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Insider Buying

    Insider Weekends – April 18, 2014

    Welcome to edition 200 of Insider Weekends. Insider buying more than doubled last week with insiders purchasing $99.75 million of their stock compared to $41.55 million in the week prior. Just two transactions accounted for half of the total insider buying as discussed below. Selling declined with insiders selling $432.02 million of stock last week compared to $530.53 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 dropped down to 4.33. In other words, insiders sold more than 4 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 12.77. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

    Insider Sell Buy Ratio April 18, 2014

    Insider Sell Buy Ratio April 18, 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. Navistar International Corporation (NAV): $34

    We normally don’t report on transactions by 10% owners but decided to make an exception in this case. 10% Owner Carl C. Icahn acquired 1,027,789 shares of this truck and diesel engine manufacturer, paying $33.28 per share for a total amount of $34.21 million.

    Last week, director Mark Rachesky acquired 911,774 shares of this truck and diesel engine manufacturer, paying $33.13 per share for a total amount of $30.21 million.

    Both Icahn and Rachesky are adding to their positions just like they did last July and September. You can read a profile of Rachesky in the article titled Meet Mark Rachesky: The Protege Who Stabbed Icahn In The Back.

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

    P/E: N/A Forward P/E: 18.18 Industry P/E: 118.13
    P/S: 0.27 Price/Book: N/A EV/EBITDA: -11.91
    Market Cap: $2.76B Avg. Daily Volume: 1,371,060 52 Week Range: $25.56 – $41.57

    2. Sears Holdings Corporation (SHLD): $38.33

    Director Thomas J. Tisch acquired 475,000 shares of this department stores chain, paying $33.56 per share for a total amount of $15,940,000. Mr. Tisch increased his stake by 325.74% to 620,824 shares with this purchase.

    This purchase was treated with a lot of enthusiasm with investors bidding the stock up 14% in a single day on more than twice daily volume. With the stock trading close to a 52 week low and with nearly 60% of the float short, it remains to be seen if this purchase triggers a short squeeze or the gains fade away next week.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 10.34
    P/S: 0.1 Price/Book: 2.05 EV/EBITDA: -13.62
    Market Cap: $4.08B Avg. Daily Volume: 1,582,410 52 Week Range: $31.26 – $67.5

    3. Sears Hometown and Outlet Stores, Inc. (SHOS): $22.34

    10% Owner Edward Lampert acquired 173,574 shares of this retail chain, paying $20.62 per share for a total amount of $3.58 million.

    Once again we made an exception by reporting a purchase by a 10% owner to highlight this dual purchases of Sears related companies following the Land’s End spin-off.

    You can view the list of recent insider transactions for Sears Hometown and Outlet Stores, Inc. here.

    P/E: 14.44 Forward P/E: N/A Industry P/E: 10.34
    P/S: 0.2 Price/Book: 0.82 EV/EBITDA: 7.8
    Market Cap: $508.21M Avg. Daily Volume: 164,976 52 Week Range: $19.75 – $57.44

    4. Opko Health, Inc. (OPK): $8.14

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

    • CEO & Chairman Phillip Frost M.D. acquired 303,800 shares, paying $8.35 per share for a total amount of $2.54 million. These shares were purchased indirectly by Frost Gamma Investments Trust.
    • Vice Chairman & CTO Jane Hsiao acquired 10,000 shares, paying $8.03 per share for a total amount of $80,300. Mr. Hsiao increased his stake by 0.05% to 21,338,212 shares with this purchase.

    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: N/A
    P/S: 35.63 Price/Book: 3.92 EV/EBITDA: -64.46
    Market Cap: $3.36B Avg. Daily Volume: 3,117,280 52 Week Range: $6.14 – $12.95

    5. Esterline Technologies Corp. (ESL): $107.5

    Director Henry Ward Winship IV acquired 8,778 shares of this aerospace and defense products company, paying $103.36 per share for a total amount of $907,277. These shares were purchased indirectly by Relational Investors.

    The stock is trading close to its 52-week high but still trades at what appears to be a reasonable valuation of 10 times EBITDA for a company that is growing its top line at 10% and generating 12.5% in operating margins.

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

    P/E: 20.25 Forward P/E: 16.49 Industry P/E: 20.32
    P/S: 1.68 Price/Book: 1.79 EV/EBITDA: 10.26
    Market Cap: $3.42B Avg. Daily Volume: 224,900 52 Week Range: $69.16 – $113.06

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

    Notable Insider Sales:

    1. Barnes & Noble, Inc. (BKS): $16.37

    Chairman of the Board Leonard Riggio sold 3,700,000 shares of this bookseller for $17.30, generating $64 million from the sale. This was a privately negotiated block trade for tax planning purposes.

    You can view the list of recent insider transactions for Barnes & Noble, Inc. here.

    P/E: N/A Forward P/E: N/A Industry P/E: 19.15
    P/S: 0.18 Price/Book: 1.59 EV/EBITDA: 5.62
    Market Cap: $978.45M Avg. Daily Volume: 1,984,830 52 Week Range: $12.59 – $23.71

    2. JPMorgan Chase & Co. (JPM): $55.22

    Shares of JP Morgan were sold by 6 insiders:

    • Managing Director Daniel E. Pinto sold 98,910 shares for $54.92, generating $5.43 million from the sale.
    • Chief Operating Officer Matthew E. Zames sold 97,581 shares for $54.91, generating $5.36 million from the sale.
    • Executive Vice President Gordon Smith sold 71,952 shares for $54.91, generating $3.95 million from the sale.
    • General Counsel Stephen M. Cutler sold 43,997 shares for $54.91, generating $2.42 million from the sale.
    • Managing Director Douglas B. Petno sold 21,110 shares for $54.91, generating $1.16 million from the sale.
    • Chief Risk Officer Ashley Bacon sold 3,050 shares for $54.90, generating $167,454 from the sale.

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

    P/E: 13.68 Forward P/E: 8.99 Industry P/E: 13.15
    P/S: 2.23 Price/Book: 1.02 EV/EBITDA: N/A
    Market Cap: $209.13B Avg. Daily Volume: 20,164,200 52 Week Range: $46.7 – $61.48

    3. Wells Fargo & Company (WFC): $48.93

    Shares of this bank were sold by 3 insiders:

    • Senior Executive Vice President David M. Carroll sold 71,800 shares for $48.54, generating $3.49 million from the sale.
    • Senior Executive Vice President Avid Modjtabai sold 55,000 shares for $48.60, generating $2.67 million from the sale. These shares were sold indirectly through a trust.
    • Senior Executive Vice President Kevin A. Rhein sold 50,000 shares for $48.67, generating $2.43 million from the sale.

    You can view the list of recent insider transactions for Wells Fargo & Company here.

    P/E: 12.17 Forward P/E: 11.41 Industry P/E: 13.15
    P/S: 3.16 Price/Book: 1.61 EV/EBITDA: N/A
    Market Cap: $257.65B Avg. Daily Volume: 17,627,700 52 Week Range: $36.19 – $50.49

    4. G-III Apparel Group, Ltd. (GIII): $72.79

    Chief Executive Officer Morris Goldfarb sold 71,050 shares of this apparel manufacturer for $72.39, generating $5.14 million from the sale.

    You can view the list of recent insider transactions for G-III Apparel Group, Ltd. here.

    P/E: 19.62 Forward P/E: 14.89 Industry P/E: 47.45
    P/S: 0.89 Price/Book: 2.92 EV/EBITDA: 10.53
    Market Cap: $1.49B Avg. Daily Volume: 280,353 52 Week Range: $36.81 – $77.22

    5. Signet Jewelers Limited (SIG): $100.45

    Shares of this specialty jewelry retailer (parent of Kay Jewelers, Jared The Galleria Of Jewelry, H.Samuel, and Ernest Jones) were sold by 3 insiders:

    • Chief Executive Officer Michael W. Barnes sold 49,195 shares for $101.26, generating $4.98 million from the sale.
    • UK Chief Admin.Officer Michael Povall sold 703 shares for $101.67, generating $71,474 from the sale.
    • Commerical Director Sebastian Hobbs sold 295 shares for $101.67, generating $29,993 from the sale.

    You can view the list of recent insider transactions for Signet Jewelers Limited here.

    P/E: 22.03 Forward P/E: 17.47 Industry P/E: 20.81
    P/S: 1.93 Price/Book: 3.17 EV/EBITDA: 15.57
    Market Cap: $8.06B Avg. Daily Volume: 1,023,830 52 Week Range: $64.95 – $107.74

    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 – April 11, 2014

    Welcome to edition 199 of Insider Weekends. Insider buying decreased last week with insiders purchasing $41.55 million of their stock compared to $49.28 million in the week prior. Selling plunged with insiders selling $530.53 million of stock last week compared to $1.65 billion in the week prior. We often see a sharp decline in insider transactions in the first few weeks of every quarter and this decline could be attributed to insiders reluctance to trade ahead of earnings.

    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 12.77. In other words, insiders sold nearly 13 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 33.41. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

    Insider Sell Buy Ratio April 11, 2014

    Insider Sell Buy Ratio April 11, 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:

    Some of the insider purchases that did not make the top 5 list but are worth exploring include $30.21 million in additional purchases of the truck and diesel engine manufacturer Navistar International (NAV) by its Director Mark Rachesky and an additional purchase of the biotech company Retrophin (RTRX) by its CEO Martin Shkreli.

    1. Ameresco, Inc. (AMRC): $7.08

    President and CEO George P. Sakellaris acquired 111,995 shares of this energy efficiency solutions provider, paying $7.22 per share for a total amount of $808,965. Mr. Sakellaris increased his stake by 4.42% to 2,647,621 shares with this purchase.

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

    P/E: 141.6 Forward P/E: 25.29 Industry P/E: N/A
    P/S: 0.57 Price/Book: 1.19 EV/EBITDA: 17.78
    Market Cap: $325.15M Avg. Daily Volume: 160,143 52 Week Range: $7 – $10.88

    2. RCS Capital Corporation (RCAP): $33.01

    Executive Chairman of Board of Directors Nicholas S. Schorsch acquired 20,000 shares of this investment brokerage, paying $31.94 per share for a total amount of $638,817.

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

    P/E: 31.74 Forward P/E: 14.67 Industry P/E: N/A
    P/S: 1.11 Price/Book: 2.05 EV/EBITDA: N/A
    Market Cap: $874.73M Avg. Daily Volume: 80,557 52 Week Range: $14.86 – $39.98

    3. Opko Health, Inc. (OPK): $8.87

    CEO & Chairman Phillip Frost M.D. acquired 47,300 shares of this medical devices and drug development company, paying $9.23 per share for a total amount of $436,776. 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: N/A
    P/S: 39.4 Price/Book: 4.34 EV/EBITDA: -66.9
    Market Cap: $3.66B Avg. Daily Volume: 3,020,050 52 Week Range: $6.14 – $12.95

    4. Calamos Asset Management Inc. (CLMS): $12.8

    Chairman, CEO, Global Co-CIO John P. Calamos acquired 33,343 shares of this asset management company, paying $12.49 per share for a total amount of $416,472. Mr. Calamos increased his stake by 1.14% to 2,950,363 shares with this purchase.

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

    P/E: 13.91 Forward P/E: 20.65 Industry P/E: N/A
    P/S: 0.98 Price/Book: 1.2 EV/EBITDA: -2.33
    Market Cap: $264.40M Avg. Daily Volume: 205,829 52 Week Range: $9.46 – $13.69

    5. Conns Inc. (CONN): $39.52

    Director Kelly M. Malson acquired 4,500 shares of this specialty retailer of home appliances, paying $39.58 per share for a total amount of $178,110. Mr. Malson increased his stake by 93.21% to 9,328 shares with this purchase.

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

    P/E: 15.56 Forward P/E: 9.11 Industry P/E: N/A
    P/S: 1.2 Price/Book: 2.42 EV/EBITDA: 11.84
    Market Cap: $1.43B Avg. Daily Volume: 1,953,860 52 Week Range: $31.17 – $80.34

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

    Notable Insider Sales:

    1. Apollo Education Group, Inc. (APOL): $27.12

    Chairman Emeritus of Apollo Group John G. Sperling sold 535,000 shares of this for-profit education company for $31.87, generating $17.05 million. These shares were sold indirectly by various entities.

    You can view the list of recent insider transactions for Apollo Education Group, Inc. here.

    P/E: 14.34 Forward P/E: 14.27 Industry P/E: N/A
    P/S: 0.93 Price/Book: 2.62 EV/EBITDA: 4.07
    Market Cap: $3.02B Avg. Daily Volume: 2,472,540 52 Week Range: $16.88 – $35.92

    2. Kosmos Energy Ltd. (KOS): $10.49

    Shares of this oil & gas exploration and production company were sold by 3 insiders:

    • SVP, Chief Geoscientist Paul A. Dailly sold 370,124 shares for $10.45, generating $3.87 million from the sale.
    • Chief Exploration Officer Brian F. Maxted sold 152,089 shares for $10.72, generating $1.63 million from the sale. These shares were sold indirectly by Maxted Holdings, LLC, an entity controlled by the reporting person.
    • Executive VP and CFO Greg W. Dunlevy sold 10,799 shares for $11.00, generating $118,789 from the sale. 3,600 of these shares were sold indirectly by 2008 Carnegie, Ltd., an entity controlled by the reporting person.

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

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: 4.63 Price/Book: 3.98 EV/EBITDA: 12.49
    Market Cap: $3.96B Avg. Daily Volume: 727,868 52 Week Range: $9.71 – $12.17

    3. Union Pacific Corporation (UNP): $181.07

    EVP Marketing and Sales Eric L. Butler sold 20,273 shares of this railroad company for $186.80, generating $3.79 million from the sale.

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

    P/E: 19.22 Forward P/E: 14.76 Industry P/E: N/A
    P/S: 3.8 Price/Book: 3.94 EV/EBITDA: 10.07
    Market Cap: $82.40B Avg. Daily Volume: 2,104,170 52 Week Range: $135.75 – $190.48

    4. Facebook, Inc. (FB): $58.53

    Shares of Facebook were sold by 2 insiders:

    • VP Marketing & Business Partnerships David B. Fischer sold 36,000 shares for $61.34, generating $2.21 million from the sale.
    • Chief Technology Officer Michael Todd Schroepfer sold 25,000 shares for $55.87, generating $1.39 million from the sale.

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

    P/E: 95.79 Forward P/E: 34.84 Industry P/E: N/A
    P/S: 19.16 Price/Book: 9.69 EV/EBITDA: 35.16
    Market Cap: $149.24B Avg. Daily Volume: 64,609,900 52 Week Range: $22.67 – $72.59

    5. Movado Group, Inc. (MOV): $41.63

    Chairman – CEO Efraim Grinberg sold 75,000 shares of this luxury watch manufacturer for $41.84, generating $3.14 million from the sale.

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

    P/E: 21.13 Forward P/E: 14.4 Industry P/E: N/A
    P/S: 1.82 Price/Book: 2.24 EV/EBITDA: 11.89
    Market Cap: $1.05B Avg. Daily Volume: 158,403 52 Week Range: $29.21 – $48.5

    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 – April 4, 2014

    Welcome to edition 198 of Insider Weekends. Insider buying increased last week with insiders purchasing $49.28 million of their stock compared to $28.5 million in the week prior. Selling increased sharply with insiders selling $1.65 billion of stock last week compared to $675.91 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 33.41. In other words, insiders sold more than 33 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 24.9. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

    Insider Sell Buy Ratio April 4, 2014

    Insider Sell Buy Ratio April 4, 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. Intrexon Corporation (XON): $23.47

    Chief Executive Officer Randal J. Kirk acquired 243,001 shares of this biotech company, paying $25.72 per share for a total amount of $6.25 million. These shares were purchased indirectly through a holding company.

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

    P/E: N/A Forward P/E: 335.29 Industry P/E: 20.33
    P/S: 100.25 Price/Book: 6.49 EV/EBITDA: -43.86
    Market Cap: $2.28B Avg. Daily Volume: 702,116 52 Week Range: $17.52 – $38.5

    2. The Fresh Market, Inc. (TFM): $35.98

    Shares of this grocery store chain were acquired by 3 insiders:

    • President/CEO Craig Carlock acquired 20,000 shares, paying $33.08 per share for a total amount of $661,600. Mr. Carlock increased his stake by 10.08% to 218,349 shares with this purchase.
    • Director Jeffrey G. Naylor acquired 8,000 shares, paying $32.99 per share for a total amount of $263,920. Mr. Naylor increased his stake by 116.57% to 14,863 shares with this purchase.
    • Director David L. Rea acquired 3,000 shares, paying $34.35 per share for a total amount of $103,050.

    You can view the list of recent insider transactions for The Fresh Market, Inc. here.

    P/E: 34.27 Forward P/E: 19.24 Industry P/E: 15.5
    P/S: 1.17 Price/Book: 6.89 EV/EBITDA: 9.94
    Market Cap: $1.74B Avg. Daily Volume: 1,095,960 52 Week Range: $31.35 – $57.16

    3. Opko Health, Inc. (OPK): $9.19

    CEO & Chairman Phillip Frost M.D. acquired 83,900 shares of this medical devices and drug development company, paying $9.23 per share for a total amount of $774,124. 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: 25.14
    P/S: 40.59 Price/Book: 4.47 EV/EBITDA: -66.76
    Market Cap: $3.79B Avg. Daily Volume: 3,036,860 52 Week Range: $6.14 – $12.95

    4. Retrophin, Inc. (RTRX): $19.03

    Chief Executive Officer Martin Shkreli acquired 33,300 shares of this biotech company, paying $22.49 per share for a total amount of $749,057. Mr. Shkreli increased his stake by 1.13% to 2,974,680 shares with this purchase.

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

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: N/A Price/Book: N/A EV/EBITDA: -15.05
    Market Cap: $350.44M Avg. Daily Volume: 465,948 52 Week Range: $4.5 – $24.25

    5. Poage Bankshares, Inc. (PBSK): $14.08

    Shares of this regional bank were acquired by 2 insiders:

    • Director John C. Stewart Jr. acquired 21,460 shares, paying $14.05 per share for a total amount of $301,513. These shares were purchased indirectly by various entities.
    • Director Thomas Burnette acquired 10,000 shares, paying $14.05 per share for a total amount of $140,500. Mr. Burnette increased his stake by 14.87% to 77,267 shares with this purchase.

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

    P/E: 29.09 Forward P/E: N/A Industry P/E: 23.81
    P/S: 4.17 Price/Book: 0.78 EV/EBITDA: N/A
    Market Cap: $43.76M Avg. Daily Volume: 2,184 52 Week Range: $12.46 – $15.1

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

    Notable Insider Sales:

    1. Facebook, Inc. (FB): $56.749

    Shares of Facebook were sold by 3 insiders:

    • Chief Operating Officer Sheryl Sandberg sold 283,334 shares for $63.04, generating $17.86 million from the sale.
    • Chief Financial Officer David A. Ebersman sold 23,400 shares for $62.89, generating $1.47 million from the sale.
    • Chief Accounting Officer Jas Athwal sold 3,000 shares for $60.49, generating $181,470 from the sale.

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

    P/E: 92.88 Forward P/E: 33.78 Industry P/E: 30.06
    P/S: 19.27 Price/Book: 9.75 EV/EBITDA: 34.01
    Market Cap: $144.70B Avg. Daily Volume: 62,133,900 52 Week Range: $22.67 – $72.59

    2. Kosmos Energy Ltd. (KOS): $10.75

    Shares of this 0il & gas exploration and production company were sold by 3 insiders:

    • Chief Exploration Officer Brian F. Maxted sold 789,022 shares for $10.97, generating $8.66 million from the sale. These shares were sold indirectly through an entity controlled by the reporting person.
    • Executive VP and CFO Greg W. Dunlevy sold 110,969 shares for $11.00, generating $1.22 million from the sale. 36,990 of these shares were sold indirectly through an entity controlled by the reporting person.
    • SVP, Government Affairs William S. Hayes sold 70,000 shares for $10.94, generating $765,800 from the sale.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 24.38
    P/S: 4.85 Price/Book: 4.16 EV/EBITDA: 12.74
    Market Cap: $4.06B Avg. Daily Volume: 704,753 52 Week Range: $9.71 – $12.17

    3. REX American Resources Corporation (REX): $55.41

    Shares of this ethanol producer and real estate company were sold by 2 insiders:

    • COB; CEO Stuart A. Rose sold 140,000 shares for $57.12, generating $7.99 million from the sale.
    • CFO; VP-Finance; Treasurer Douglas Bruggeman sold 9,895 shares for $57.90, generating $572,934 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 REX American Resources Corporation here.

    P/E: 12.91 Forward P/E: 10.95 Industry P/E: 20.79
    P/S: 0.69 Price/Book: 1.65 EV/EBITDA: 6.82
    Market Cap: $448.82M Avg. Daily Volume: 91,771 52 Week Range: $17.12 – $63.26

    4. Kelly Services, Inc. (KELYA): $23.77

    Director Terence E. Adderley sold 247,462 shares of this staffing services company for $23.70, generating $5.87 million from the sale.

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

    P/E: 15.45 Forward P/E: 13.06 Industry P/E: 57.57
    P/S: 0.17 Price/Book: 1.13 EV/EBITDA: 9.65
    Market Cap: $889.50M Avg. Daily Volume: 179,538 52 Week Range: $16.32 – $26.17

    5. Seagate Technology (STX): $56.06

    Chairman and CEO Stephen J. Luczo sold 100,000 shares of this data storage company for $57.00, generating $5.7 million from the sale. These shares were sold indirectly through a trust.

    You can view the list of recent insider transactions for Seagate Technology Public Limited Company here.

    P/E: 12.62 Forward P/E: 9.9 Industry P/E: N/A
    P/S: 1.35 Price/Book: 7.56 EV/EBITDA: 6.96
    Market Cap: $18.43B Avg. Daily Volume: 3,708,480 52 Week Range: $33.22 – $62.76

    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 – March 28, 2014

    Welcome to edition 197 of Insider Weekends. Insider buying decreased last week with insiders purchasing $28.5 million of their stock compared to $54.45 million in the week prior. Selling declined sharply for a second week with insiders selling $675.91 million of stock last week compared to $1.49 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 24.9. In other words, insiders sold almost 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 27.42. 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 March 28, 2014

    Insider Sell Buy Ratio March 28, 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. Biglari Holdings Inc. (BH): $483.47

    Shares of this restaurant holding company were acquired by 2 insiders:

    • Chairman and CEO Sardar Biglari, acquired 6,076 shares, paying $496.66 per share for a total amount of $3.02 million. Mr. Biglari, increased his stake by 31.20% to 25,552 shares with this purchase.
    • Director James P. Mastrian acquired 100 shares, paying $494.09 per share for a total amount of $49,409. These shares were purchased indirectly by Mr. Mastrain’s spouse.

    Activist hedge fund manager Sardar Biglari has used Biglari Holding to either acquire entire companies like the Steak n Shake restaurant chain or activist positions in companies like Cracker Barrel (CBRL). The Restaurant Investor is a very interesting profile of Sardar Biglari written by Max Olson, the CEO of Max Capital.

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

    P/E: 4.67 Forward P/E: 34.53 Industry P/E: 38.46
    P/S: 1.08 Price/Book: 1.41 EV/EBITDA: 18.79
    Market Cap: $831.57M Avg. Daily Volume: 6,024 52 Week Range: $343.56 – $523

    2. NuStar GP Holdings, LLC (NSH): $33.4

    Director William E. Greehey acquired 65,198 shares of this oil & gas pipeline company, paying $32.30 per share for a total amount of $2.11 million. Mr. Greehey increased his stake by 0.80% to 8,218,198 shares with this purchase.

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

    P/E: N/A Forward P/E: 19.76 Industry P/E: 14.67
    P/S: N/A Price/Book: 4.03 EV/EBITDA: N/A
    Market Cap: $1.42B Avg. Daily Volume: 182,582 52 Week Range: $19.34 – $34.17

    3. American Realty Capital Properties, Inc. (ARCP): $13.94

    Shares of this commercial real estate company were acquired by 6 insiders:

    • Chairman of the BoD and CEO Nicholas S. Schorsch acquired 50,000 shares, paying $13.78 per share for a total amount of $688,790. Mr. Schorsch increased his stake by 1.40% to 3,614,657 shares with this purchase.
    • Director William M. Kahane acquired 25,000 shares, paying $13.78 per share for a total amount of $344,395. Mr. Kahane increased his stake by 5.29% to 497,286 shares with this purchase.
    • EVP, Treasurer, Secretary and CFO Brian S. Block acquired 20,000 shares, paying $13.80 per share for a total amount of $276,000. Mr. Block increased his stake by 2.21% to 926,379 shares with this purchase.
    • President David S. Kay acquired 15,000 shares, paying $13.78 per share for a total amount of $206,698. Mr. Kay increased his stake by 5.99% to 265,315 shares with this purchase.
    • Director Edward M. Weil acquired 10,000 shares, paying $13.80 per share for a total amount of $138,000. Mr. Weil increased his stake by 5.58% to 189,135 shares with this purchase.
    • COO Lisa Beeson acquired 3,500 shares, paying $13.88 per share for a total amount of $48,566. Ms. Beeson increased her stake by 5.41% to 68,212 shares with this purchase.

    You can view the list of recent insider transactions for American Realty Capital Properties, Inc. here.

    P/E: N/A Forward P/E: 11.71 Industry P/E: N/A
    P/S: 11.56 Price/Book: 2.06 EV/EBITDA: 41.93
    Market Cap: $2.81B Avg. Daily Volume: 10,414,700 52 Week Range: $12.13 – $18.05

    4. Opko Health, Inc. (OPK): $8.96

    CEO & Chairman Phillip Frost M.D. acquired 147,900 shares of this medical devices and drug development company, paying $9.21 per share for a total amount of $1.36 million. These shares were purchased indirectly by Frost Gamma Investments Trust.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 2
    P/S: 38.71 Price/Book: 4.26 EV/EBITDA: -67.91
    Market Cap: $3.70B Avg. Daily Volume: 3,105,650 52 Week Range: $6.14 – $12.95

    5. Limoneira Company (LMNR): $22.84

    Director Lecil E. Cole acquired 50,000 shares of this farm products company, paying $22.73 per share for a total amount of $1.14 million. Mr. Cole increased his stake by 525.15% to 59,521 shares with this purchase.

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

    P/E: 47.48 Forward P/E: 51.91 Industry P/E: 13.41
    P/S: 3.41 Price/Book: 2.99 EV/EBITDA: 33.9
    Market Cap: $320.90M Avg. Daily Volume: 42,471 52 Week Range: $17.19 – $27.41

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

    Notable Insider Sales:

    1. Carnival Corporation (CCL): $37.24

    Chairman of the Board Micky Meir Arison sold 1,202,425 shares of this cruise ship operator for $40.14, generating $48.26 million from the sale. These shares were sold indirectly through various trusts and other entities.

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

    P/E: 26.79 Forward P/E: 15.78 Industry P/E: 1
    P/S: 1.87 Price/Book: 1.18 EV/EBITDA: 12.68
    Market Cap: $28.90B Avg. Daily Volume: 3,843,580 52 Week Range: $31.44 – $41.89

    2. Chicago Bridge & Iron Company N.V. (CBI): $85.06

    Shares of this provider of engineering and construction services were sold by 5 insiders:

    • Executive Vice President Edgar C. Ray sold 102,068 shares for $84.36, generating $8.61 million from the sale. 41,607 of these shares were sold as a result of exercising options immediately prior to the sale.
    • Executive Vice President Daniel M. Mccarthy sold 26,029 shares for $85.92, generating $2.24 million from the sale.
    • EVP and Chief Legal Officer Richard E. Chandler sold 20,801 shares for $84.79, generating $1.76 million from the sale.
    • Director Richard L. Flury sold 12,410 shares for $85.08, generating $1.06 million from the sale.
    • Director Marsha C. Williams sold 6,500 shares for $82.99, generating $539,435 from the sale.

    You can view the list of recent insider transactions for Chicago Bridge & Iron Company N.V. here.

    P/E: 20.11 Forward P/E: 14.27 Industry P/E: 19.78
    P/S: 0.81 Price/Book: 3.84 EV/EBITDA: 11.13
    Market Cap: $9.13B Avg. Daily Volume: 1,033,790 52 Week Range: $50.41 – $87.41

    3. Dorman Products, Inc. (DORM): $58.01

    Chief Executive Officer Steven L. Berman sold 74,920 shares of this auto parts supplier for $59.04, generating $4.42 million from the sale. These shares were sold indirectly through a trust.

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

    P/E: 25.9 Forward P/E: 18.83 Industry P/E: 22.09
    P/S: 3.17 Price/Book: 5.1 EV/EBITDA: 15.38
    Market Cap: $2.11B Avg. Daily Volume: 290,352 52 Week Range: $33.63 – $60.47

    4. Five Below, Inc. (FIVE): $42.95

    Executive Chairman David Schlessinger sold 97,530 shares of this specialty value retailer for $43.47, generating $4.24 million from the sale.

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

    P/E: 72.8 Forward P/E: 37.03 Industry P/E: 29.15
    P/S: 4.32 Price/Book: 19.78 EV/EBITDA: 33.95
    Market Cap: $2.30B Avg. Daily Volume: 1,129,880 52 Week Range: $33.94 – $55.28

    5. Douglas Emmett Inc (DEI): $27.18

    Chairman of the Board Dan A. Emmett sold 140,000 shares of this apartment REIT for $26.94, generating $3.77 million from the sale. These shares were sold indirectly through a trust.

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

    P/E: 87.4 Forward P/E: 16.28 Industry P/E: 16.51
    P/S: 6.5 Price/Book: 1.95 EV/EBITDA: 20
    Market Cap: $3.89B Avg. Daily Volume: 848,723 52 Week Range: $22.27 – $28.59

    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 – March 21, 2014

    Welcome to edition 196 of Insider Weekends. Insider buying increased last week with insiders purchasing $54.45 million of their stock compared to $37.85 million in the week prior. Selling decreased with insiders selling $1.49 billion of stock last week compared to $2.62 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 27.42. In other words, insiders sold more than 27 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 69.3. 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 March 21, 2014

    Insider Sell Buy Ratio March 21, 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. AGCO Corporation (AGCO): $52.26

    Director Mallika Srinivasan acquired 423,719 shares of this farm & construction machinery company, paying $51.93 per share for a total amount of $22 million. These shares were purchased indirectly by TAFE Motors and Tractors Limited.

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

    P/E: 8.7 Forward P/E: 9.84 Industry P/E: 19.39
    P/S: 0.45 Price/Book: 1.26 EV/EBITDA: 4.4
    Market Cap: $4.90B Avg. Daily Volume: 1,412,700 52 Week Range: $47.29 – $64.6

    2. Ameresco, Inc. (AMRC): $7.94

    President and CEO George P. Sakellaris acquired 231,600 shares of this energy efficiency solutions provider, paying $7.68 per share for a total amount of $1.78 million. Mr. Sakellaris increased his stake by 10.05% to 2,535,626 shares with this purchase.

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

    P/E: 158.8 Forward P/E: 28.36 Industry P/E: 27
    P/S: 0.62 Price/Book: 1.29 EV/EBITDA: 18.9
    Market Cap: $364.64M Avg. Daily Volume: 133,739 52 Week Range: $6.9 – $10.88

    3. Chesapeake Energy Corporation (CHK): $24.67

    Director Archie W. Dunham acquired 54,250 shares of this oil and natural gas producer, paying $24.97 per share for a total amount of $1.35 million. Mr. Dunham increased his stake by 5.13% to 1,111,499 shares with this purchase.

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

    P/E: 33.98 Forward P/E: 11.53 Industry P/E: 23.32
    P/S: 0.92 Price/Book: 1.24 EV/EBITDA: 5.34
    Market Cap: $16.05B Avg. Daily Volume: 9,587,130 52 Week Range: $18.21 – $29.06

    4. Prospect Capital Corporation (PSEC): $10.92

    Chief Executive Officer John F. Barry acquired 100,000 shares of this business development company, paying $10.86 per share for a total amount of $1.09 million. Mr. Barry increased his stake by 2.71% to 3,793,385 shares with this purchase.

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

    P/E: 9.48 Forward P/E: 8.67 Industry P/E: 21.58
    P/S: 5.23 Price/Book: 1.01 EV/EBITDA: N/A
    Market Cap: $3.29B Avg. Daily Volume: 4,594,770 52 Week Range: $10.05 – $11.62

    5. S&W Seed Company (SANW): $7.26

    Director Grover T. Wickersham acquired 150,000 shares of this seed company, paying $6.87 per share for a total amount of $1.03 million. These shares were acquired indirectly through a limited partnership.

    We wrote the following after Mr. Wickersham’s January 100,000 purchase of S&W Seed for $5.60,

    S&W has benefited greatly in recent years as the United States and then Europe removed restrictions on growing the natural sweetener Stevia. S&W embarked on a program in 2010 to mass produce the stevia leaf to meet the growing demand for this non-caloric and sometimes controversial sugar substitute.

    It is noteworthy that despite a 23% jump in the price of the stock since his last purchase, he bought 50% more shares than he did last time.

    You can view the list of recent insider transactions for S&W Seed Company here.

    P/E: N/A Forward P/E: 42.71 Industry P/E: 1.83
    P/S: 2.06 Price/Book: 1.69 EV/EBITDA: -58.37
    Market Cap: $83.85M Avg. Daily Volume: 107,482 52 Week Range: $4.82 – $10.59

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

    Notable Insider Sales:

    1. Facebook, Inc. (FB): $67.24

    Shares of Facebook were sold by 3 insiders:

    • Chief Operating Officer Sheryl Sandberg sold 283,334 shares for $67.45, generating $19.11 million from the sale.
    • Chief Financial Officer David A. Ebersman sold 82,114 shares for $68.36, generating $5.6 million from the sale.
    • Chief Technology Officer Michael Todd Schroepfer sold 9,787 shares for $68.14, generating $666,849 from the sale.

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

    P/E: 110.05 Forward P/E: 40.02 Industry P/E: 41.62
    P/S: 21.69 Price/Book: 10.97 EV/EBITDA: 41.46
    Market Cap: $171.44B Avg. Daily Volume: 58,166,500 52 Week Range: $22.67 – $72.59

    2. Novavax, Inc. (NVAX): $4.68

    Shares of this biotech company were sold by 2 insiders:

    • Director Rajiv I. Modi sold 3,000,000 shares for $4.95, generating $14.85 million from the sale. These shares were sold indirectly by Satellite Overseas (Holdings) Limited.
    • SVP, Research and Development Gregory M. Glenn sold 29,000 shares for $5.48, generating $158,778 from the sale.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 42.29
    P/S: 49.48 Price/Book: 5.09 EV/EBITDA: -19.58
    Market Cap: $976.43M Avg. Daily Volume: 4,989,200 52 Week Range: $1.68 – $6.95

    3. Workday, Inc. (WDAY): $97.1

    Shares of this application software company were sold by 3 insiders:

    • Co-CEO and Chairman Aneel Bhusri sold 62,500 shares for $102.39, generating $6.39 million from the sale.
    • Chief Financial Officer Mark S. Peek sold 40,000 shares for $103.60, generating $4.14 million from the sale.
    • President and COO Michael A. Stankey sold 13,344 shares for $101.90, generating $1.36 million from the sale. 8,922 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 Workday, Inc. here.

    P/E: N/A Forward P/E: N/A Industry P/E: 39.62
    P/S: 37.42 Price/Book: 14.78 EV/EBITDA: -153.54
    Market Cap: $17.01B Avg. Daily Volume: 1,491,980 52 Week Range: $55.25 – $116.47

    4. priceline.com Incorporated (PCLN): $1268.83

    Shares of this online travel company were sold by 3 insiders:

    • Chief Financial Officer Daniel J. Finnegan sold 3,181 shares for $1289.99, generating $4.1 million
    • Executive VP, General Counsel Peter J. Millones sold 3,181 shares for $1289.94, generating $4.1 million from the sale.
    • Director Jeffrey E. Epstein sold 2,000 shares for $1292.28, generating $2.58 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 priceline.com Incorporated here.

    P/E: 35.14 Forward P/E: 19.83 Industry P/E: 35.83
    P/S: 9.92 Price/Book: 9.73 EV/EBITDA: 24.39
    Market Cap: $66.16B Avg. Daily Volume: 757,557 52 Week Range: $677.72 – $1378.96

    5. Chipotle Mexican Grill, Inc. (CMG): $611.12

    Chairman & CEO Steve Ells sold 17,672 shares of this restaurant chain for $600.00, generating $10.6 million from the sale.

    You can view the list of recent insider transactions for Chipotle Mexican Grill, Inc. here.

    P/E: 58.37 Forward P/E: 38.12 Industry P/E: 49.88
    P/S: 5.9 Price/Book: 12.34 EV/EBITDA: 28.21
    Market Cap: $18.96B Avg. Daily Volume: 496,372 52 Week Range: $316.04 – $622.9

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

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