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Insider Buying

    Insider Weekends – August 29, 2014

    Welcome to edition 219 of Insider Weekends. Insider buying declined sharply last week with insiders buying $18.96 million of stock compared to $32.38 million in the week prior. Selling edged up a little with insiders selling $932.22 million of stock last week compared to $897.75 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 went up to 49.17. In other words, insiders sold more than 49 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 27.74. 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 August 29, 2014

    Insider Sell Buy Ratio August 29, 2014

    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. Southern Copper Corp. (SCCO): $32.81

    Chairman of the Board German Larrea Mota-Velasco acquired 200,000 shares of this copper mining company, paying $32.47 per share for a total amount of $6.49 million.

    Southern Copper also made our list last week on account of a large purchase by Mr. Mota-Velasco.

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

    P/E: 19.04 Forward P/E: 15.55 Industry P/E: 20
    P/S: 4.68 Price/Book: 4.54 EV/EBITDA: 10.71
    Market Cap: $27.31B Avg. Daily Volume: 1,743,300 52 Week Range: $24.5 – $33.9

    2. Rex Energy Corporation (REXX): $15.28

    Shares of this oil & gas exploration company were acquired by 2 insiders:

    • Director Lance T. Shaner acquired 227,650 shares, paying $14.54 per share for a total amount of $3.3 million. These shares were purchased indirectly by various entities.
    • CEO Thomas Charles Stabley acquired 3,000 shares, paying $15.39 per share for a total amount of $46,170. Mr. Stabley increased his stake by 0.33% to 915,700 shares with this purchase.

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

    P/E: 85.36 Forward P/E: 19.59 Industry P/E: 16.52
    P/S: 2.49 Price/Book: 1.82 EV/EBITDA: 9.38
    Market Cap: $799.82M Avg. Daily Volume: 915,523 52 Week Range: $12.38 – $25.17

    3. PHI Inc. (PHII): $41.52

    Chief Executive Officer Alton Anthony Gonsoulin acquired 30,428 shares of this helicopter transportation services provider, paying $40.99 per share for a total amount of $1.25 million. Mr. Gonsoulin increased his stake by 1.53% to 2,015,357 shares with this purchase.

    While the company has half a billion dollars in long-term debt on its balance sheet, the company trades for just 6 times EBITDA with operating margins of 13% and high single digit revenue growth.

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

    P/E: 14.47 Forward P/E: N/A Industry P/E: N/A
    P/S: 0.72 Price/Book: 1.13 EV/EBITDA: 6.11
    Market Cap: $642.77M Avg. Daily Volume: 948 52 Week Range: $33.5 – $42.7

    4. Opko Health, Inc. (OPK): $8.9

    CEO & Chairman Phillip Frost M.D. acquired 61,000 shares of this medical devices and drug development company, paying $8.82 per share for a total amount of $538,033. These shares were purchased indirectly by Frost Gamma Investments Trust.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 26.09
    P/S: 43.63 Price/Book: 4.11 EV/EBITDA: -44.14
    Market Cap: $3.82B Avg. Daily Volume: 2,492,850 52 Week Range: $7.32 – $12.95

    5. Ciber, Inc. (CBR): $3.82

    Director Bobby G. Stevenson acquired 116,435 shares of this information technology services company, paying $3.84 per share for a total amount of $446,931. Mr. Stevenson increased his stake by 1.94% to 6,106,434 shares with this purchase.

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

    P/E: N/A Forward P/E: 21.22 Industry P/E: 17.41
    P/S: 0.34 Price/Book: 0.82 EV/EBITDA: 13.78
    Market Cap: $298.09M Avg. Daily Volume: 222,729 52 Week Range: $3.08 – $5.09

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

    Notable Insider Sales:

    1. L Brands, Inc. (LB): $63.85

    Chairman and CEO Leslie H. Wexner sold 2,000,000 shares of this apparel chain for $62.64, generating $125.28 million from the sale. These shares were sold indirectly though a trust.

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

    P/E: 20.61 Forward P/E: 17.64 Industry P/E: N/A
    P/S: 1.68 Price/Book: N/A EV/EBITDA: 10.28
    Market Cap: $18.64B Avg. Daily Volume: 1,455,010 52 Week Range: $50.78 – $67.12

    2. Intercept Pharmaceuticals, Inc. (ICPT): $289.72

    Shares of this drug manufacturer were sold by 6 insiders:

    • Director Jonathan Silverstein sold 111,258 shares for $298.06, generating $33.16 million from the sale. These shares were sold indirectly by OrbiMed Private Investments.
    • CMO and EVP – Development David Shapiro sold 10,000 shares for $293.93, generating $2.94 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Director Nicole Williams sold 2,433 shares for $295.08, generating $717,919 from the sale.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 20.95
    P/S: 3 Price/Book: 21.12 EV/EBITDA: -88.21
    Market Cap: $6.15B Avg. Daily Volume: 525,268 52 Week Range: $45.55 – $497

    3. Artisan Partners Asset Management Inc. (APAM): $55.48

    Director Tench Coxe sold 503,308 shares of this asset management company for $56.44, generating $28.41 million from the sale. These shares were sold indirectly by various entities.

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

    P/E: N/A Forward P/E: 14.87 Industry P/E: 15.47
    P/S: 2.3 Price/Book: 21.71 EV/EBITDA: 6.73
    Market Cap: $1.81B Avg. Daily Volume: 372,623 52 Week Range: $47.5 – $71.86

    4. Western Refining, Inc. (WNR): $46.53

    Chairman of BOD, Executive Chair Paul L. Foster sold 500,000 shares of this crude oil refining company for $46.12, generating $23.06 million from the sale. 250,000 of these shares were sold indirectly by Franklin Mountain Investments Limited Partnership.

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

    P/E: 16.29 Forward P/E: 11.9 Industry P/E: 15.87
    P/S: 0.34 Price/Book: 3.64 EV/EBITDA: 6.63
    Market Cap: $4.70B Avg. Daily Volume: 1,484,960 52 Week Range: $27.91 – $47.76

    5. Cardiovascular Systems Inc. (CSII): $28.49

    Shares of this medical device company were sold by 4 insiders:

    • Director Augustine Lawlor sold 361,235 shares for $28.05, generating $10.13 million from the sale. These shares were sold indirectly by HealthCare Ventures VI, L.P.
    • Chief Financial Officer Laurence L. Betterley sold 6,578 shares for $29.02, generating $190,901 from the sale.
    • Chief Healthcare Policy Officer Robert J. Thatcher sold 3,225 shares for $29.06, generating $93,726 from the sale.
    • SVP Quality & Operations Paul A. Koehn sold 2,755 shares for $29.06, generating $80,066 from the sale.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 26.09
    P/S: 6.48 Price/Book: 5.82 EV/EBITDA: -23.6
    Market Cap: $882.02M Avg. Daily Volume: 172,051 52 Week Range: $18.83 – $37.73

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

    Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria

    Insider Weekends – August 22, 2014

    Welcome to edition 218 of Insider Weekends. Insider buying dropped a little last week with insiders buying $32.38 million of stock compared to $33.73 million in the week prior. Selling increased with insiders selling $897.75 million of stock last week compared to $812.44 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 went up to 27.74. 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 24.1. 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 August 22, 2014

    Insider Sell Buy Ratio August 22, 2014

    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. Southern Copper Corp. (SCCO): $32.06

    Chairman of the Board Larrea German Velasco acquired 100,000 shares of this copper mining company, paying $31.36 per share for a total amount of $3.14 million. Mr. Velasco increased his stake by 19.25% to 619,367 shares with this purchase.

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

    P/E: 18.61 Forward P/E: 15.19 Industry P/E: 20
    P/S: 4.53 Price/Book: 4.39 EV/EBITDA: 10.49
    Market Cap: $26.68B Avg. Daily Volume: 1,729,440 52 Week Range: $24.5 – $33.9

    2. Intevac Inc. (IVAC): $6.99

    Director Matthew A. Drapkin acquired 218,562 shares of this electronic manufacturing company, paying $6.75 per share for a total amount of $1.48 million. These shares were purchased indirectly by Becker Drapkin Partners, L.P.

    We mentioned a $3.09 million purchase of Intevac by Becker Drapkin Partners two weeks ago as well.

    Becker Drapkin Partners is an activist fund that tends to focus on small cap companies. Some of their other purchases we have covered in the past include Hot Topic (HOTT) and Glu Mobile (GLUU).

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

    P/E: N/A Forward P/E: N/A Industry P/E: 17.15
    P/S: 2.32 Price/Book: 1.37 EV/EBITDA: -10.28
    Market Cap: $165.14M Avg. Daily Volume: 213,723 52 Week Range: $4.82 – $10.2

    3. GNC Holdings Inc. (GNC): $37.36

    Director Michael F. Hines acquired 30,000 shares of this health care products retailers, paying $35.41 per share for a total amount of $1.06 million. Mr. Hines increased his stake by 421.47% to 37,118 shares with this purchase.

    This is the first insider purchase since the November 2012 cluster of insider purchases in the range of $32 to $33 per share. The stock nearly doubled following those purchase before giving back most of those gains and dropping to current levels. Top line growth appears to have stalled but the company is trading at a reasonable 8.8 times EBITDA.

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

    P/E: 13.65 Forward P/E: 11.79 Industry P/E: 20.84
    P/S: 1.25 Price/Book: 4.44 EV/EBITDA: 8.81
    Market Cap: $3.36B Avg. Daily Volume: 2,386,930 52 Week Range: $30.84 – $60.98

    4. ZAIS Financial Corp. (ZFC): $18.8

    Shares of this mortgage REIT were acquired by 5 insiders:

    • Director Christian Zugel acquired 30,000 shares, paying $18.93 per share for a total amount of $567,900. Mr. Zugel increased his stake by 36.18% to 112,911 shares with this purchase.
    • CEO, President and Director Michael Szymanski acquired 5,300 shares, paying $18.50 per share for a total amount of $98,050. Mr. Szymanski increased his stake by 23.40% to 27,946 shares with this purchase.
    • Director Daniel Mudge acquired 3,000 shares, paying $18.80 per share for a total amount of $56,400. Mr. Mudge increased his stake by 100.00% to 6,000 shares with this purchase.
    • Director James Zinn acquired 2,650 shares, paying $18.59 per share for a total amount of $49,264. Mr. Zinn increased his stake by 82.81% to 5,850 shares with this purchase.
    • Director Marran H. Ogilvie acquired 1,140 shares, paying $18.71 per share for a total amount of $21,325. Ms. Ogilvie increased her stake by 36.19% to 4,290 shares with this purchase.

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

    P/E: 20.77 Forward P/E: N/A Industry P/E: 20.25
    P/S: 2.75 Price/Book: 0.84 EV/EBITDA: N/A
    Market Cap: $149.84M Avg. Daily Volume: 64,813 52 Week Range: $15.62 – $19.15

    5. Covidien plc (COV): $88.26

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

    • Vice President Coleman N. Lannum III acquired 5,820 shares, paying $87.65 per share for a total amount of $510,122. Mr. Lannum increased his stake by 88.38% to 12,405 shares with this purchase.370 of these shares were purchased indirectly by Mr. Lannum’s wife.
    • Vice President and Controller Richard G. Brown Jr. acquired 2,000 shares, paying $87.69 per share for a total amount of $175,388. Mr. Brown increased his stake by 3.65% to 56,764 shares with this purchase. 500 of these shares were purchased indirectly by Mr. Brown’s son.

    It was a little surprising to see these purchases in light of the pending merger of Covidien with Medtronic (MDT) in a tax inversion deal that has drawn a lot of attention. The deal was the central character in Allan Sloan’s cover story in Fortune titled Positively un-American tax dodges.  The spread on the deal is 8.75% (19.84% annualized if the deal closes by early next year) according to our merger arbitrage tool.

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

    P/E: 25.25 Forward P/E: 20.06 Industry P/E: 25.32
    P/S: 3.86 Price/Book: 4.04 EV/EBITDA: 15.57
    Market Cap: $39.87B Avg. Daily Volume: 5,812,620 52 Week Range: $59.17 – $92.68

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

    Notable Insider Sales:

    1. The Priceline Group Inc. (PCLN): $1277.5

    Shares of this online travel company were sold by 2 insiders:

    • Director Jeffery H. Boyd sold 18,000 shares for $1281.27, generating $23.06 million from the sale. These shares were sold indirectly by a charitable foundation controlled by Mr. Boyd
    • Director Craig W. Rydin sold 1,519 shares for $1282.60, generating $1.95 million from the sale.

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

    P/E: 34.09 Forward P/E: 19.68 Industry P/E: 23.79
    P/S: 8.76 Price/Book: 8.48 EV/EBITDA: 21.32
    Market Cap: $67.00B Avg. Daily Volume: 746,473 52 Week Range: $930.82 – $1378.96

    2. Juniper Networks, Inc. (JNPR): $24.05

    Shares of this network infrastructure company were sold by 2 insiders:

    • Director Scott Kriens sold 877,037 shares for $23.80, generating $20.87 million from the sale. These shares were sold indirectly by various trusts.
    • EVP CTO Pradeep Sindhu sold 55,000 shares for $23.94, generating $1.32 million from the sale. These shares were sold indirectly through a trust.

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

    P/E: 26.72 Forward P/E: 12.86 Industry P/E: 20.58
    P/S: 2.23 Price/Book: 1.72 EV/EBITDA: 11.17
    Market Cap: $10.85B Avg. Daily Volume: 6,623,870 52 Week Range: $18.36 – $28.75

    3. Intercept Pharmaceuticals, Inc. (ICPT): $287.11

    Director Jonathan Silverstein sold 60,000 shares of this drug manufacturer for $299.82, generating $17.99 million from the sale. These shares were sold indirectly by OrbiMed Private Investments.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 21.59
    P/S: 3 Price/Book: 20.49 EV/EBITDA: -87.37
    Market Cap: $6.09B Avg. Daily Volume: 535,305 52 Week Range: $43.15 – $497

    4. Jarden Corp. (JAH): $58.73

    Shares of this consumer products company were sold by 2 insiders:

    • Executive Chairman Martin E. Franklin sold 133,000 shares for $57.47, generating $7.64 million from the sale.
    • Chief Executive Officer James E. Lillie sold 45,000 shares for $57.47, generating $2.59 million from the sale.

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

    P/E: 33.11 Forward P/E: 13.32 Industry P/E: 21.14
    P/S: 0.97 Price/Book: 2.93 EV/EBITDA: 13.05
    Market Cap: $7.53B Avg. Daily Volume: 974,430 52 Week Range: $42.88 – $64.01

    5. Brookdale Senior Living Inc. (BKD): $34.65

    Shares of this long–term care facility were sold by 3 insiders:

    • President and CFO Mark W. Ohlendorf sold 200,000 shares for $34.02, generating $6.8 million from the sale.
    • Director Mark J. Schulte sold 90,000 shares for $33.78, generating $3.04 million from the sale. 20,000 of these shares were sold indirectly by GRAT.
    • Executive Vice President Glenn O. Maul sold 11,484 shares for $32.58, generating $374,148 from the sale.

    You can view the list of recent insider transactions for Brookdale Senior Living Inc. here.

    P/E: N/A Forward P/E: 165 Industry P/E: 20.46
    P/S: 2.28 Price/Book: 4.17 EV/EBITDA: 19.16
    Market Cap: $5.99B Avg. Daily Volume: 1,913,700 52 Week Range: $24.42 – $36.18

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

    Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria

    Insider Weekends – August 15, 2014

    Welcome to edition 217 of Insider Weekends. Insider buying decreased significantly last week with insiders buying $33.73 million of stock compared to $113.26 million in the week prior. Selling also declined with insiders selling $812.44 million of stock last week compared to $961.05 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 went up to 24.1. In other words, insiders sold more than 24 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 8.49. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

    Insider Sell Buy Ratio August 15, 2014

    Insider Sell Buy Ratio August 15, 2014

    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. Annaly Capital Management, Inc. (NLY): $11.76

    Shares of this mortgage REIT were acquired by 2 insiders:

    • Chief Legal Officer Nicholas R. Singh acquired 122,784 shares, paying $11.46 per share for a total amount of $1.41 million. Mr. Singh increased his stake by 66.87% to 306,400 shares with this purchase. 9,284 of these shares were acquired indirectly through a 401(k) Plan.
    • Chairman of Board & CEO Wellington Denahan acquired 86,837 shares, paying $11.52 per share for a total amount of $1 million. Mr. Denahan increased his stake by 6.74% to 1,374,918 shares with this purchase.

    You can view the list of recent insider transactions for Annaly Capital Management, Inc. here.

    P/E: 4.38 Forward P/E: 9.72 Industry P/E: 21.49
    P/S: 6.35 Price/Book: 0.88 EV/EBITDA: N/A
    Market Cap: $11.14B Avg. Daily Volume: 7,036,830 52 Week Range: $9.66 – $12.61

    2. Inovio Pharmaceuticals, Inc. (INO): $9.37

    Shares of this biotech company were acquired by 2 insiders:

    • Chief Executive Officer Jong Joseph Kim acquired 250,000 shares, paying $9.06 per share for a total amount of $2.26 million. These shares were purchased indirectly by a Family Limited Partnership.
    • Chief Operating Officer Niranjan Sardesai acquired 2,550 shares, paying $8.70 per share for a total amount of $22,185. Mr. Sardesai increased his stake by 10.02% to 28,000 shares with this purchase.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 32.01
    P/S: 32.62 Price/Book: 4.65 EV/EBITDA: -17.26
    Market Cap: $565.93M Avg. Daily Volume: 1,880,870 52 Week Range: $4.88 – $15.8

    3. Kimco Realty Corporation (KIM): $23

    Executive Chairman Milton Cooper acquired 50,000 shares of this retail REIT, paying $22.22 per share for a total amount of $1.1 million. Mr. Cooper increased his stake by 0.52% to 9,747,977 shares with this purchase.

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

    P/E: 48.32 Forward P/E: 15.86 Industry P/E: 31.55
    P/S: 9.41 Price/Book: 2.04 EV/EBITDA: 22.82
    Market Cap: $9.45B Avg. Daily Volume: 2,393,880 52 Week Range: $19.22 – $23.82

    4. AT&T, Inc. (T): $34.74

    Director Matthew K. Rose acquired 30,000 shares of AT&T, paying $34.65 per share for a total amount of $1.04 million. Mr. Rose increased his stake by 69.77% to 73,000 shares with this purchase.

    You can view the list of recent insider transactions for AT&T, Inc. here.

    P/E: 10.13 Forward P/E: 12.77 Industry P/E: 12.75
    P/S: 1.39 Price/Book: 1.97 EV/EBITDA: 5.45
    Market Cap: $180.16B Avg. Daily Volume: 22,374,700 52 Week Range: $31.74 – $37.48

    5. TrueCar, Inc. (TRUE): $15.76

    Shares of this online car shopping company were acquired by 3 insiders:

    • Director Christopher W. Claus acquired 30,000 shares, paying $14.18 per share for a total amount of $425,400.
    • CEO & Chairman of the Board Scott Painter acquired 20,976 shares, paying $14.14 per share for a total amount of $296,666. Mr. Painter increased his stake by 1.19% to 1,785,152 shares with this purchase.
    • Director Steven J. Dietz acquired 1,800 shares, paying $15.12 per share for a total amount of $27,208. These shares were purchased indirectly by Mr. Dietz’s children.

    It is interesting to see insiders buying shares at significantly higher prices than their prior purchases in the $9 to $10 range in May. Since we highlighted those purchases, the stock is up nearly 71% in less than three months.

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

    P/E: N/A Forward P/E: 112.57 Industry P/E: 66.77
    P/S: 6.45 Price/Book: 5.17 EV/EBITDA: -32.51
    Market Cap: $1.07B Avg. Daily Volume: 621,487 52 Week Range: $9.05 – $16.89

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

    Notable Insider Sales:

    1. Facebook, Inc. (FB): $73.63

    Chief Operating Officer Sheryl Sandberg sold 283,334 shares of Facebook for $72.74, generating $20.61 million from the sale.

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

    P/E: 95.5 Forward P/E: 36.45 Industry P/E: 33.46
    P/S: 19.29 Price/Book: 10.39 EV/EBITDA: 33.1
    Market Cap: $191.44B Avg. Daily Volume: 42,677,000 52 Week Range: $37.14 – $76.74

    2. Protective Life Corporation (PL): $69.22

    Shares of this life insurance company were sold by 5 insiders:

    • CEO,President John D. Johns sold 201,398 shares for $69.24, generating $13.94 million from the sale.
    • EVP and CIO Carl S. Thigpen sold 27,353 shares for $69.36, generating $1.89 million from the sale.
    • EVP and General Counsel Deborah J. Long sold 15,063 shares for $69.34, generating $1.04 million from the sale.
    • Senior Vice President Steven G. Walker sold 7,285 shares for $69.33, generating $505,033 from the sale.
    • Senior VP, Chief Human Resources Officer Scott D. Adams sold 3,138 shares for $69.75, generating $218,876 from the sale.

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

    P/E: 14.07 Forward P/E: 13.16 Industry P/E: 16.45
    P/S: 1.33 Price/Book: 1.15 EV/EBITDA: 8.61
    Market Cap: $5.46B Avg. Daily Volume: 1,661,000 52 Week Range: $41.26 – $69.88

    3. Pacira Pharmaceuticals, Inc. (PCRX): $103.01

    Director Andreas Wicki sold 150,000 shares of this drug manufacturer for $101.25, generating $15.19 million from the sale.

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

    P/E: N/A Forward P/E: 47.89 Industry P/E: N/A
    P/S: 26.4 Price/Book: 25.06 EV/EBITDA: -135.75
    Market Cap: $3.73B Avg. Daily Volume: 451,931 52 Week Range: $35.75 – $104.68

    4. Protalix BioTherapeutics, Inc. (PLX): $2.72

    Director Zeev Bronfeld sold 4,400,000 shares of this biotech company for $2.47, generating $10.87 million from the sale. These shares were sold indirectly through a trust.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 29.39
    P/S: 17.35 Price/Book: N/A EV/EBITDA: -10.2
    Market Cap: $252.47M Avg. Daily Volume: 273,864 52 Week Range: $2.45 – $5.6

    5. RLJ Lodging Trust (RLJ): $29.48

    Executive Chairman Robert L. Johnson sold 288,300 shares of this hotel REIT  for $28.11, generating $8.1 million from the sale.

    You can view the list of recent insider transactions for RLJ Lodging Trust here.

    P/E: 31.2 Forward P/E: 19.27 Industry P/E: N/A
    P/S: 3.78 Price/Book: 1.64 EV/EBITDA: 16.37
    Market Cap: $3.86B Avg. Daily Volume: 891,123 52 Week Range: $22.56 – $30.01

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

    Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria

    Insider Weekends – August 8, 2014

    Welcome to edition 216 of Insider Weekends. Insider buying increased last week with insiders buying $113.26 million of stock compared to $60.16 million in the week prior. Selling on the other hand declined with insiders selling $961.05 million of stock last week compared to $1.34 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 down to 8.49. In other words, insiders sold more than 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 22.36. 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.

    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. Tile Shop Holdings, Inc. (TTS): $11.09

    Shares of this retailer and manufacturer of stone tiles were acquired by 5 insiders:

    • Director Peter H. Kamin acquired 290,187 shares, paying $10.00 per share for a total amount of $2.9 million. Mr. Kamin increased his stake by 326.52% to 379,059 shares with this purchase. 200,000 of these shares were purchased indirectly by various entities.
    • Director Adam L. Suttin acquired 50,000 shares, paying $10.02 per share for a total amount of $501,124. Mr. Suttin increased his stake by 12.39% to 453,489 shares with this purchase.
    • Director William E. Watts acquired 40,000 shares, paying $9.96 per share for a total amount of $398,400. Mr. Watts increased his stake by 14.30% to 319,814 shares with this purchase.
    • Director Peter J. Jacullo III acquired 35,000 shares, paying $9.92 per share for a total amount of $347,050. Mr. Jacullo increased his stake by 64.08% to 89,619 shares with this purchase.
    • Director Todd Krasnow acquired 22,500 shares, paying $10.05 per share for a total amount of $226,212. Mr. Krasnow increased his stake by 15.09% to 171,586 shares with this purchase. 10,000 of these shares were purchased indirectly through a trust and 2,500 shares were purchased indirectly by Mr. Krasnow’s spouse.

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

    P/E: 44.54 Forward P/E: 26.4 Industry P/E: N/A
    P/S: 2.21 Price/Book: 6.03 EV/EBITDA: 15.28
    Market Cap: $568.27M Avg. Daily Volume: 684,197 52 Week Range: $9.06 – $30.25

    2. Intevac Inc. (IVAC): $6.65

    Shares of this electronics company were acquired by 2 insiders:

    • Director Matthew A. Drapkin acquired 486,928 shares, paying $6.34 per share for a total amount of $3.09 million. These shares were purchased indirectly by Becker Drapkin Partners, L.P.
    • Director Stanley J. Hill acquired 10,000 shares, paying $6.16 per share for a total amount of $61,600. Mr. Hill increased his stake by 17.54% to 67,000 shares with this purchase.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 17.03
    P/S: 2.15 Price/Book: 1.27 EV/EBITDA: -9.17
    Market Cap: $157.11M Avg. Daily Volume: 206,843 52 Week Range: $4.82 – $10.2

    3. The PNC Financial Services Group, Inc. (PNC): $81.72

    Director Andrew T. Feldstein acquired 25,000 shares of this financial services company, paying $81.87 per share for a total amount of $2.05 million. These shares were purchased indirectly through trusts.

    You can view the list of recent insider transactions for The PNC Financial Services Group, Inc. here.

    P/E: 10.93 Forward P/E: 11.01 Industry P/E: 12.74
    P/S: 2.86 Price/Book: 1.07 EV/EBITDA: N/A
    Market Cap: $43.48B Avg. Daily Volume: 2,263,480 52 Week Range: $70.63 – $90

    4. Republic Services, Inc. (RSG): $38.71

    Director Wallace Lee Nutter acquired 30,000 shares of this waste management company, paying $38.04 per share for a total amount of $1.14 million. Mr. Nutter increased his stake by 9036.14% to 30,332 shares with this purchase.

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

    P/E: 23.46 Forward P/E: 17.92 Industry P/E: 25.38
    P/S: 1.84 Price/Book: 1.73 EV/EBITDA: 9.26
    Market Cap: $16.02B Avg. Daily Volume: 1,490,950 52 Week Range: $31.42 – $38.76

    5. Hexcel Corp. (HXL): $37.92

    Director David L. Pugh acquired 27,000 shares of this aerospace/defense products company, paying $37.14 per share for a total amount of $1 million. Mr. Pugh increased his stake by 540.00% to 32,000 shares with this purchase.

    Voluntary Disclosure: I hold a long position in HXL.

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

    P/E: 19.85 Forward P/E: 15.41 Industry P/E: N/A
    P/S: 2.02 Price/Book: 3.1 EV/EBITDA: 10.98
    Market Cap: $3.65B Avg. Daily Volume: 814,138 52 Week Range: $35.31 – $46.46

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

    Notable Insider Sales:

    1. Equity Residential (EQR): $65.02

    Shares of this apartment REIT were sold by 2 insiders:

    • Director Samuel Zell sold 2,000,000 shares for $64.85, generating $129.69 million from the sale.
    • Director Gerald A. Spector sold 33,048 shares for $65.32, generating $2.16 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.

    You can view the list of recent insider transactions for Equity Residential here.

    P/E: 26.37 Forward P/E: 19.58 Industry P/E: N/A
    P/S: 9.14 Price/Book: 2.28 EV/EBITDA: 21.55
    Market Cap: $23.51B Avg. Daily Volume: 1,466,520 52 Week Range: $50.08 – $66.77

    2. Liberty Media Corporation (LMCA): $46.5

    Chairman of the Board John C. Malone sold 204,688 shares of this broadcasting company for $46.41, generating $9.49 million from the sale.

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

    P/E: 7.41 Forward P/E: 21.53 Industry P/E: 28.84
    P/S: 3.67 Price/Book: 1.13 EV/EBITDA: 18.03
    Market Cap: $15.95B Avg. Daily Volume: 2,225,750 52 Week Range: $42.78 – $55.61

    3. ServiceNow, Inc. (NOW): $55

    Chief Product Officer Frederic B. Luddy sold 151,400 shares of this software-as-a-service provider for $56.11, generating $8.49 million from the sale. 50,000 of these shares were sold indirectly by Frederic B. Luddy CRT, LLC and 1,490 shares were sold indirectly by Mr. Luddy’s spouse.

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

    P/E: N/A Forward P/E: 275 Industry P/E: 16.65
    P/S: 14.75 Price/Book: 20.09 EV/EBITDA: -92.7
    Market Cap: $7.95B Avg. Daily Volume: 1,792,090 52 Week Range: $41.35 – $71.8

    4. Post Properties Inc. (PPS): $54.23

    Shares of this residential REIT were sold by 4 insiders:

    • Director Robert C. Goddard sold 95,000 shares for $55.21, generating $5.24 million from the sale.
    • Director Russell R. French sold 17,318 shares for $55.20, generating $955,933 from the sale. 7,500 of these shares were sold as a result of exercising options immediately prior to the sale.
    • EVP and Secretary Sherry W. Cohen sold 10,127 shares for $54.42, generating $551,107 from the sale. 1,419 of these shares were sold as a result of exercising options immediately prior to the sale.
    • EVP & Chief Investment Officer David C. Ward sold 8,579 shares for $54.38, generating $466,551 from the sale. 6,640 of these shares were sold as a result of exercising options immediately prior to the sale.

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

    P/E: 29.47 Forward P/E: 19.51 Industry P/E: N/A
    P/S: 7.89 Price/Book: 2.54 EV/EBITDA: 20.26
    Market Cap: $2.95B Avg. Daily Volume: 331,871 52 Week Range: $42.43 – $55.91

    5. Trinity Industries Inc. (TRN): $42.52

    Shares of this railroads company were sold by two insiders:

    • Senior Vice President William A. McWhirter sold 108,676 shares of this railroads company for $44.47, generating $4.83 million from the sale.
    • Senior Vice President Stephen D. Menzies sold 34,676 shares for $44.02, generating $1.53 million from the sale.

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

    P/E: 6.43 Forward P/E: 10.79 Industry P/E: 21.4
    P/S: 1.22 Price/Book: 2.34 EV/EBITDA: 7.16
    Market Cap: $6.64B Avg. Daily Volume: 3,023,800 52 Week Range: $19.34 – $47.83

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

    Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria

    Insider Weekends – August 1, 2014

    Welcome to edition 215 of Insider Weekends. Insider buying declined last week with insiders buying $60.16 million of stock compared to $88.99 million in the week prior. Selling on the other hand more than doubled with insiders selling $1.34 billion of stock last week compared to $549.37 million in the week prior. It was interesting to see this increase in insider selling against the backdrop of a 2.7% decline in the S&P 500, its biggest single week decline since 2012.

    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 22.36. In other words, insiders sold more than 22 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 6.17 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 August 1, 2014

    Insider Sell Buy Ratio August 1, 2014

    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:

    There were some interesting purchases on the buy side this week that included purchases by insiders in two companies I have held in my portfolio for several months as mentioned in the top 5 insider purchases below. Beyond these top 5 purchases, other purchases worth exploring include a cluster of insider purchases at regional bank Berkshire Hills Bancorp (BHBL), a 20,000 share purchase for nearly half a million dollars by the CEO of diagnostic testing company Quidel (QDEL), a 9,000 share purchase by the COO of the marine transportation services provider to the offshore drilling industry Gulfmark Offshore (GLF) and purchases by two insiders of Orchid Paper Products (TIS).

    1. Titan International Inc. (TWI): $14.85

    Shares of this manufacturer of wheels and tires for off-road vehicles were acquired by 2 insiders:

    • Director Mark H. Rachesky acquired 490,775 shares, paying $14.54 per share for a total amount of $7.14 million.
    • President Paul G. Reitz acquired 15,000 shares, paying $14.32 per share for a total amount of $214,800.

    Titan International is a manufacturer of large tires used in farming, construction and mining equipment. The company has faced headwinds in the last couple of years as mining activity and hence demand for its tires has declined. The stock trades close to its 52 week low and is a potential turnaround story.

    As mentioned in past reports related to the diesel engine manufacturer Navistar International (NAV) and Lions Gate Entertainment (LGF), Mark Rachesky was the former protege of Carl Icahn and has in recent years invested in both Lions Gate and Navistar alongside Carl Icahn.

    Voluntary Disclosure: I hold a long position in Titan International.

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

    P/E: 44.33 Forward P/E: 38.08 Industry P/E: 15.87
    P/S: 0.39 Price/Book: 1.17 EV/EBITDA: 8.67
    Market Cap: $795.92M Avg. Daily Volume: 552,908 52 Week Range: $13.93 – $19.89

    2. Air Products & Chemicals Inc. (APD): $133.12

    Chairman, President and CEO Seifi Ghasemi acquired 25,000 shares of this atmospheric gases and performance materials provider, paying $132.84 per share for a total amount of $3.32 million. Mr. Ghasemi increased his stake by 48.05% to 77,026 shares with this purchase.

    You can view the list of recent insider transactions for Air Products & Chemicals Inc. here.

    P/E: 28.44 Forward P/E: 20.8 Industry P/E: 15.72
    P/S: 2.72 Price/Book: 3.65 EV/EBITDA: 13.53
    Market Cap: $28.36B Avg. Daily Volume: 1,122,260 52 Week Range: $99.76 – $136.91

    3. Herbalife Ltd. (HLF): $52.57

    Shares of this nutritional supplement company were acquired by 3 insiders:

    • Chief Operating Officer Richard Goudis acquired 10,700 shares, paying $55.81 per share for a total amount of $597,167. Mr. Goudis increased his stake by 6.85% to 166,969 shares with this purchase.
    • President Des Walsh acquired 10,000 shares, paying $55.67 per share for a total amount of $556,700. Mr. Walsh increased his stake by 10.25% to 107,599 shares with this purchase.
    • Chief Financial Officer John DeSimone acquired 10,000 shares, paying $55.56 per share for a total amount of $555,600. Mr. Desimone increased his stake by 53.50% to 28,690 shares with this purchase.

    Herbalife is currently caught in the cross-fire between longs and passionate short-sellers like Bill Ackman who claim the stock is headed to zero and believe the company is a criminal enterprise. Following Ackman’s latest three hour presentation on the company,  the stock shot up more than 25% only to give back all of those gains and then some after the company reported weak second quarter results last week.

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

    P/E: 11.49 Forward P/E: 7.31 Industry P/E: 24.77
    P/S: 0.95 Price/Book: N/A EV/EBITDA: 7.5
    Market Cap: $4.82B Avg. Daily Volume: 2,225,900 52 Week Range: $49.35 – $83.51

    4. Campus Crest Communities, Inc. (CCG): $7.81

    Executive Vice President Aaron Scott Halfacre acquired 100,000 shares of this real estate investment trust (REIT) that provides campus housing to college students, paying $8.13 per share for a total amount of $813,000.

    Voluntary Disclosure: I hold a long position in Campus Crest Communities.

    You can view the list of recent insider transactions for Campus Crest Communities, Inc. here.

    P/E: N/A Forward P/E: 10.28 Industry P/E: 21.74
    P/S: 3.76 Price/Book: 0.76 EV/EBITDA: 25.08
    Market Cap: $505.42M Avg. Daily Volume: 504,139 52 Week Range: $7.72 – $11.5

    5. Opko Health, Inc. (OPK): $8.74

    CEO & Chairman Phillip Frost M.D. acquired 79,500 shares of this medical devices and drug development company, paying $9.01 per share for a total amount of $716,411. These shares were purchased indirectly by Frost Gamma Investments Trust.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 24.81
    P/S: 41.74 Price/Book: 4.36 EV/EBITDA: -46.48
    Market Cap: $3.62B Avg. Daily Volume: 2,377,570 52 Week Range: $7.32 – $12.95

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

    Notable Insider Sales:

    1. Microsoft Corporation (MSFT): $42.86

    Shares of Microsoft were sold by 4 insiders:

    • Founder Bill Gates sold 15,855,000 shares for $44.01, generating $697.76 million from the sale.
    • Chief Operating Officer Brian Kevin Turner sold 64,323 shares for $44.51, generating $2.86 million from the sale.
    • Senior Vice President Lisa E. Brummel sold 25,000 shares for $44.26, generating $1.11 million from the sale.
    • Chief Accounting Officer Frank H. Brod sold 1,500 shares for $44.03, generating $66,052 from the sale.

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

    P/E: 16.06 Forward P/E: 13.39 Industry P/E: 27.05
    P/S: 4.1 Price/Book: 3.96 EV/EBITDA: 8.8
    Market Cap: $353.12B Avg. Daily Volume: 29,127,200 52 Week Range: $30.84 – $45.71

    2. Twitter, Inc. (TWTR): $44.13

    Shares of Twitter were sold by 5 insiders:

    • Chief Financial Officer Mike Gupta sold 181,675 shares for $44.79, generating $8.14 million from the sale.
    • VP, Finance and Accounting Officer Luca Baratta sold 44,000 shares for $44.83, generating $1.97 million from the sale.
    • President of Revenue Adam Bain sold 19,448 shares for $45.34, generating $881,759 from the sale.
    • Chief Executive Officer Richard Costolo sold 16,698 shares for $45.34, generating $757,087 from the sale.
    • General Counsel Vijaya Gadde sold 8,479 shares for $46.90, generating $397,665 from the sale.

    Voluntary Disclosure: I hold a long position in Twitter.

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

    P/E: N/A Forward P/E: 122.58 Industry P/E: 35.13
    P/S: 27.64 Price/Book: 8.83 EV/EBITDA: -34.28
    Market Cap: $26.28B Avg. Daily Volume: 32,594,600 52 Week Range: $29.51 – $74.73

    3. The Ultimate Software Group, Inc. (ULTI): $130.5

    Shares of this software-as-a-service (SAAS) provider were sold by 4 insiders:

    • Chairman, President and CEO Scott Scherr sold 50,000 shares for $136.04, generating $6.8 million from the sale.
    • Vice-Chairman & COO Marc D. Scherr sold 25,000 shares for $136.09, generating $3.4 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Director Leroy Vander Putten sold 5,000 shares for $136.18, generating $680,889 from the sale.
    • Director James A. Fitzpatrick Jr. sold 2,168 shares for $141.18, generating $306,078 from the sale. 776 of these shares were sold as a result of exercising options immediately prior to the sale.

    You can view the list of recent insider transactions for The Ultimate Software Group, Inc. here.

    P/E: 137.51 Forward P/E: 51.79 Industry P/E: 71.33
    P/S: 8.32 Price/Book: 18.3 EV/EBITDA: 54.28
    Market Cap: $3.69B Avg. Daily Volume: 271,859 52 Week Range: $109.5 – $171.96

    4. Robert Half International Inc. (RHI): $48.67

    President & COO Paul F. Gentzkow sold 200,000 shares of this staffing and risk consulting services provider for $50.47, generating $10.09 million from the sale.

    You can view the list of recent insider transactions for Robert Half International Inc. here.

    P/E: 25.83 Forward P/E: 19.31 Industry P/E: 22.37
    P/S: 1.49 Price/Book: 7.06 EV/EBITDA: 13.05
    Market Cap: $6.56B Avg. Daily Volume: 858,353 52 Week Range: $35.14 – $53.08

    5. Liberty Media Corporation (LMCA): $46.68

    Chairman of the Board John C. Malone sold 199,414 shares of this broadcasting company for $47.64, generating $9.49 million from the sale.

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

    P/E: 7.44 Forward P/E: 13.3 Industry P/E: 29.97
    P/S: 1.27 Price/Book: 0.38 EV/EBITDA: 17.61
    Market Cap: $5.34B Avg. Daily Volume: 2,243,170 52 Week Range: $42.78 – $55.61

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

    Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria