Blog

Insider Weekends: June 3, 2016

Bookmark and Share

June 4, 2016 | Insider Buying | Author Asif

Welcome to edition 311 of Insider Weekends. Insider buying increased last week with insiders buying $150.44 million of stock compared to $88.99 million in the week prior. Selling dropped nearly in half with insiders selling $1.15 billion of stock last week compared to $2.28 billion in the week prior.

Even as the S&P 500 flirts with its all time high and several widely followed market commentators are bearish about the market, insiders continued buying in May at a pace that exceeded what we have seen in May over the last three years. It was also interesting to see that there were several repeat purchases. Two out of the top 5 purchases this week (FDC and TICC) also made the top 5 list last week and insiders of the business development company TICC made the list for the third week in a row.

There were several interesting purchases this week that did not make the list of top 5 purchases including a $1.11 million purchase by the CEO of helicopter transportation company PHI Inc (PHII), a $1 million purchase by the CEO of data storage solutions provider Western Digital (WDC), purchases by two insiders of the car rental company Hertz (HTZ) and a purchase by the SVP of Finance of the mattress manufacturer Tempur Sealy International (TPX).

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 7.67. In other words, insiders sold almost 8 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 25.62. 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 3, 2016

Insider Sell Buy Ratio June 3, 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. Endurance Specialty Holdings Ltd. (ENH): $68.77

Chairman & Chief Executive Officer John Charman acquired 290,000 shares of this insurance company, paying $68.17 per share for a total amount of $19.77 million.

You can view the list of recent insider transactions for Endurance Specialty Holdings Ltd. here.

P/E: 12.98 Forward P/E: 10.55 Industry P/E: 12.79
P/S: 2.09 Price/Book: 0.93 EV/EBITDA: 3.6
Market Cap: $4.63B Avg. Daily Volume: 290,772 52 Week Range: $57.97 – $70.5

2. OvaScience, Inc. (OVAS): $6.98

Chief Executive Officer Michelle Dipp acquired 425,000 shares of this biotech company, paying $7.00 per share for a total amount of $2.98 million. These shares were purchased indirectly by Longwood Fund III LP.

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

P/E: N/A Forward P/E: N/A Industry P/E: N/A
P/S: 494.32 Price/Book: 1.85 EV/EBITDA: -1.08
Market Cap: $240.52M Avg. Daily Volume: 550,183 52 Week Range: $4.53 – $39.29

3. TICC Capital Corp. (TICC): $5.66

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

  • President and COO Saul B. Rosenthal acquired 249,720 shares, paying $5.64 per share for a total amount of $1.41 million. Mr. Rosenthal increased his stake by 64.72% to 635,595 shares with this purchase.
  • Chief Executive Officer Jonathan H. Cohen acquired 249,640 shares, paying $5.64 per share for a total amount of $1.41 million. Mr. Cohen increased his stake by 42.40% to 838,458 shares with this purchase.
  • Director Charles M. Royce acquired 124,860 shares, paying $5.64 per share for a total amount of $704,406. Mr. Royce increased his stake by 49.02% to 379,586 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: 12.04 Industry P/E: 24.22
P/S: 3.56 Price/Book: 0.95 EV/EBITDA: N/A
Market Cap: $291.37M Avg. Daily Volume: 237,822 52 Week Range: $4.16 – $7.19

4. First Data Corporation (FDC): $12.32

Director Joseph J. Plumeri acquired 250,000 shares of this electronic commerce solutions provider, paying $12.44 per share for a total amount of $3.11 million. Mr. Plumeri increased his stake by 52.23% to 728,664 shares with this purchase.

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

P/E: N/A Forward P/E: 8.11 Industry P/E: N/A
P/S: 1.47 Price/Book: 18.39 EV/EBITDA: 12.94
Market Cap: $11.18B Avg. Daily Volume: 4,607,690 52 Week Range: $8.37 – $17.99

5. PBF Energy Inc. (PBF): $26.82

Shares of this oil refining company were acquired by 2 insiders:

  • Chief Executive Officer Thomas J. Nimbley acquired 50,000 shares, paying $27.40 per share for a total amount of $1.37 million. Mr. Nimbley increased his stake by 83.33% to 110,000 shares with this purchase.
  • President Matthew C. Lucey acquired 10,000 shares, paying $27.50 per share for a total amount of $275,000. Mr. Lucey increased his stake by 25.00% to 50,000 shares with this purchase.

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

P/E: 82.52 Forward P/E: 6.05 Industry P/E: 10.52
P/S: 0.21 Price/Book: 1.69 EV/EBITDA: 5.37
Market Cap: $2.62B Avg. Daily Volume: 1,518,470 52 Week Range: $25.6 – $41.75

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

Notable Insider Sales:

1. Facebook, Inc. (FB): $118.47

Shares of Facebook were sold by 4 insiders:

  • Director Jan Koum sold 1,721,436 shares for $118.80, generating $204.51 million from the sale. These shares were sold indirectly through a trust.
  • Chief Technology Officer Michael Todd Schroepfer sold 20,000 shares for $118.45, generating $2.37 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
  • Chief Product Officer Christopher K. Cox sold 15,600 shares for $119.00, generating $1.86 million from the sale.
  • Chief Financial Officer David M. Wehner sold 5,265 shares for $119.90, generating $631,274 from the sale.

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

P/E: 72.46 Forward P/E: 25.87 Industry P/E: 28.1
P/S: 17.21 Price/Book: 7.19 EV/EBITDA: 33.73
Market Cap: $338.86B Avg. Daily Volume: 26,438,600 52 Week Range: $72 – $121.08

2. Apple Inc. (AAPL): $97.92

Shares of Apple were sold by 4 insiders:

  • Senior Vice President Angela J. Ahrendts sold 75,000 shares for $100.00, generating $7.5 million from the sale.
  • Senior Vice President Eduardo H. Cue sold 50,000 shares for $99.44, generating $4.97 million from the sale. These shares were sold indirectly through a trust.
  • Senior Vice President Daniel J. Riccio sold 40,755 shares for $100.00, generating $4.08 million from the sale.
  • Senior Vice President Johny Srouji sold 8,000 shares for $99.75, generating $798,000 from the sale.

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

P/E: 10.9 Forward P/E: 10.75 Industry P/E: 15.4
P/S: 2.35 Price/Book: 4.1 EV/EBITDA: 7.14
Market Cap: $536.35B Avg. Daily Volume: 39,000,000 52 Week Range: $89.47 – $132.97

3. Fitbit Inc. (FIT): $14.63

Director Steven Joseph Murray sold 1,000,000 shares of this health and fitness tracking devices provider for $14.20, generating $14.21 million from the sale. These shares were sold indirectly by Softbank PrinceVille Investments.

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

P/E: 25.4 Forward P/E: 10.38 Industry P/E: 24.58
P/S: 1.59 Price/Book: 3.17 EV/EBITDA: 8.32
Market Cap: $3.01B Avg. Daily Volume: 9,213,410 52 Week Range: $11.91 – $51.9

4. Masimo Corporation (MASI): $49.94

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

  • CEO and Chairman of the Board Joe E. Kiani sold 234,952 shares for $50.09, generating $11.77 million from the sale.
  • EVP & Chief Financial Officer Mark de Raad sold 40,000 shares for $49.43, generating $1.98 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
  • Pres-WW Sales,Pro Svc,Med Affs Jon Coleman sold 4,000 shares for $50.00, generating $200,000 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 Masimo Corporation here.

P/E: 29.43 Forward P/E: 24.6 Industry P/E: N/A
P/S: 3.84 Price/Book: 9.16 EV/EBITDA: 20.03
Market Cap: $2.45B Avg. Daily Volume: 337,184 52 Week Range: $33.03 – $50.41

5. Best Buy Co., Inc. (BBY): $32.35

Shares of Best Buy were sold by 2 insiders:

  • Chairman & CEO Hubert Joly sold 398,000 shares for $32.24, generating $12.83 million from the sale.
  • VP, Finance – Contr. & CAO Mathew Watson sold 1,363 shares for $32.10, generating $43,751 from the sale.

You can view the list of recent insider transactions for Best Buy Co., Inc. here.

P/E: 11.12 Forward P/E: 10.47 Industry P/E: 12.5
P/S: 0.27 Price/Book: 2.37 EV/EBITDA: 3.62
Market Cap: $10.48B Avg. Daily Volume: 4,696,660 52 Week Range: $25.31 – $39.1

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

Leave A Comment

Merger Arbitrage Mondays – May 30, 2016

Bookmark and Share

May 30, 2016 | Merger Arbitrage | Author Asif

Merger activity increased last week with eight new deals announced and three 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 86
Total Number of Deals Not Completed in 2016 5
Total Number of Pending Deals
Cash Deals 51
Stock Deals 19
Stock & Cash Deals 15
Special Conditions 9
Total Number of Pending Deals 94
Total Deal Size $853.44 billion

New Deals:

  1. The acquisition of Resource America (REXI) by C-III Capital Partners for $270 million or $9.78 per share in cash.
  2. The acquisition of American Capital (ACAS) by Ares Capital Corporation (ARCC) for $3.4 billion in a cash plus stock deal. Under the term of the agreement, American Capital shareholders will receive $1.470 billion in cash from Ares Capital, or $6.41 per share, plus 0.483 Ares Capital shares for each American Capital share. In a separate transaction, American Capital also announced today that it is selling   American Capital Mortgage Management to American Capital Agency (AGNC) for $562 million or $2.45 per fully diluted share.
  3. The acquisition of Xenoport (XNPT) by Arbor Pharmaceuticals for $467 million or $7.03 per share in cash.
  4. The acquisition of Mines Management (MGN) by Hecla Mining (HL) in an all stock deal. Under the terms of the agreement, each outstanding common share of Mines Management will be exchanged for 0.2218 of a common share of Hecla.
  5. The acquisition of Aixtron (AIXG) by Fujian Grand Chip Investment Fund for 670 million Euros or 6 Euros per share in cash. Note: We have used a conversion rate of 1.11 US Dollars per Euro.
  6. The acquisition of Xura (MESG) by Siris Capital Group for $643 million or $25.00 per share in cash.
  7. The acquisition of FEI Company (FEIC) by Thermo Fisher Scientific (TMO) for $4.2 billion or $107.50 per share in cash.
  8. The acquisition of Smart Technologies (SMT) by Foxconn Technology Group for $4.50 per share in cash.

Deal Updates:

  1. On May 23, 2016, Luminex Corporation (LMNX) and Nanosphere (NSPH) announced that they have entered into an amendment to the definitive agreement under which Luminex will acquire Nanosphere.  The purchase price has been increased to $1.70 per share from $1.35 per share in an all cash transaction valued at approximately $77 million. This increase was in response to an unsolicited third party offer for Nanosphere at $1.50 per share.
  2. On May 23, 2016, Polycom (PLCM), announced that it had received a revised, non-binding proposal from a private equity sponsor that was previously described as “Sponsor 1” in the Registration Statement on Form S-4 filed by Mitel Networks Corporation (MITL). Under the terms of Sponsor 1’s revised proposal, existing Polycom stockholders would receive a cash dividend of $11.00 per share and Sponsor 1 would purchase from Polycom $650 million in shares of a new convertible preferred stock of Polycom. The Polycom Board, in consultation with its legal and financial advisors, will consider the outcome of its discussions or negotiations with Sponsor 1 to determine the course of action that is in the best interest of Polycom and its stockholders.
  3. On May 25, 2016, Fuel Systems Solutions (FSYS) announced that the final exchange ratio has been determined for its proposed business combination with Westport Innovations (WPRT). Fuel Systems stockholders will receive 2.4755 Westport common shares for each share of Fuel Systems common stock owned upon completion of the Merger, assuming the Merger closes as anticipated on June 1, 2016.
  4. On May 26, 2015, Handy & Harman (HNH) announced that it has extended its tender offer to purchase all of the outstanding shares of SL Industries (SLI). Unless extended further, the tender offer will now expire on May 31, 2016.
  5. On May 26, 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 June 9, 2016.

Closed Deals:

  1. The acquisition of Airgas (ARG) by Air Liquide on May 23, 2016. It took 188 days for this deal to be completed.
  2. The acquisition of Cheviot Financial (CHEV) by MainSource Financial Group (MSFG) on May 25, 2016. It took 183 days for this deal to be completed.
  3. The acquisition of Ruckus Wireless (RKUS) by Brocade Communications Systems (BRCD) on May 27, 2016. It took 53 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 $21.48 06/30/2016 102.51% 1207.02%
CI 07/24/2015 Anthem, Inc. (ANTM) $170.74 $128.82 12/31/2016 32.54% 55.24%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $42.57 12/31/2016 31.55% 53.56%
HUM 07/03/2015 Aetna Inc. (AET) $219.85 $173.74 12/31/2016 26.54% 45.05%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.75 12/31/2016 16.13% 27.38%
HTCH 11/02/2015 TDK Corporation (N/A) $4.00 $3.53 06/30/2016 13.31% 156.77%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $34.77 12/31/2016 11.88% 20.17%
KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) $1.08 $0.980 12/31/2016 10.20% 17.32%
FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) $26.80 $24.57 06/30/2016 9.08% 106.86%
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 $9.21 08/31/2016 8.58% 33.66%

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 $21.48 7,893,852 06/30/2016 102.51% 1207.02%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $170.74 $128.82 980,754 12/31/2016 32.54% 55.24%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $42.57 2,927,517 12/31/2016 31.55% 53.56%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $219.85 $173.74 585,369 12/31/2016 26.54% 45.05%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.75 14,025,621 12/31/2016 16.13% 27.38%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.53 29,516 06/30/2016 13.31% 156.77%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $34.77 2,159,679 12/31/2016 11.88% 20.17%
+ KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) All Cash N/A $1.08 $0.980 604 12/31/2016 10.20% 17.32%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $24.57 206,538 06/30/2016 9.08% 106.86%
+ 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 $9.21 289,220 08/31/2016 8.58% 33.66%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $73.71 629,830 06/30/2016 7.90% 92.97%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.44 93,018 09/30/2016 7.38% 21.89%
+ 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 $37.89 1,658,997 12/31/2016 6.89% 11.69%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $10.02 1,194,968 09/30/2016 6.79% 20.14%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.76 $11.97 2,135 12/31/2016 6.61% 11.22%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.22 $13.43 121,755 08/15/2016 5.87% 27.84%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.08 284,317 08/15/2016 5.52% 26.16%
+ AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) All Cash $748.36 million $6.66 $6.315 49,937 12/31/2016 5.46% 9.27%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $107.55 503,251 03/31/2017 5.07% 6.06%
+ MY 02/03/2016 A consortium of investors (the Buyer Consortium), including Mr. Chuanwei Zhang, the Chairman and Chief Executive Officer of the Company (N/A) All Cash $408 million $2.51 $2.40 513,945 06/30/2016 4.58% 53.97%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $24.01 8,653 06/30/2016 4.12% 48.55%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $16.77 $16.19 8,469 03/31/2017 3.61% 4.31%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $80.97 $78.18 2,570,500 12/31/2016 3.57% 6.06%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $46.15 $44.56 1,025,221 12/31/2016 3.57% 6.05%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.87 $18.29 N/A 12/31/2016 3.15% 5.35%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $43.88 $42.68 2,045,363 09/30/2016 2.81% 8.34%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $32.59 634,241 06/30/2016 2.79% 32.88%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.19 372,686 12/31/2016 2.74% 4.65%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $39.25 $38.22 10,925 12/31/2016 2.70% 4.58%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $4.13 116,390 12/31/2016 2.42% 4.11%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $12.98 37,820 08/15/2016 2.39% 11.32%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.69 36,755 06/30/2016 2.26% 26.66%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.18 1,379,910 12/31/2016 2.04% 3.46%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $55.98 339,815 01/01/2017 1.82% 3.08%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $36.85 13,841 06/30/2016 1.76% 20.77%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.95 115,900 12/31/2016 1.72% 2.92%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $16.14 $15.88 274,991 12/31/2016 1.64% 2.78%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $23.20 $22.86 1,057,427 09/30/2016 1.48% 4.38%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $11.06 $10.90 8,185,956 09/30/2016 1.45% 4.31%
+ REXI 05/23/2016 C-III Capital Partners (N/A) All Cash $270 million $9.78 $9.64 167,492 11/15/2016 1.45% 3.14%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $15.51 $15.30 3,302,171 12/31/2016 1.37% 2.33%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.63 234,991 03/31/2017 1.10% 1.32%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $19.55 $19.34 13,049 06/30/2016 1.08% 12.76%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $25.61 $25.35 645,061 12/31/2016 1.04% 1.76%
+ SMT 05/26/2016 Foxconn Technology Group (N/A) All Cash N/A $4.50 $4.46 73,754 07/31/2016 0.90% 5.28%
+ FCTY 03/10/2016 Midland Financial Co. (N/A) All Cash N/A $11.22 $11.13 5,820 12/31/2016 0.81% 1.37%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.89 2,121,639 12/31/2016 0.79% 1.34%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $21.48 $21.32 300,554 06/30/2016 0.76% 8.98%
+ MESG 05/23/2016 Siris Capital Group, LLC (N/A) All Cash $643 million $25.00 $24.82 994,796 09/30/2016 0.73% 2.15%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $73.49 $72.99 597,307 06/30/2016 0.68% 7.98%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $34.67 1,502,157 06/30/2016 0.66% 7.81%
+ NSPH 05/16/2016 Luminex Corporation (LMNX) All Cash $58 million $1.70 $1.69 3,573,529 06/30/2016 0.59% 6.97%
+ EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) All Cash $2.2 billion $35.05 $34.85 429,096 09/30/2016 0.57% 1.70%
+ UNTD 05/04/2016 B. Riley Financial, Inc. (RILY) All Cash $170 million $11.00 $10.94 47,440 09/30/2016 0.55% 1.63%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $65.64 746,274 12/31/2016 0.55% 0.93%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $17.67 $17.58 230,563 12/31/2016 0.51% 0.86%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.90 281,735 06/09/2016 0.50% 18.34%
+ HNSN 04/20/2016 Auris Surgical Robotics (N/A) All Cash $80 million $4.00 $3.98 14,564 06/30/2016 0.50% 5.92%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $35.82 569,186 09/30/2016 0.50% 1.49%
+ BXLT 01/11/2016 Shire plc (SHPG) Cash Plus Stock $32 billion $45.71 $45.53 43,068,255 06/30/2016 0.39% 4.59%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $29.90 92,627 12/31/2016 0.33% 0.57%
+ HTS 04/11/2016 Annaly Capital Management, Inc. (NLY) All Stock $1.5 billion $16.15 $16.11 2,162,486 09/30/2016 0.28% 0.82%
+ OPWR 05/02/2016 Oracle Corporation (ORCL) All Cash $532 million $10.30 $10.28 331,968 12/31/2016 0.19% 0.33%
+ SSRG 05/03/2016 an affiliate of RoundTable Healthcare Partners (N/A) All Cash $140.3 million $13.10 $13.08 26,590 09/30/2016 0.15% 0.45%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.53 1,072,608 06/30/2016 0.07% 0.86%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.96 306,569 12/31/2016 0.07% 0.11%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $11.44 $11.43 276,454 06/30/2016 0.06% 0.75%
+ SLI 04/07/2016 Handy & Harman Ltd. (HNH) All Cash $166.32 million $40.00 $40.00 1,709 05/31/2016 0.00% 0.00%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.95 198,489 03/31/2017 0.00% 0.00%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $19.88 $19.88 5,897 09/15/2016 -0.01% -0.04%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.26 231,634 09/30/2016 -0.05% -0.16%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.77 205,772 06/30/2016 -0.07% -0.88%
+ TXTR 04/28/2016 Oracle Corporation (ORCL) All Cash $663 million $26.00 $26.02 545,880 12/31/2016 -0.08% -0.13%
+ CPGX 03/17/2016 TransCanada Corporation (TRP) All Cash $13 billion $25.50 $25.53 2,147,590 12/31/2016 -0.12% -0.20%
+ WCN 01/19/2016 Progressive Waste Solutions Ltd. (BIN) All Stock N/A $68.06 $68.15 1,373,505 06/30/2016 -0.13% -1.59%
+ XNPT 05/23/2016 Arbor Pharmaceuticals, LLC (N/A) All Cash $467 million $7.03 $7.04 1,866,331 09/30/2016 -0.14% -0.42%
+ AFOP 04/07/2016 Corning Inc. (GLW) All Cash $305 million $18.50 $18.53 60,350 06/30/2016 -0.16% -1.91%
+ ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $16.05 $16.08 4,077,746 05/31/2017 -0.17% -0.17%
+ ANAC 05/16/2016 Pfizer Inc. (PFE) All Cash $5.2 billion $99.25 $99.43 2,188,840 09/30/2016 -0.18% -0.54%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $25.67 4,625 09/30/2016 -0.27% -0.81%
+ MGN 05/24/2016 Hecla Mining Co. (HL) All Stock N/A $0.87 $0.87 276,893 09/30/2016 -0.32% -0.94%
+ FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $4.2 billion $107.50 $108.13 5,535,103 01/31/2017 -0.58% -0.86%
+ IHS 03/21/2016 Markit Ltd. (MRKT) All Stock N/A $121.78 $122.66 465,672 12/31/2016 -0.72% -1.22%
+ PLCM 04/15/2016 Mitel Networks Corporation (MITL) Cash Plus Stock $1.96 billlion $11.88 $11.97 1,002,746 09/30/2016 -0.72% -2.13%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $13.29 $13.41 6,619 06/30/2016 -0.92% -10.80%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.28 671,179 12/31/2016 -1.11% -1.88%
+ KKD 05/09/2016 JAB Beech Inc. (N/A) All Cash $1.35 billion $21.00 $21.39 752,274 09/30/2016 -1.82% -5.41%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $15.67 $16.08 24,765 09/30/2016 -2.56% -7.60%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $19.64 $20.23 33,152 09/30/2016 -2.93% -8.70%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $5.10 $5.27 6,309 06/01/2016 -3.23% -590.34%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.80 858,869 12/15/2016 -3.71% -6.80%
+ ALXA 05/10/2016 Grupo Ferrer Internacional, S.A. (N/A) Special Conditions N/A $0.90 $0.953 32,308 06/30/2016 -5.56% -65.48%
+ IOC 05/20/2016 Oil Search Limited (OSH.AX) All Stock $2.2 billion $39.49 $42.41 528,189 09/30/2016 -6.89% -20.45%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.90 $9.84 67,181 03/31/2015 -50.20% 43.01%

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

Leave A Comment

Insider Weekends: May 27, 2016

Bookmark and Share

May 29, 2016 | Insider Buying | Author Asif

Welcome to edition 310 of Insider Weekends. Insider buying increased last week with insiders buying $88.99 million of stock compared to $75.93 million in the week prior. Selling increased with insiders selling $2.28 billion of stock last week compared to $2.17 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 dropped to 25.62. In other words, insiders sold more than 25 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 28.53. 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 27, 2016

Insider Sell Buy Ratio May 27, 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. First Data Corporation (FDC): $12.5

Director Joseph J. Plumeri acquired 250,000 shares of this electronic commerce solutions provider, paying $12.30 per share for a total amount of $3.07 million. Mr. Plumeri increased his stake by 109.33% to 478,664 shares with this purchase.

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

P/E: N/A Forward P/E: 8.22 Industry P/E: N/A
P/S: 1.44 Price/Book: 18.01 EV/EBITDA: 13.02
Market Cap: $11.34B Avg. Daily Volume: 4,616,880 52 Week Range: $8.37 – $17.99

2. General Electric Company (GE): $30.12

Chairman and CEO Jeffrey R. Immelt acquired 67,600 shares of General Electric, paying $29.59 per share for a total amount of $2 million. Mr. Immelt increased his stake by 3.23% to 2,158,688 shares with this purchase.

You can view the list of recent insider transactions for General Electric Company here.

P/E: 40.81 Forward P/E: 17.21 Industry P/E: 21.66
P/S: 2.35 Price/Book: 3.03 EV/EBITDA: 29.48
Market Cap: $276.97B Avg. Daily Volume: 31,133,700 52 Week Range: $19.37 – $32.05

3. Biglari Holdings Inc. (BH): $401.38

Director Sardar Biglari, acquired 3,126 shares of this restaurant holding company, paying $378.85 per share for a total amount of $1.18 million. 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: 22.2 Forward P/E: 31.73 Industry P/E: 23.76
P/S: 0.91 Price/Book: 1.6 EV/EBITDA: 19.13
Market Cap: $829.60M Avg. Daily Volume: 4,158 52 Week Range: $321 – $459.43

4. TICC Capital Corp. (TICC): $5.6

Shares of this business development company were acquired by 4 insiders:

  • Chief Executive Officer Jonathan H. Cohen acquired 71,640 shares, paying $5.55 per share for a total amount of $397,721. Mr. Cohen increased his stake by 13.85% to 588,738 shares with this purchase.
  • President and COO Saul B. Rosenthal acquired 71,640 shares, paying $5.55 per share for a total amount of $397,721. Mr. Rosenthal increased his stake by 22.80% to 385,875 shares with this purchase.
  • Director Charles M. Royce acquired 35,820 shares, paying $5.55 per share for a total amount of $198,861. Mr. Royce increased his stake by 16.36% to 254,726 shares with this purchase.
  • Director Steven P. Novak acquired 2,000 shares, paying $5.26 per share for a total amount of $10,520. These shares were acquired indirectly by Mr. Novak’s spouse.

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

P/E: N/A Forward P/E: 11.91 Industry P/E: 24.22
P/S: 3.58 Price/Book: 0.96 EV/EBITDA: N/A
Market Cap: $288.28M Avg. Daily Volume: 209,312 52 Week Range: $4.16 – $7.22

5. CF Industries Holdings, Inc. (CF): $27.7

Shares of this agricultural chemicals company were acquired by 2 insiders:

  • Director Robert C. Arzbaecher acquired 17,275 shares, paying $28.10 per share for a total amount of $485,386. Mr. Arzbaecher increased his stake by 34.85% to 66,843 shares with this purchase. 275 of these shares were acquired indirectly by Mr. Arzbaecher’s daughter.
  • Sr. VP, Manufacturing Christopher D. Bohn acquired 12,500 shares, paying $27.92 per share for a total amount of $349,056. Mr. Bohn increased his stake by 65.04% to 31,718 shares with this purchase.

You can view the list of recent insider transactions for CF Industries Holdings, Inc. here.

P/E: 13.15 Forward P/E: 10.57 Industry P/E: 18.07
P/S: 1.55 Price/Book: 1.67 EV/EBITDA: 5.93
Market Cap: $6.46B Avg. Daily Volume: 4,244,790 52 Week Range: $26.1 – $70.32

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

Notable Insider Sales:

1. Facebook, Inc. (FB): $119.38

Shares of Facebook were sold by 4 insiders:

  • Director Jan Koum sold 594,246 shares for $117.12, generating $69.59 million from the sale. These shares were sold indirectly through a trust.
  • Chief Operating Officer Sheryl Sandberg sold 109,000 shares for $119.15, generating $12.99 million from the sale. 52,404 of these shares were sold as a result of exercising options immediately prior to the sale.
  • Chief Financial Officer David M. Wehner sold 5,265 shares for $117.07, generating $616,374 from the sale.
  • Director Susan Desmond-Hellmann sold 2,514 shares for $117.07, generating $294,314 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: 73.02 Forward P/E: 26.07 Industry P/E: 28.1
P/S: 17.29 Price/Book: 7.22 EV/EBITDA: 34.01
Market Cap: $341.46B Avg. Daily Volume: 27,074,200 52 Week Range: $72 – $121.08

2. TechTarget, Inc. (TTGT): $8

Director Jay C. Hoag sold 2,250,000 shares of this publishing company for $8.25, generating $18.56 million from the sale. These shares were sold indirectly  through various Technology Crossover Venture (TCV) funds.

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

P/E: 39.6 Forward P/E: 14.29 Industry P/E: 28.1
P/S: 2.26 Price/Book: 1.59 EV/EBITDA: 13.02
Market Cap: $258.36M Avg. Daily Volume: 61,766 52 Week Range: $5.98 – $10.94

3. Q2 Holdings, Inc. (QTWO): $24.96

Shares of this cloud-based virtual banking solutions provider were sold by 3 insiders:

  • Director Michael Maurice Brown sold 500,000 shares for $22.50, generating $11.25 million from the sale. These shares were sold indirectly by Battery Ventures IX, L.P.
  • Director Charles T. Doyle sold 4,200 shares for $25.00, generating $105,000 from the sale. These shares were sold indirectly by Texas Independent Bancshares, Inc.
  • Director R. H. Seale sold 3,794 shares for $25.00, generating $94,850 from the sale. These shares were sold indirectly by RHS Investments-I, L.P.

You can view the list of recent insider transactions for Q2 Holdings, Inc. here.

P/E: N/A Forward P/E: N/A Industry P/E: 29.26
P/S: 8.25 Price/Book: 8.73 EV/EBITDA: -46.99
Market Cap: $979.11M Avg. Daily Volume: 191,462 52 Week Range: $16.43 – $30.44

4. Apple Inc. (AAPL): $100.35

SVP, General Counsel, Secretary D. Bruce Sewell sold 103,300 shares of Apple for $96.78, generating $9.99 million from the sale.

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

P/E: 11.17 Forward P/E: 10.99 Industry P/E: 15.4
P/S: 2.42 Price/Book: 4.22 EV/EBITDA: 7.31
Market Cap: $549.66B Avg. Daily Volume: 39,248,500 52 Week Range: $89.47 – $132.97

5. Microchip Technology Inc. (MCHP): $50.99

Shares of this semiconductor company were sold by 6 insiders:

  • President, CEO, Chairman Steve Sanghi sold 176,647 shares for $49.75, generating $8,788,140 from the sale. These shares were sold indirectly through a trust.
  • Director Matthew W. Chapman sold 10,000 shares for $47.92, generating $479,200 from the sale. 9,738 of these shares were sold indirectly through a trust.
  • VP, MCU8 Division Stephen V. Drehobl sold 3,916 shares for $48.71, generating $190,748 from the sale.
  • VP, WW Sales and Appns. Mitchell R. Little sold 3,039 shares for $48.71, generating $148,030 from the sale.
  • VP, Analog and Intrfc Prod Div Richard J. Simoncic sold 2,679 shares for $48.71, generating $130,494 from the sale. These shares were sold indirectly through a trust.
  • VP and CFO James Eric Bjornholt sold 2,164 shares for $48.71, generating $105,408 from the sale. These shares were sold indirectly through a trust.

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

P/E: 34.22 Forward P/E: 13.74 Industry P/E: 19.52
P/S: 4.75 Price/Book: 4.8 EV/EBITDA: 15.14
Market Cap: $10.89B Avg. Daily Volume: 2,159,320 52 Week Range: $37.77 – $51.05

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

Leave A Comment

Merger Arbitrage Mondays – May 23, 2016

Bookmark and Share

May 22, 2016 | Merger Arbitrage | Author Asif

Merger activity increased last week with five new deals announced and two 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 83
Total Number of Deals Not Completed in 2016 5
Total Number of Pending Deals
Cash Deals 46
Stock Deals 19
Stock & Cash Deals 15
Special Conditions 9
Total Number of Pending Deals 89
Total Deal Size $843.71 billion

New Deals:

  1. The acquisition of Nanosphere (NSPH) by Luminex Corporation (LMNX) for $58 million or $1.35 per share in cash.
  2. The acquisition of Memorial Resource Development (MRD) by Range Resources Corporation (RRC) for $4.4 billion in an all stock deal. Under the terms of the agreement, MRD shareholders will receive 0.375 shares of Range common stock for each share of MRD common stock held.
  3. The acquisition of Anacor Pharmaceuticals (ANAC) by Pfizer (PFE) for $5.2 billion or $99.25 per share in cash.
  4. The acquisition of inContact (SAAS) by NICE Systems (NICE) for $940 million or $14.00 per share in cash.
  5. The acquisition of InterOil Corporation (IOC) by Oil Search Limited (OSH.AX) for $2.2 billion. Under the terms of the agreement, InterOil shareholders will receive 8.05 ordinary shares of Oil Search for each InterOil share (the Share Consideration); or InterOil shareholders may elect to receive a cash alternative, up to a total of US$770 million (subject to a pro rata scaleback) (the Cash Alternative); and All InterOil shareholders will also receive a CVR which will deliver an additional cash payment of approximately US$6.05 per share for each tcfe gross resource certification of the Elk-Antelope fields above 6.2 tcfe.

Deal Updates:

  1. On May 15, 2016, Energy Transfer Equity (ETE) said that a lawsuit filed by Williams Companies (WMB) to prevent ETE from terminating its once-coveted deal for Williams will lead to a delay in the buyout.
  2. On May 16, 2016, Pier Antonio Costamagna, a co-founder of Fuel Systems Solutions (FSYS) issued a statement outlining significant concerns with the proposed merger between FSS and Westport Innovations (WPRT) following disclosure of Westport’s reported financial results for the quarter ended March 31, 2016.
  3. On May 16, 2016, Williams Companies (WMB) has filed a suit against Energy Transfer Equity (ETE) to ensure that their merger remains on track. The company took the legal step when the latter expressed concerns over the merger citing that the deal had not secured the necessary legal opinion to make the transaction tax-free to shareholders.
  4. May 17, 2016: Based on information from the National Holdings Corporation (NHLD) second quarter earnings conference call, we are adjusting the closing date for the deal to August 15, 2016.
  5. On May 17, 2016, BBCN Bancorp (BBCN) and Wilshire Bancorp (WIBC) jointly announced the receipt of approvals from all regulatory agencies required for closing the merger of equals between BBCN and Wilshire.
  6. On May 20, 2016, Pinnacle Financial Partners (PNFP) announced that it has received approvals of its applications to merge with Avenue Financial Holdings (AVNU) from both the Tennessee Department of Financial Institutions and the Federal Deposit Insurance Corporation. The TDFI and FDIC have also approved the proposed merger of Pinnacle Bank and Avenue Bank. With receipt of these approvals, all regulatory approvals required for consummation of the proposed mergers have been received.

Closed Deals:

  1. The acquisition of HF Financial (HFFC) by Great Western Bancorp (GWB) on May 16, 2016. It took 168 days for this deal to be completed.
  2. The acquisition of Time Warner Cable (TWC) by Charter Communications (CHTR) on May 18, 2016. It took 358 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 $22.15 06/30/2016 96.39% 925.83%
ALR 02/01/2016 Abbott Laboratories (ABT) $56.00 $40.67 12/31/2016 37.69% 61.97%
CI 07/24/2015 Anthem, Inc. (ANTM) $173.33 $131.28 12/31/2016 32.03% 52.66%
HUM 07/03/2015 Aetna Inc. (AET) $217.66 $169.60 12/31/2016 28.34% 46.59%
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) $9.00 $7.66 12/31/2016 17.49% 28.76%
IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) $38.90 $33.79 12/31/2016 15.12% 24.86%
HTCH 11/02/2015 TDK Corporation (N/A) $4.00 $3.57 06/30/2016 12.04% 115.69%
WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) $0.95 $0.85 03/31/2017 11.76% 13.76%
KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) $1.08 $0.97 12/31/2016 11.34% 18.64%
HOT 11/16/2015 Marriott International, Inc. (MAR) $79.53 $72.68 06/30/2016 9.42% 90.53%

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 $22.15 12,608,432 06/30/2016 96.39% 925.83%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $40.67 637,140 12/31/2016 37.69% 61.97%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $173.33 $131.28 1,976,583 12/31/2016 32.03% 52.66%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $217.66 $169.60 1,410,216 12/31/2016 28.34% 46.59%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.66 36,918,995 12/31/2016 17.49% 28.76%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $33.79 2,176,601 12/31/2016 15.12% 24.86%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.57 96,815 06/30/2016 12.04% 115.69%
+ WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.85 268,169 03/31/2017 11.76% 13.76%
+ KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) All Cash N/A $1.08 $0.97 700 12/31/2016 11.34% 18.64%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $72.68 1,616,370 06/30/2016 9.42% 90.53%
+ 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 $9.22 748,919 08/31/2016 8.46% 30.88%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $23.07 23,612 06/30/2016 8.37% 80.36%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $24.85 114,992 06/30/2016 7.85% 75.37%
+ FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) All Stock $90 million $12.72 $11.80 562 12/31/2016 7.81% 12.84%
+ TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $9.93 981,376 09/30/2016 7.75% 21.77%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.45 34,914 09/30/2016 6.94% 19.48%
+ 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 $37.95 1,255,176 12/31/2016 6.72% 11.05%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.10 $13.23 79,060 08/15/2016 6.59% 28.64%
+ NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) All Cash N/A $3.25 $3.05 479 08/15/2016 6.56% 28.49%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $106.87 868,063 03/31/2017 5.74% 6.71%
+ CBNK 04/04/2016 Westfield Financial Inc. (WFD) All Stock $110 million $18.67 $17.70 224 12/31/2016 5.49% 9.03%
+ MHGC 05/09/2016 SBE (N/A) All Cash $794 million $2.25 $2.16 276,690 12/31/2016 4.17% 6.85%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $42.72 $41.13 4,119,138 09/30/2016 3.85% 10.82%
+ MY 02/03/2016 A consortium of investors (the Buyer Consortium), including Mr. Chuanwei Zhang, the Chairman and Chief Executive Officer of the Company (N/A) All Cash $408 million $2.51 $2.42 985,554 06/30/2016 3.72% 35.72%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $32.30 617,532 06/30/2016 3.72% 35.69%
+ STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $79.49 $76.78 4,092,175 12/31/2016 3.53% 5.81%
+ LSBG 05/05/2016 Bar Harbor Bankshares (BHB) All Stock $143 million $15.86 $15.33 8,396 03/31/2017 3.45% 4.04%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $45.76 $44.26 1,015,974 12/31/2016 3.38% 5.56%
+ NSPH 05/16/2016 Luminex Corporation (LMNX) All Cash $58 million $1.35 $1.31 4,707,264 06/30/2016 3.05% 29.33%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $4.11 292,241 12/31/2016 2.92% 4.80%
+ VA 04/04/2016 Alaska Air Group, Inc. (ALK) All Cash $4 billion $57.00 $55.52 352,693 01/01/2017 2.67% 4.36%
+ BXLT 01/11/2016 Shire plc (SHPG) Cash Plus Stock $32 billion $45.52 $44.43 13,578,763 06/30/2016 2.45% 23.58%
+ YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $38.61 $37.69 52,020 12/31/2016 2.43% 4.00%
+ DWA 04/28/2016 NBCUniversal (N/A) All Cash $3.8 billion $41.00 $40.07 1,556,084 12/31/2016 2.32% 3.82%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.69 62,430 06/30/2016 2.26% 21.75%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.68 $15.39 488,694 12/31/2016 1.88% 3.10%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $13.07 156 08/15/2016 1.68% 7.31%
+ HTS 04/11/2016 Annaly Capital Management, Inc. (NLY) All Stock $1.5 billion $16.63 $16.38 1,891,145 09/30/2016 1.51% 4.23%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.50 159,293 03/31/2017 1.49% 1.75%
+ UNTD 05/04/2016 B. Riley Financial, Inc. (RILY) All Cash $170 million $11.00 $10.85 120,713 09/30/2016 1.38% 3.88%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $37.01 8,501 06/30/2016 1.32% 12.72%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $32.08 151,071 12/31/2016 1.31% 2.15%
+ IHS 03/21/2016 Markit Ltd. (MRKT) All Stock N/A $121.92 $120.56 173,299 12/31/2016 1.13% 1.86%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.79 $10.67 1,870,870 09/30/2016 1.09% 3.06%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $70.34 $69.59 999,606 06/30/2016 1.08% 10.35%
+ SAAS 05/18/2016 NICE Systems Ltd. (NICE) All Cash $940 million $14.00 $13.86 4,835,473 12/31/2016 1.01% 1.66%
+ FCTY 03/10/2016 Midland Financial Co. (N/A) All Cash N/A $11.22 $11.11 3,361 12/31/2016 0.99% 1.63%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $21.94 $21.74 153,387 06/30/2016 0.90% 8.68%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $34.64 5,754,237 06/30/2016 0.75% 7.21%
+ MRD 05/16/2016 Range Resources Corporation (RRC) All Stock $4.4 billion $15.14 $15.03 3,492,945 12/31/2016 0.75% 1.23%
+ EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) All Cash $2.2 billion $35.05 $34.79 2,539,787 09/30/2016 0.75% 2.10%
+ PKY 04/29/2016 Cousins Properties Incorporated (CUZ) All Stock $1.95 billion $17.16 $17.04 854,389 12/31/2016 0.73% 1.20%
+ CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) All Cash $1.65 billion $36.00 $35.75 542,536 09/30/2016 0.70% 1.96%
+ CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $15.11 $15.01 4,962 09/30/2016 0.68% 1.90%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $29.80 224,913 12/31/2016 0.67% 1.10%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $19.61 $19.49 7,028 09/15/2016 0.64% 2.03%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $22.60 $22.46 1,486,271 09/30/2016 0.60% 1.70%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $65.63 747,231 12/31/2016 0.56% 0.93%
+ SSRG 05/03/2016 an affiliate of RoundTable Healthcare Partners (N/A) All Cash $140.3 million $13.10 $13.03 188,429 09/30/2016 0.54% 1.51%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.90 565,157 05/26/2016 0.50% 61.14%
+ RKUS 04/04/2016 Brocade Communications Systems, Inc. (BRCD) Cash Plus Stock $1.2 billion $12.43 $12.37 2,509,398 07/31/2016 0.46% 2.46%
+ PLCM 04/15/2016 Mitel Networks Corporation (MITL) Cash Plus Stock $1.96 billlion $11.11 $11.07 934,111 09/30/2016 0.37% 1.04%
+ OPWR 05/02/2016 Oracle Corporation (ORCL) All Cash $532 million $10.30 $10.27 779,729 12/31/2016 0.29% 0.48%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.86 295,470 12/31/2016 0.23% 0.38%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $18.70 $18.66 12,169 06/30/2016 0.22% 2.16%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.49 2,420,563 06/30/2016 0.22% 2.10%
+ IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) All Stock $9 billion $25.56 $25.50 5,547,027 12/31/2016 0.22% 0.36%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.70 636,925 06/30/2016 0.19% 1.80%
+ SLI 04/07/2016 Handy & Harman Ltd. (HNH) All Cash $166.32 million $40.00 $39.94 1,335 05/20/2016 0.15% 0.00%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $142.96 6,627,583 08/15/2016 0.03% 0.12%
+ AFOP 04/07/2016 Corning Inc. (GLW) All Cash $305 million $18.50 $18.50 202,950 06/30/2016 0.00% 0.00%
+ HNSN 04/20/2016 Auris Surgical Robotics (N/A) All Cash $80 million $4.00 $4.00 39,073 06/30/2016 0.00% 0.00%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $11.03 $11.03 349,072 06/30/2016 -0.01% -0.06%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.26 222,738 09/30/2016 -0.05% -0.15%
+ WCN 01/19/2016 Progressive Waste Solutions Ltd. (BIN) All Stock N/A $70.18 $70.23 1,025,108 06/30/2016 -0.08% -0.73%
+ CPGX 03/17/2016 TransCanada Corporation (TRP) All Cash $13 billion $25.50 $25.52 5,275,231 12/31/2016 -0.08% -0.13%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.19 478,500 12/15/2016 -0.29% -0.52%
+ ANAC 05/16/2016 Pfizer Inc. (PFE) All Cash $5.2 billion $99.25 $99.66 3,377,135 09/30/2016 -0.41% -1.16%
+ TXTR 04/28/2016 Oracle Corporation (ORCL) All Cash $663 million $26.00 $26.13 193,649 12/31/2016 -0.50% -0.82%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $25.19 893,986 12/31/2016 -0.75% -1.24%
+ KKD 05/09/2016 JAB Beech Inc. (N/A) All Cash $1.35 billion $21.00 $21.16 568,608 09/30/2016 -0.76% -2.12%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.86 $13.02 13,859 06/30/2016 -1.22% -11.71%
+ ALXA 05/10/2016 Grupo Ferrer Internacional, S.A. (N/A) Special Conditions N/A $0.90 $0.92 310,852 06/30/2016 -2.17% -20.88%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $19.07 $19.58 23,258 09/30/2016 -2.59% -7.27%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $26.43 N/A 09/30/2016 -3.14% -8.82%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $15.11 $15.81 570 09/30/2016 -4.44% -12.46%
+ IOC 05/20/2016 Oil Search Limited (OSH.AX) All Stock $2.2 billion $39.85 $43.57 5,938,931 09/30/2016 -8.54% -23.97%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $4.09 $5.16 7,090 06/30/2016 -20.78% -199.61%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.55 $8.75 69,539 03/31/2015 -48.02% 41.83%

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

Leave A Comment

Insider Weekends: May 20, 2016

Bookmark and Share

May 22, 2016 | Insider Buying | Author Asif

Welcome to edition 309 of Insider Weekends. Insider buying decreased last week with insiders buying $75.93 million of stock compared to $79 million in the week prior. Selling increased with insiders selling $2.17 billion of stock last week compared to $1.84 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 went up to 28.53. In other words, insiders sold almost 29 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 23.26. 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 20, 2016

Insider Sell Buy Ratio May 20, 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. Western Refining, Inc. (WNR): $23.23

Chairman of BOD, Executive Chair Paul L. Foster acquired 1,000,000 shares of this oil and gas pipelines company, paying $21.60 per share for a total amount of $21.6 million. 475,000 of these shares were purchased indirectly by Franklin Mountain Investments Limited Partnership.

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

P/E: 6.61 Forward P/E: 10.37 Industry P/E: 14.04
P/S: 0.23 Price/Book: 1.71 EV/EBITDA: 3.37
Market Cap: $2.12B Avg. Daily Volume: 2,845,660 52 Week Range: $20.64 – $50.71

2. IDI, Inc (IDI): $5.1

Executive Chairman Michael Brauser acquired 419,530 shares of this data and analytical solutions provider, paying $5.25 per share for a total amount of $2.2 million. These shares were purchased indirectly by Birchtree Capital, LLC.

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

P/E: N/A Forward P/E: N/A Industry P/E: 18.55
P/S: 4.51 Price/Book: 1.14 EV/EBITDA: -6.03
Market Cap: $234.56M Avg. Daily Volume: 94,348 52 Week Range: $3.78 – $12.8

3. Sotheby’s (BID): $28.65

Shares of this auctioneer were acquired by 3 insiders:

  • EVP, Chief Financial Officer Michael F. Goss acquired 50,000 shares, paying $27.72 per share for a total amount of $1.39 million.
  • Director Olivier Reza acquired 10,000 shares, paying $27.61 per share for a total amount of $276,112. These shares were purchased indirectly through a trust.
  • Director Dennis M. Weibling acquired 10,000 shares, paying $27.94 per share for a total amount of $279,407. Mr. Weibling increased his stake by 14.08% to 81,000 shares with this purchase.

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

P/E: 154.86 Forward P/E: 14.18 Industry P/E: 17.63
P/S: 1.8 Price/Book: 2.7 EV/EBITDA: 10.38
Market Cap: $1.68B Avg. Daily Volume: 1,210,710 52 Week Range: $18.86 – $47.28

4. Hudson Pacific Properties, Inc. (HPP): $27.62

Shares of this California based office properties REIT, were acquired by 3 insiders:

  • Director Jonathan M. Glaser acquired 53,500 shares, paying $28.49 per share for a total amount of $1.52 million. 3,000 of these shares were purchased through a pension plan and the rest were purchased indirectly through a Limited Liability Company.
  • Chief Executive Officer Victor J. Coleman acquired 10,000 shares, paying $26.86 per share for a total amount of $268,600. These shares were purchased indirectly through a trust.
  • Director Barry Alan Porter acquired 5,000 shares, paying $27.61 per share for a total amount of $138,050. Mr. Porter increased his stake by 7.85% to 68,673 shares with this purchase.

You can view the list of recent insider transactions for Hudson Pacific Properties, Inc. here.

P/E: N/A Forward P/E: 14.24 Industry P/E: N/A
P/S: 3.96 Price/Book: 1.48 EV/EBITDA: 26.07
Market Cap: $2.46B Avg. Daily Volume: 895,170 52 Week Range: $22.77 – $31.84

5. TICC Capital Corp. (TICC): $5.29

Shares of this business development company were acquired by 4 insiders:

  • President and COO Saul B. Rosenthal acquired 114,371 shares, paying $5.37 per share for a total amount of $613,846. Mr. Rosenthal increased his stake by 57.22% to 314,235 shares with this purchase.
  • Director Charles M. Royce acquired 57,185 shares, paying $5.37 per share for a total amount of $306,920. Mr. Royce increased his stake by 35.36% to 218,906 shares with this purchase.
  • Director Steven P. Novak acquired 3,000 shares, paying $5.29 per share for a total amount of $15,881. These shares were purchased indirectly by Mr. Novak’s spouse.

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

P/E: N/A Forward P/E: 11.26 Industry P/E: N/A
P/S: 3.26 Price/Book: 0.87 EV/EBITDA: N/A
Market Cap: $272.33M Avg. Daily Volume: 196,569 52 Week Range: $4.16 – $7.22

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

Notable Insider Sales:

1. Camden Property Trust (CPT): $84.51

Chairman and CEO Richard J. Campo sold 110,000 shares of this apartment REIT for $85.80, generating $9.44 million from the sale.

You can view the list of recent insider transactions for Camden Property Trust here.

P/E: 43.58 Forward P/E: 18.25 Industry P/E: N/A
P/S: 7.88 Price/Book: 2.92 EV/EBITDA: 19.47
Market Cap: $7.35B Avg. Daily Volume: 603,841 52 Week Range: $67.27 – $87.19

2. VCA Inc. (WOOF): $64.61

COO & Senior VP Arthur J. Antin sold 200,000 shares of this animal healthcare company for $64.04, generating $12.81 million from the sale. These shares were sold indirectly through a trust.

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

P/E: 24.17 Forward P/E: 20.19 Industry P/E: 24.57
P/S: 2.36 Price/Book: 3.98 EV/EBITDA: 14.3
Market Cap: $5.22B Avg. Daily Volume: 691,194 52 Week Range: $44 – $65.34

3. Activision Blizzard, Inc. (ATVI): $37.53

Shares of this video game software company were sold by 2 insiders:

  • Chief Operating Officer Thomas Tippl sold 300,000 shares for $39.08, generating $11.72 million from the sale. These shares were sold indirectly through a trust.
  • Director Robert J. Morgado sold 25,000 shares for $38.43, generating $960,720 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 Activision Blizzard, Inc. here.

P/E: 33.69 Forward P/E: 17.62 Industry P/E: 18.05
P/S: 5.76 Price/Book: 3.34 EV/EBITDA: 19.26
Market Cap: $27.71B Avg. Daily Volume: 6,870,480 52 Week Range: $24.04 – $39.93

4. Electronic Arts Inc. (EA): $73.11

Shares of this video games company were sold by 6 insiders:

  • EVP, EA Studios Patrick Soderlund sold 90,752 shares for $74.87, generating $6.79 million from the sale.
  • EVP & Chief Comp. Officer Peter R. Moore sold 18,475 shares for $75.14, generating $1.39 million from the sale.
  • SVP and General Counsel Jacob J. Schatz sold 10,000 shares for $74.90, generating $749,029 from the sale. 5,026 of these shares were sold as a result of exercising options immediately prior to the sale.
  • SVP, EA Mobile and Maxis Samantha S. Smith sold 4,029 shares for $75.57, generating $304,490 from the sale.
  • Director Denise Warren sold 2,500 shares for $74.85, generating $187,126 from the sale.
  • EVP Global Publishing Laura Miele sold 2,072 shares for $74.14, generating $153,618 from the sale.

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

P/E: 20.89 Forward P/E: 17.96 Industry P/E: 18.05
P/S: 5.13 Price/Book: 6.64 EV/EBITDA: 18.05
Market Cap: $22.61B Avg. Daily Volume: 3,651,110 52 Week Range: $53.01 – $77.15

5. Markel Corp. (MKL): $982.84

Shares of this insurance company were sold by 4 insiders:

  • Vice Chairman Steven A. Markel sold 5,000 shares for $955.94, generating $4.78 million from the sale.
  • President F. Michael Crowley sold 2,000 shares for $949.93, generating $1.89 million from the sale.
  • Exec Vice President and CFO Anne G. Waleski sold 1,133 shares for $962.27, generating $1.09 million from the sale.
  • Co-Chief Executive Officer Richard R. Whitt sold 200 shares for $962.82, generating $192,564 from the sale.

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

P/E: 24.94 Forward P/E: 34.34 Industry P/E: 12.5
P/S: 2.47 Price/Book: 1.63 EV/EBITDA: 11.76
Market Cap: $13.73B Avg. Daily Volume: 41,053 52 Week Range: $763 – $986.26

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

Leave A Comment