01/2016 salesforce.com, inc. (CRM) All Cash $2.8 billion $75.00 $74.90 2,774,928 07/31/2016 0.13% 1.43%
+ CPGX 03/17/2016 TransCanada Corporation (TRP) All Cash $13 billion $25.50 $25.47 7,186,762 12/31/2016 0.12% 0.23%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.24 806,650 09/30/2016 0.05% 0.21%
+ PLCM 04/15/2016 Mitel Networks Corporation (MITL) Cash Plus Stock $1.96 billlion $11.60 $11.60 1,571,269 09/30/2016 -0.04% -0.14%
+ LDRH 06/07/2016 Zimmer Biomet Holdings, Inc. (ZBH) All Cash $1 billion $37.00 $37.03 1,066,926 09/30/2016 -0.08% -0.31%
+ SKUL 06/24/2016 Incipio LLC (N/A) All Cash $177 million $5.75 $5.76 12,348,633 09/30/2016 -0.17% -0.67%
+ IHS 03/21/2016 Markit Ltd. (MRKT) All Stock N/A $111.00 $111.28 548,071 12/31/2016 -0.25% -0.49%
+ MGN 05/24/2016 Hecla Mining Co. (HL) All Stock N/A $1.05 $1.05 103,464 09/30/2016 -0.30% -1.14%
+ SSRG 05/03/2016 an affiliate of RoundTable Healthcare Partners (N/A) All Cash $140.3 million $13.10 $13.14 654,675 09/30/2016 -0.30% -1.17%
+ FCTY 03/10/2016 Midland Financial Co. (N/A) All Cash N/A $11.22 $11.26 11,163 12/31/2016 -0.36% -0.69%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.66 1,844,535 06/30/2016 -0.40% -48.39%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.12 1,163,896 12/31/2016 -0.48% -0.93%
+ ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $15.74 $15.83 3,144,303 05/31/2017 -0.55% -0.60%
+ ASEI 06/21/2016 OSI Systems, Inc. (OSIS) All Cash $269 million $37.00 $37.23 262,515 12/31/2016 -0.62% -1.21%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.71 $12.81 44,445 06/30/2016 -0.77% -94.22%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $25.80 N/A 09/30/2016 -0.78% -2.98%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.09 $18.25 27,767 12/31/2016 -0.87% -1.71%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.19 $12.30 19,670 12/31/2016 -0.92% -1.79%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $18.80 $19.01 813,399 07/01/2016 -1.10% -100.23%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $24.31 $24.59 2,053,782 12/31/2016 -1.12% -2.18%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $17.94 $18.15 515,806 03/31/2017 -1.15% -1.51%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $34.15 426,199 06/30/2016 -1.90% -231.58%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $30.95 1,046,766 12/31/2016 -3.07% -5.99%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $19.81 $20.62 140,252 07/01/2016 -3.92% -357.43%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $15.47 $16.24 26,026 09/30/2016 -4.72% -18.14%
+ IOC 05/20/2016 Oil Search Limited (OSH.AX) All Stock $2.2 billion $38.46 $41.61 377,926 09/30/2016 -7.56% -29.05%
+ AEGR 06/15/2016 QLT Inc. (QLTI) All Stock $267.27 million $1.38 $1.54 2,694,553 12/31/2016 -10.09% -19.70%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $5.51 $11.63 286,730 03/31/2015 -52.61% 42.30%

Disclaimer: Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter@asifsuria

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Insider Weekends: June 24, 2016

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June 26, 2016 | Insider Buying | Author Asif

Welcome to edition 314 of Insider Weekends. Insider buying increased last week with insiders buying $124.52 million of stock compared to $81.74 million in the week prior. Selling decreased with insiders selling $462.5 million of stock last week compared to $1.15 billion in the week prior.

Nearly 80% of the insider buying last week was related to the 10% owner and Singapore based investment company Shanda Group increasing their stake in Lending Club (LC) after the big drop in the company’s shares in April that eventually led to the CEO resigning.

Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week dropped to 3.71. In other words, insiders sold  almost 4 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 14.06. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

Insider Sell Buy Ratio June 24, 2016

Insider Sell Buy Ratio June 24, 2016

Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

Notable Insider Buys:

1. Applied Optoelectronics, Inc. (AAOI): $9.82

Director Alan D. Moore acquired 105,000 shares of this fiber-optic networking products provider, paying $10.08 per share for a total amount of $1.06 million. Mr. Moore increased his stake by 89.33% to 222,542 shares with this purchase.

You can view the list of recent insider transactions for Applied Optoelectronics, Inc. here.

P/E: 16.53 Forward P/E: 8.69 Industry P/E: 27.01
P/S: 0.85 Price/Book: 1.08 EV/EBITDA: 8.9
Market Cap: $167.70M Avg. Daily Volume: 499,444 52 Week Range: $8.08 – $22.79

2. TICC Capital Corp. (TICC): $5.18

Shares of this business development company were acquired by 3 insiders:

  • President and COO Saul B. Rosenthal acquired 68,800 shares, paying $5.45 per share for a total amount of $374,649. Mr. Rosenthal increased his stake by 9.00% to 833,651 shares with this purchase.
  • Chief Executive Officer Jonathan H. Cohen acquired 68,800 shares, paying $5.45 per share for a total amount of $374,649. Mr. Cohen increased his stake by 7.11% to 1,036,514 shares with this purchase.
  • Director Charles M. Royce acquired 34,400 shares, paying $5.45 per share for a total amount of $187,325. Mr. Royce increased his stake by 7.74% to 478,614 shares with this purchase.

You can view the list of recent insider transactions for TICC Capital Corp. here.

P/E: N/A Forward P/E: 11.02 Industry P/E: N/A
P/S: 3.34 Price/Book: 0.89 EV/EBITDA: N/A
Market Cap: $266.66M Avg. Daily Volume: 282,848 52 Week Range: $4.16 – $7.1

3. Pure Storage, Inc. (PSTG): $10.15

10% Owner James N. White acquired 66,000 shares of this enterprise data storage platform provider, paying $10.12 per share for a total amount of $667,920. 16,000 of these shares were purchased indirectly by Mr. White’s children and 50,000 shares were purchased indirectly by a limited partnership.

We normally tend to avoid highlighting purchases by 10% owners but decided to make an exception in this case. Mr. White is a Managing Director at the Venture Capital firm Sutter Hill Ventures and Sutter Hill was an investor in Pure Storage through its Series A through F rounds of investments before it became a public company. These purchases stood out because some of these purchases were made by Mr. White for his children or were acquired directly by his children.

You can view the list of recent insider transactions for Pure Storage, Inc. here.

P/E: N/A Forward P/E: N/A Industry P/E: N/A
P/S: 4.18 Price/Book: 3.9 EV/EBITDA: -7.64
Market Cap: $1.97B Avg. Daily Volume: 1,661,640 52 Week Range: $9.62 – $20.6

4. Minerva Neurosciences, Inc. (NERV): $10.23

Director David Kupfer acquired 55,635 shares of this biotech company, paying $10.84 per share for a total amount of $603,001. Mr. Kupfer increased his stake by 36.23% to 209,188 shares with this purchase. 27,935 of these shares were purchased indirectly by Mr. Kupfer’s wife.

You can view the list of recent insider transactions for Minerva Neurosciences, Inc. here.

P/E: N/A Forward P/E: N/A Industry P/E: 26.17
P/S: N/A Price/Book: 4.53 EV/EBITDA: -8.98
Market Cap: $339.69M Avg. Daily Volume: 1,156,850 52 Week Range: $3.45 – $15.84

5. Biglari Holdings Inc. (BH): $425.69

Director Sardar Biglari, acquired 1,359 shares of this restaurant holding company, paying $397.65 per share for a total amount of $540,401. These shares were purchased indirectly by The Lion Fund.

You can view the list of recent insider transactions for Biglari Holdings Inc. here.

P/E: 23.55 Forward P/E: 33.65 Industry P/E: 22.92
P/S: 1 Price/Book: 1.76 EV/EBITDA: 20.04
Market Cap: $879.84M Avg. Daily Volume: 5,663 52 Week Range: $321 – $459.43

You can view the full list of purchases from this Insider Buying page.

Notable Insider Sales:

1. Fidelity National Financial, Inc. (FNF): $34.67

Shares of this insurance company were sold by 3 insiders:

  • Director William P. Foley II sold 862,775 shares for $34.81, generating $30.03 million from the sale.
  • Chief Operating Officer Roger S. Jewkes sold 57,459 shares for $35.33, generating $2.03 million from the sale. 38,282 of these shares were sold as a result of exercising options immediately prior to the sale.
  • Chief Executive Officer Raymond R. Quirk sold 37,613 shares for $34.75, generating $1.31 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.

You can view the list of recent insider transactions for Fidelity National Financial, Inc. here.

P/E: 18.69 Forward P/E: 13.18 Industry P/E: 13.54
P/S: 1.07 Price/Book: 1.71 EV/EBITDA: 8.45
Market Cap: $9.50B Avg. Daily Volume: 1,208,830 52 Week Range: $28.24 – $40.25

2. Facebook, Inc. (FB): $112.08

Shares of Facebook were sold by 2 insiders:

  • Chief Operating Officer Sheryl Sandberg sold 109,000 shares for $114.19, generating $12.45 million from the sale. 52,404 of these shares were sold as a result of exercising options immediately prior to the sale.
  • Director Jan Koum sold 19,534 shares for $115.01, generating $2.25 million from the sale. These shares were sold indirectly through a trust.

You can view the list of recent insider transactions for Facebook, Inc. here.

P/E: 68.55 Forward P/E: 24.31 Industry P/E: 27.47
P/S: 16.65 Price/Book: 6.96 EV/EBITDA: 31.79
Market Cap: $320.58B Avg. Daily Volume: 25,794,200 52 Week Range: $72 – $121.08

3. Celgene Corporation (CELG): $96.29

Executive Chairman Robert J. Hugin sold 75,000 shares of this biotech company for $100.16, generating $7.5 million from the sale.

You can view the list of recent insider transactions for Celgene Corporation here.

P/E: 46.83 Forward P/E: 13.76 Industry P/E: 26.17
P/S: 8.05 Price/Book: 15.37 EV/EBITDA: 25.68
Market Cap: $74.59B Avg. Daily Volume: 4,368,440 52 Week Range: $92.98 – $140.72

4. DexCom, Inc. (DXCM): $77.46

Shares of this medical devices company were sold by 3 insiders:

  • EVP, Clinical, Regulatory Andrew K. Balo sold 55,000 shares for $75.00, generating $4.13 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
  • President & CEO Kevin R. Sayer sold 35,000 shares for $75.00, generating $2.63 million from the sale.
  • SVP, Operations Jeffrey Moy sold 7,209 shares for $77.00, generating $555,093 from the sale. These shares were sold indirectly through a trust.

You can view the list of recent insider transactions for DexCom, Inc. here.

P/E: N/A Forward P/E: 242.06 Industry P/E: 26.87
P/S: 14.53 Price/Book: 27.99 EV/EBITDA: -122.5
Market Cap: $6.46B Avg. Daily Volume: 894,989 52 Week Range: $47.92 – $103.29

5. Black Knight Financial Services, Inc. (BKFS): $34.84

Shares of this business software & services company were sold by 2 insiders:

  • Chairman William P. Foley II sold 139,722 shares for $34.24, generating $4.78 million from the sale.
  • Chief Operating Officer Anthony Orefice sold 42,125 shares for $35.00, generating $1.47 million from the sale.

You can view the list of recent insider transactions for Black Knight Financial Services, Inc. here.

P/E: 71.54 Forward P/E: 27.43 Industry P/E: 23.98
P/S: 2.44 Price/Book: 2.78 EV/EBITDA: 11.65
Market Cap: $2.41B Avg. Daily Volume: 157,845 52 Week Range: $25.24 – $38.85

You can view the full list of sales from this Insider Sales page.

Disclaimer Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter @asifsuria

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