Insider Buying

Insider Weekends – May 17, 2013

May 18, 2013 | Insider Buying | Author Asif

Welcome to edition 153 of Insider Weekends. Insider buying decreased slightly with insiders purchasing $65.81 million of their stock last week compared to $66.13 million in the week prior. Selling increased with insiders selling $3.65 billion of stock last week compared to $2.06 billion 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 55.43. In other words, insiders sold more than 55 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 31.13. 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 May 17, 2013

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. United States Steel Corp. (X): $18.32

Director Murry Gerber acquired 72,075 shares of this steel company, paying $18.99 per share for a total amount of $1.4 million. Mr. Gerber increased his stake by 156.13% to 118,237 shares with this purchase.

You can view the list of recent insider transactions for United States Steel Corp. here.

2. Opko Health, Inc. (OPK): $7.16

CEO & Chairman Phillip Frost M.D. acquired 164,900 shares of this medical devices and drug development company, paying $6.95 per share for a total amount of $1.1 million. These shares were purchased indirectly  by Frost Gamma Investments Trust.

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

3. Luminex Corporation (LMNX): $18.41

Director Walter G. Loewenbaum II acquired 58,500 shares of this biological testing and diagnostics company, paying $18.26 per share for a total amount of $1,068,215. Mr. Loewenbaum increased his stake by 8.84% to 720,127 shares with this purchase.

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

4. MediciNova Inc. (MNOV): $3.54

Director Tatsuo Izumi acquired 158,730 shares of this biotech company, paying $3.15 per share for a total amount of $500,000. These shares were purchased indirectly by a Limited Liability Company.

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

5. Hecla Mining Co. (HL): $3.17

President & CEO Phillips S. Baker Jr. acquired 150,000 shares of this Idaho based mining company, paying $3.19 per share for a total amount of $478,260. Mr. Baker increased his stake by 19.20% to 931,432 shares with this purchase.

This is an interesting purchase given the recent drop in precious metal prices and the fact that Hecla is one of the largest and lowest-cost producers of primary silver in the United States.

You can view the list of recent insider transactions for Hecla Mining Co. here.

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

Notable Insider Sales:

1. Franklin Resources Inc. (BEN): $168.32

Vice Chairman Rupert H. Johnson Jr. sold 150,000 shares of this asset management company for $167.10, generating $25.1 million from the sale. These shares were sold indirectly through an IRA.

You can view the list of recent insider transactions for Franklin Resources Inc. here.

2. News Corp. (NWS): $33.35

Dep. COO/Chair and CEO, Int’l James R. Murdoch sold 752,000 shares of this media company for $33.32, generating $25.1 million from the sale. 601,600 shares were sold indirectly through a trust.

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

3. 3D Systems Corp. (DDD): $46.66

Shares of this 3D printers company were sold by 4 insiders:

• President and CEO Abraham N. Reichental sold 400,000 shares for $40.00, generating $16 million from the sale.
• SVP, Chief Financial Officer Damon Joseph Gregoire sold 45,000 shares for $40.00, generating $1.8 million from the sale.
• Director Jim D. Kever sold 38,000 shares for $40.00, generating $1.5 million from the sale.
• Director Daniel Van Riper sold 17,220 shares for $45.80, generating $788,594 from the sale.

You can view the list of recent insider transactions for 3D Systems Corp. here.

4. Whole Foods Market, Inc. (WFM): $103.77

Shares of this grocery chain were sold by 16 insiders:

• Chief Executive Officer John P. Mackey sold 100,000 shares for $101.41, generating $10.1 million from the sale.
• Director Jonathan A. Seiffer sold 25,000 shares for $102.10, generating $2.6 million from the sale.
• Chief Executive Officer Walter E. Robb IV sold 10,000 shares for $101.50, generating $1.02 million from the sale.
• Chief Financial Officer Glenda J. Flanagan sold 9,150 shares for $102.01, generating $933,400 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
• Regional President Laura A. Derba sold 3,526 shares for $102.26, generating $360,574 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
• Regional President Mark T. Dixon sold 3,464 shares for $102.42, generating $354,792 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
• President and COO A. C. Gallo sold 3,210 shares for $100.90, generating $323,889 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
• Regional President Juan Nunez sold 2,625 shares for $101.00, generating $265,125 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
• Regional President Michael Bashaw sold 2,625 shares for $100.79, generating $264,569 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
• Director Gabrielle E. Greene sold 2,500 shares for $100.89, generating $252,235 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
• Director Shahid M. Hassan sold 2,500 shares for $100.82, generating $252,050 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
• Director Ralph Z. Sorenson sold 2,250 shares for $100.84, generating $226,897 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
• Regional President Patrick E. Bradley sold 2,225 shares for $103.00, generating $229,175 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
• Regional President Omar Gaye sold 2,060 shares for $102.31, generating $210,757 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
• GVP of Legal Affairs & General Counsel Roberta Lang sold 1,153 shares for $102.76, generating $118,485 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
• Regional President Joseph Rogoff sold 1,034 shares for $101.68, generating $105,135 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 Whole Foods Market, Inc. here.

5. ServiceNow, Inc. (NOW): $40.39

Shares of this software-as-a-service provider were sold by 6 insiders:

• Director Charles Noell III sold 208,683 shares for $40.21, generating $8.4 million from the sale. 52,186 of these shares were sold indirectly through a trust.
• Director Paul V. Barber sold 55,644 shares for $40.07, generating $2.2 million from the sale. 8,814 of these shares were sold indirectly through a trust.
• SVP Worldwide Sales & Services David Schneider sold 32,500 shares for $40.40, generating $1.3 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
• SVP, Development & Customer Support Daniel McGee sold 30,000 shares for $40.52, generating $1.2 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
• CFO Michael Scarpelli sold 20,000 shares for $39.78, generating $795,534 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
• Director Ronald E. Codd sold 20,000 shares for $40.00, generating $800,000 from the sale.

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

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

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Insider Weekends – May 10, 2013

May 12, 2013 | Insider Buying | Author Asif

Welcome to edition 152 of Insider Weekends. Insider buying increased with insiders purchasing $66.13 million of their stock last week compared to $21.26 million in the week prior. Selling also increased with insiders selling $2.06 billion of stock last week compared to $1.94 billion 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 31.13. In other words, insiders sold more than 31 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 91.2. 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 May 10, 2013

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. JPMorgan Chase & Co. (JPM): $48.96

Director James S. Crown acquired 301,477 shares of JPMorgan, paying $47.29 per share for a total amount of $14.26 million. These shares were purchased indirectly through family funds.

You can view the list of recent insider transactions for JPMorgan Chase & Co. here.

2. Independent Bank Group, Inc. (IBTX): $29

Shares of this regional bank were acquired by 4 insiders:

• Director Stacy G. Smith acquired 82,850 shares, paying $26.21 per share for a total amount of $2,171,496. 19,230 of these shares were acquired indirectly by SCW Partners, LLC.
• Director Craig E. Holmes acquired 3,500 shares, paying $28.97 per share for a total amount of $101,393. Mr. Holmes increased his stake by 364.58% to 4,460 shares with this purchase.
• EVP/CFO Michelle S. Hickox acquired 1,500 shares, paying $28.97 per share for a total amount of $43,455. Ms. Hickox increased her stake by 18.75% to 9,500 shares with this purchase.
• Vice Chairman and CLO Brian E. Hobart acquired 500 shares, paying $28.70 per share for a total amount of $14,350. Mr. Hobart increased his stake by 0.24% to 211,011 shares with this purchase.

You can view the list of recent insider transactions for Independent Bank Group, Inc. here.

3. ABIOMED, Inc. (ABMD): $22.4

Director Henri A. Termeer acquired 100,000 shares of this medical devices company, paying $19.86 per share for a total amount of $1,986,410. Mr. Termeer increased his stake by 54.83% to 282,398 shares with this purchase.

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

4. Luminex Corporation (LMNX): $18.38

Director Walter G. Loewenbaum II acquired 93,235 shares of this biological testing and diagnostics company, paying $17.18 per share for a total amount of $1,601,980. Mr. Loewenbaum increased his stake by 16.40% to 661,627 shares with this purchase.

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

5. Walter Energy, Inc. (WLT): $19.59

Shares of this metallurgical coal producer were acquired by 11 insiders:

• Director Michael T. Tokarz acquired 25,000 shares, paying $17.75 per share for a total amount of $443,750. Mr. Tokarz increased his stake by 43.22% to 82,844 shares with this purchase.
• Director Joseph B. Leonard acquired 16,700 shares, paying $17.73 per share for a total amount of $296,091. Mr. Leonard increased his stake by 229.27% to 23,984 shares with this purchase.
• Director Bernard G. Rethore acquired 10,000 shares, paying $17.56 per share for a total amount of $175,600. Mr. Rethore increased his stake by 108.18% to 19,244 shares with this purchase.
• Chief Executive Officer Walter J. Scheller acquired 8,585 shares, paying $17.57 per share for a total amount of $150,838. Mr. Scheller increased his stake by 21.62% to 48,291 shares with this purchase.
• Sr VP-General Counsel & Secretary Earl H. Doppelt acquired 5,000 shares, paying $17.40 per share for a total amount of $87,000. Mr. Doppelt increased his stake by 19.85% to 30,185 shares with this purchase.
• Director David R. Beatty acquired 5,000 shares, paying $17.72 per share for a total amount of $88,600. Mr. Beatty increased his stake by 35.57% to 19,057 shares with this purchase.
• Director A J. Wagner acquired 5,000 shares, paying $18.89 per share for a total amount of $94,450. These shares were purchased indirectly through a Self-managed IRA.
• Sr. VP-Chief Financial Officer William G. Harvey acquired 5,000 shares, paying $17.56 per share for a total amount of $87,800. Mr. Harvey increased his stake by 59.69% to 13,377 shares with this purchase.
• SVP, Project Development Charles C. Stewart acquired 3,000 shares, paying $16.81 per share for a total amount of $50,430. Mr. Stewart increased his stake by 8.73% to 37,379 shares with this purchase.
• Director Jerry W. Kolb acquired 2,835 shares, paying $17.69 per share for a total amount of $50,151. Mr. Kolb increased his stake by 23.91% to 14,690 shares with this purchase.
• Director Mary R. Henderson acquired 2,000 shares, paying $17.66 per share for a total amount of $35,320. Ms. Henderson increased her stake by 79.90% to 4,503 shares with this purchase.

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

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

Notable Insider Sales:

1. Facebook, Inc. (FB): $26.68

Shares of Facebook were sold by 3 insiders:

• Director James Breyer sold 1,331,609 shares for $28.54, generating $38 million from the sale. These shares were sold indirectly through a trust.
• Chief Operating Officer Sheryl Sandberg sold 176,452 shares for $27.25, generating $4.8 million from the sale. 6,696 of these shares were sold indirectly through a trust
• Chief Financial Officer David A. Ebersman sold 23,400 shares for $27.91, generating $653,211 from the sale.

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

2. Cabela’s Incorporated (CAB): $67.81

Shares of this sporting goods retailer were sold by 2 insiders:

• Chairman Richard N. Cabela sold 280,964 shares for $63.80, generating $17.9 million from the sale. These shares were sold indirectly by Cabela’s Family, LLC.
• Director Michael R. McCarthy sold 207,800 shares for $64.25, generating $13.4 million from the sale. These shares were sold indirectly by MGL Holdings, LLC

You can view the list of recent insider transactions for Cabela’s Incorporated here.

3. The Charles Schwab Corporation (SCHW): $18.09

Shares of this investment brokerage were sold by 2 insiders:

• Chairman Charles R. Schwab sold 1,500,000 shares for $16.97, generating $25.4 million from the sale.
• Director Stephen T. McLin sold 5,244 shares for $17.38, generating $91,143 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 The Charles Schwab Corporation here.

4. MSC Industrial Direct Co. Inc. (MSM): $82.63

Shares of this industrial products distributor were sold by 7 insiders:

• Director Mitchell Jacobson sold 83,400 shares for $80.11, generating $6.7 million from the sale. Some of these shares were sold indirectly through a trust.
• President and CEO Erik Gershwind sold 41,050 shares for $80.34, generating $3.3 million from the sale.
• Executive VP, Sales Thomas Cox sold 10,392 shares for $79.80, generating $829,238 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
• EVP and CFO Jeffrey Kaczka sold 4,951 shares for $81.01, generating $401,088 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
• EVP of Human Resources Eileen McGuire sold 2,791 shares for $80.03, generating $223,361 from the sale.
• VP, Finance and Controller Christopher Davanzo sold 2,188 shares for $80.07, generating $175,188 from the sale. 2,000 of  these shares were sold as a result of exercising options immediately prior to the sale.
• Senior VP and CIO Charles Bonomo sold 1,287 shares for $80.81, generating $104,003 from the sale.

You can view the list of recent insider transactions for MSC Industrial Direct Co. Inc. here.

5. Gentex Corp. (GNTX): $24.58

Shares of this auto and aerospace parts company were sold by 5 insiders:

• Chairman of the Board & CEO Fred Bauer sold 418,632 shares for $24.52, generating $10.3 million from the sale.
• VP Finance & Treasurer Steven A. Dykman sold 7,680 shares for $24.50, generating $188,166 from the sale.
• Senior Vice President Mark W. Newton sold 3,840 shares for $24.37, generating $93,582 from the sale.
• Senior Vice President Bruce A. Los sold 3,500 shares for $24.14, generating $84,503 from the sale.
• Vice President, Operations Paul V. Flynn sold 2,325 shares for $24.56, generating $57,094 from the sale.

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

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

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Insider Weekends – May 3, 2013

May 5, 2013 | Insider Buying | Author Asif

Welcome to edition 151 of Insider Weekends. Insider buying dropped nearly in half with insiders purchasing $21.26 million of their stock last week compared to $40.11 million in the week prior. Selling increased with insiders selling $1.94 billion of stock last week compared to $1.11 billion 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 91.2. In other words, insiders sold more than 91 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 27.77. 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 May 3, 2013

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. NuStar Energy L.P. (NS): $49.09

Shares of this oil & gas pipeline company were acquired by 3 insiders:

• Director William E. Greehey acquired 58,000 shares, paying $51.38 per share for a total amount of $2.98 million Mr. Greehey increased his stake by 2.68% to 2,225,577 shares with this purchase.
• Director William Grady Rosier acquired 2,000 shares, paying $50.53 per share for a total amount of $101,062. These shares were purchased indirectly through a trust.
• Director Jesse D. Bates acquired 1,000 shares, paying $48.12 per share for a total amount of $48,120. These shares were purchased indirectly through a trust.

You can view the list of recent insider transactions for NuStar Energy L.P. here.

2. NuStar GP Holdings, LLC (NSH): $29.75

Shares of this oil storage and pipeline company were acquired by 2 insiders:

• Director William E. Greehey acquired 68,313 shares, paying $30.79 per share for a total amount of $2.1 million. Mr. Greehey increased his stake by 0.86% to 8,015,792 shares with this purchase.
• Director William B. Burnett acquired 100 shares, paying $30.49 per share for a total amount of $3,049.

It is interesting to see insider buying both the general partner and limited partner shares of NuStar.

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

3. Opko Health, Inc. (OPK): $6.67

Shares of this medical devices and drug development company were acquired by 2 insiders:

• CEO & Chairman Phillip Frost M.D. acquired 272,500 shares, paying $6.64 per share for a total amount of $1.8 million. These shares were purchased indirectly  by Frost Gamma Investments Trust.
• Executive VP-Administration Steven D. Rubin acquired 4,300 shares, paying $6.46 per share for a total amount of $27,771. Mr. Rubin increased his stake by 0.10% to 4,195,468 shares with this purchase.

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

4. Invacare Corporation (IVC): $13.66

Shares of this medical appliances & equipment company were acquired by 7 insiders:

• Chairman Aaron Malachi Mixon I acquired 50,000 shares, paying $12.59 per share for a total amount of $629,452. Mr. Mixon increased his stake by 17.09% to 342,546 shares with this purchase. 27,150 of these shares were purchased indirectly by the reporting person’s spouse.
• Director William M. Weber acquired 5,000 shares, paying $12.15 per share for a total amount of $60,750. Mr. Weber increased his stake by 7.50% to 71,643 shares with this purchase.
• Senior Vice President Louis F. Slangen acquired 1,000 shares, paying $13.05 per share for a total amount of $13,046. Mr. Slangen increased his stake by 2.82% to 36,495 shares with this purchase.
• Director Ellen O. Tauscher acquired 1,000 shares, paying $12.30 per share for a total amount of $12,297. Ms. Tauscher increased her stake by 10.00% to 11,000 shares with this purchase.
• President and CEO Gerald B. Blouch acquired 1,000 shares, paying $13.59 per share for a total amount of $13,587. These shares were purchased indirectly by the reporting person’s spouse.
• Director Dale C. LaPorte acquired 1,000 shares, paying $12.24 per share for a total amount of $12,240. Mr. LaPorte increased his stake by 4.73% to 22,126 shares with this purchase.
• Director Baiju R. Shah acquired 1,000 shares, paying $13.01 per share for a total amount of $13,009. Mr. Shah increased his stake by 7.31% to 14,681 shares with this purchase.

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

5. Key Energy Services Inc. (KEG): $6.24

Shares of this onshore drilling services company were acquired by 6 insiders:

• CEO, President and Chair Richard J. Alario acquired 50,000 shares, paying $5.96 per share for a total amount of $298,181. Mr. Alario increased his stake by 4.02% to 1,294,698 shares with this purchase.
• Director William D. Fertig acquired 20,000 shares, paying $5.97 per share for a total amount of $119,400. Mr. Fertig increased his stake by 14.82% to 154,926 shares with this purchase.
• Director William F. Owens acquired 10,000 shares, paying $5.83 per share for a total amount of $58,300. Mr. Owens increased his stake by 19.12% to 62,311 shares with this purchase.
• EVP and COO Newton W. Wilson III acquired 10,000 shares, paying $6.34 per share for a total amount of $63,400. Mr. Wilson increased his stake by 1.86% to 546,754 shares with this purchase.
• Director Ralph S. Michael III acquired 10,000 shares, paying $5.95 per share for a total amount of $59,500. Mr. Michael increased his stake by 9.45% to 115,809 shares with this purchase.
• VP and Controller Mark Alan Cox acquired 2,500 shares, paying $6.05 per share for a total amount of $15,125. Mr. Cox increased his stake by 6.62% to 40,249 shares with this purchase.

You can view the list of recent insider transactions for Key Energy Services Inc. here.

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

Notable Insider Sales:

1. Netflix, Inc. (NFLX): $213.45

Shares of Netflix were sold by 4 insiders:

• Director Jay C. Hoag sold 450,000 shares for $215.92, generating $97.2 million from the sale. These shares were sold indirectly through funds.
• Director George Battle sold 24,000 shares for $215.14, generating $5.2 million from the sale.
• CFO David B. Wells sold 10,912 shares for $214.60, generating $2.3 million from the sale.
• Chief Business Dev Officer William J. Holmes sold 750 shares for $215.92, generating $161,940 from the sale.

We don’t normally highlight sales by fund manager but we decided to make an exception in this case. Back in May 2012 we highlighted multiple purchases of Netflix by Mr. Hoag at prices approximately averaging $73. Here is what we said following those purchases:

“Mr. Hoag is the founding member of venture capital firm Technology Crossover Partners, which manages $3.3 billion in assets. He has served as a director of Netflix since 1999 and has been a technology investor for over 29 years.”

We wrote the following about the company last month when another director paid $85.05 for 6,000 shares of Netflix, “after years of heavy insider selling, we are seeing our first insider purchase after Netflix saw its stock drop precipitously over the last year. The bears had it right that higher content costs and competition in the streaming space will eventually hit Netflix’s margins. While this purchase might give the bulls some ammunition in the short-term, I am not convinced Netflix has hit bottom yet.”

The stock is down an additional 15% since then and is probably worth exploring further in light of Mr. Hoag’s purchase.”

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

2. Cabela’s Incorporated (CAB): $64.71

Shares of this sporting goods retailer were sold by 2 insiders:

• Chairman Richard N. Cabela sold 719,036 shares for $64.35, generating $46.3 million from the sale. These shares were sold indirectly by Cabela’s Family, LLC.
• Director Michael R. McCarthy sold 292,200 shares for $64.42, generating $18.8 million from the sale. These shares were sold indirectly by MGL Holdings, LLC.

You can view the list of recent insider transactions for Cabela’s Incorporated here.

3. Regeneron Pharmaceuticals, Inc. (REGN): $266.16

Shares of this biotech company were sold by 2 insiders:

• President & CEO Leonard S. Schleifer sold 100,000 shares for $237.65, generating $23.8 million from the sale.
• VP Controller & Asst Treasurer Douglas S. McCorkle sold 2,213 shares for $244.79, generating $541,725 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 Regeneron Pharmaceuticals, Inc. here.

4. AutoNation Inc. (AN): $45.63

Shares of this automotive retailer were sold by 2 insiders:

• Director, President and COO Michael E. Maroone sold 249,265 shares for $44.70, generating $11.1 million from the sale. These shares were sold indirectly by the Michael Maroone Family Partnership.
• Director Robert J. Brown sold 10,000 shares for $45.00, generating $450,000 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 AutoNation Inc. here.

5. The Boeing Company (BA): $93.74

Shares of Boeing were sold by 5 insiders:

• SVP, Internal Governance Wanda K. Denson-low sold 49,083 shares for $91.17, generating $4.5 million from the sale. 45,813 of these shares were sold as a result of exercising options immediately prior to the sale.
• SVP, President, Boeing International Shephard W. Hill sold 23,521 shares for $91.21, generating $2.1 million from the sale.
• SVP, EO&T & CTO John J. Tracy sold 16,459 shares for $91.23, generating $1.5 million from the sale.
• SVP, Government Operations Timothy John Keating sold 15,000 shares for $91.13, generating $1.4 million from the sale.
• EVP, Pres. & CEO, BCA Raymond L. Conner sold 2,965 shares for $91.05, generating $269,963 from the sale.

You can view the list of recent insider transactions for The Boeing Company here.

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

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Insider Weekends – April 26, 2013

April 28, 2013 | Insider Buying | Author Asif

Welcome to edition 150 of Insider Weekends. Insider buying increased with insiders purchasing $40.11 million of their stock last week compared to $35.53 million in the week prior. Selling also increased with insiders selling $1.11 billion of stock last week compared to $838.5 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 27.77. In other words, insiders sold almost 28 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 23.6. 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 April 26, 2013

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. JPMorgan Chase & Co. (JPM): $48.88

Director James S. Crown acquired 436,859 shares of JPMorgan, paying $46.98 per share for a total amount of $20.5 million. These shares were purchased indirectly through family funds.

You can view the list of recent insider transactions for JPMorgan Chase & Co. here.

2. AGCO Corporation (AGCO): $50.67

Director Mallika Srinivasan acquired 91,440 shares of this farm & construction machinery company, paying $49.21 per share for a total amount of $4.5 million. These shares were purchased indirectly by TAFE Motors and Tractors Limited.

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

3. Opko Health, Inc. (OPK): $6.92

CEO & Chairman Phillip Frost M.D. acquired 100,000 shares of this medical devices and drug development company, paying $6.92 per share for a total amount of $692,447. These shares were purchased indirectly  by Frost Gamma Investments Trust.

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

4. Associated Banc-Corp (ASBC): $14.13

Director Robert A. Jeffe acquired 10,000 series B preferred shares of this regional bank, paying $28.75 per share for a total amount of $287,500. Mr. Jeffe increased his stake by 43.12% to 33,190 shares with this purchase.

With over $23 billion in assets, this regional bank trades for 1.22 times tangible book value. After seeing a large spike in its Troubled Assets Ratio (TAR) through the last recession, the company’s TAR of 11 is now inline with the national median TAR of 10.7.

You can view the list of recent insider transactions for Associated Banc-Corp here.

5. Winmark Corp. (WINA): $60.91

Chairman & CEO John L. Morgan acquired 4,100 shares of this retail franchise company, paying $59.70 per share for a total amount of $244,770. Mr. Morgan increased his stake by 0.24% to 1,683,278 shares with this purchase.

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

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

Notable Insider Sales:

1. Microsoft Corporation (MSFT): $31.79

Shares of Microsoft were sold by 2 insiders:

• Founder Bill Gates sold 7,394,507 shares for $30.92, generating $228.6 million from the sale.
• Chief Accounting Officer Frank H. Brod sold 10,000 shares for $30.88, generating $308,779 from the sale.

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

2. Enstar Group Limited (ESGR): $126.5

Shares of this insurance company were sold by 2 insiders:

• Executive Vice President Paul James O’Shea sold 138,000 shares for $124.72, generating $17.2 million from the sale. These shares were sold indirectly through a trust.
• Executive Vice President Nicholas Andrew Packer sold 100,000 shares for $124.70, generating $12.5 million from the sale. These shares were sold indirectly through a trust.

You can view the list of recent insider transactions for Enstar Group Limited here.

3. Six Flags Entertainment Corporation (SIX): $73.32

Chairman, President & CEO James Reid-anderson sold 96,464 shares of this theme park operator for $75.13, generating $7.2 million from the sale.

You can view the list of recent insider transactions for Six Flags Entertainment Corporation here.

4. MSC Industrial Direct Co. Inc. (MSM): $78.33

Director Mitchell Jacobson sold 82,500 shares of this industrial products distributor for $78.04, generating $6.4 million from the sale. 41,250 of these shares were sold indirectly through a trust.

You can view the list of recent insider transactions for MSC Industrial Direct Co. Inc. here.

5. Facebook, Inc. (FB): $26.85

Shares of Facebook were sold by 2 insiders:

• Chief Operating Officer Sheryl Sandberg sold 176,452 shares for $25.79, generating $4.6 million from the sale. 6,696 of these shares were sold indirectly through a trust.
• Chief Financial Officer David A. Ebersman sold 23,400 shares for $26.06, generating $609,804 from the sale.

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

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

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Insider Weekends – April 19, 2013

April 20, 2013 | Insider Buying | Author Asif

Welcome to edition 149 of Insider Weekends. Insider buying increased with insiders purchasing $35.53 million of their stock last week compared to $27.2 million in the week prior. Selling also increased with insiders selling $838.5 million of stock last week compared to $499.4 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 23.6. In other words, insiders sold more than 23 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 18.36. 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 April 19, 2013

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. AGCO Corporation (AGCO): $49.1

Shares of this farm & construction machinery company were acquired by 2 insiders:

• Director Mallika Srinivasan acquired 324,368 shares, paying $48.22 per share for a total amount of $15.6 million. These shares were purchased indirectly by TAFE Motors and Tractors Limited.
• Senior VP, Chief Supply Chain Officer Hans-Bernd Veltmaat acquired 3,920 shares, paying $49.00 per share for a total amount of $192,080. Mr. Veltmaat increased his stake by 18.32% to 25,313 shares with this purchase.

It is interesting to see another insider join Ms. Srinivasan in purchasing AGCO’s stock. We have been reporting on Ms. Srinivasan’s indirect purchases for several weeks. The odd thing about the timing of this purchase is that it comes less than 2 weeks before the company is due to report first quarter results on April 30. This is typically a “quiet period” for most companies.

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

2. Walgreen Co. (WAG): $49.35

Director Stefano Pessina acquired 83,299 shares of this drug store chain, paying $48.62 per share for a total amount of $4.05 million. These shares were purchased indirectly by a corporation controlled by Mr. Pessina.

You can view the list of recent insider transactions for Walgreen Co. here.

3. Calamos Asset Management Inc. (CLMS): $11.15

Chairman, CEO, Global Co-CIO John P. Calamos Sr. acquired 72,028 shares of this asset management company, paying $10.99 per share for a total amount of $791,329. Mr. Calamos increased his stake by 6.56% to 1,170,042 shares with this purchase.

You can view the list of recent insider transactions for Calamos Asset Management Inc. here.

4. AeroVironment, Inc. (AVAV): $18.05

Director Arnold L. Fishman acquired 43,000 shares of this unmanned aircraft company, paying $18.10 per share for a total amount of $778,352. These shares were purchased indirectly through a trust.

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

5. FuelCell Energy Inc. (FCEL): $0.99

Shares of this manufacturer of fuel cells were acquired by 4 insiders:

• Director John A. Rolls acquired 200,000 shares, paying $0.92 per share for a total amount of $183,480. Mr. Rolls increased his stake by 29.94% to 868,000 shares with this purchase.
• Director James D. Gerson acquired 100,000 shares, paying $0.90 per share for a total amount of $90,000. Mr. Gerson increased his stake by 9.75% to 1,125,989 shares with this purchase.
• President and CEO Arthur A. Bottone Jr. acquired 10,000 shares, paying $0.92 per share for a total amount of $9,184. Mr. Bottone increased his stake by 1.08% to 936,168 shares with this purchase.
• Senior VP, CFO, Secretary & Treasurer Michael S. Bishop acquired 1,500 shares, paying $0.90 per share for a total amount of $1,348. Mr. Bishop increased his stake by 0.34% to 448,231 shares with this purchase.

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

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

Notable Insider Sales:

1. L Brands, Inc. (LTD): $48.42

Chairman and CEO Leslie H. Wexner sold 1,500,000 shares of this apparel chain for $49.32, generating $73.98 million from the sale. These shares were sold indirectly through a trust.

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

2. CBL & Associates Properties Inc. (CBL): $23.52

Chairman of the Board Charles B. Lebovitz sold 227,000 shares of this retail REIT for $20.82, generating $4.7 million from the sale.

You can view the list of recent insider transactions for CBL & Associates Properties Inc. here.

3. Boston Beer Co. Inc. (SAM): $166.11

Chairman James C. Koch sold 21,000 shares of this beverage company for $158.50, generating $3.3 million from the sale.

You can view the list of recent insider transactions for Boston Beer Co. Inc. here.

4. Alexion Pharmaceuticals, Inc. (ALXN): $92.6

CEO Leonard Bell sold 35,000 shares of this biotech company for $95.04, generating $3.3 million from the sale.

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

5. Athenahealth, Inc. (ATHN): $92.89

Shares of this provider of business services to medical groups were sold by 2 insiders:

• President, Enterprise Services Stephen N. Kahane sold 26,318 shares for $94.85, generating $2.5 million from the sale. 7,060 of these shares were sold as a result of exercising options immediately prior to the sale.
• SVP, Chief Marketing Officer Robert Cosinuke sold 6,000 shares for $93.80, generating $562,800 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 Athenahealth, Inc. here.

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

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