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Insider Buying

    Insider Weekends – April 17, 2015

    Welcome to edition 252 of Insider Weekends. Insider buying decreased last week with insiders buying $33.56 million of stock compared to $36.59 million in the week prior. Selling also declined with insiders selling $883.34 million of stock last week compared to $1.08 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 26.32. In other words, insiders sold more than 26 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 29.39. 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 17, 2015

    Insider Sell Buy Ratio April 17, 2015

    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): $48.09

    Director Mallika Srinivasan acquired 90,332 shares of this farm & construction machinery company, paying $47.58 per share for a total amount of $4.29 million. These shares were purchased indirectly by Chennai, India based TAFE Motors and Tractors Limited.

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

    P/E: 11.03 Forward P/E: 16.08 Industry P/E: N/A
    P/S: 0.44 Price/Book: 1.25 EV/EBITDA: 5.08
    Market Cap: $4.25B Avg. Daily Volume: 1,119,220 52 Week Range: $41.56 – $59.18

    2. EV Energy Partners LP (EVEP): $16.42

    Executive Chairman of the Board John B. Walker acquired 300,000 shares of this oil & natural gas exploration and production company, paying $14.25 per share for a total amount of $4.28 million. Mr. Walker increased his stake by 16.10% to 2,163,698 shares with this purchase. These shares were acquired indirectly by John B. and Lisa A. Walker, L.P.

    You can view the list of recent insider transactions for EV Energy Partners LP here.

    P/E: 6.36 Forward P/E: 273.67 Industry P/E: 18.04
    P/S: 2.38 Price/Book: 0.75 EV/EBITDA: 6.44
    Market Cap: $801.46M Avg. Daily Volume: 638,297 52 Week Range: $11.95 – $41.97

    3. Biglari Holdings Inc. (BH): $411

    Chairman and CEO Sardar Biglari, acquired 10,311 shares of this restaurant holding company, paying $413.67 per share for a total amount of $4.27 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: 2.12 Forward P/E: 37.03 Industry P/E: 37.73
    P/S: 0.95 Price/Book: 1.18 EV/EBITDA: 18.94
    Market Cap: $848.72M Avg. Daily Volume: 6,924 52 Week Range: $312 – $440

    4. Lions Gate Entertainment Corp. (LGF): $30.77

    Director Gordon Crawford acquired 35,000 shares of this movie production and distribution company, paying $31.23 per share for a total amount of $1.09 million. Mr. Crawford increased his stake by 16.93% to 241,790 shares with this purchase.

    This was an interesting purchase for multiple reasons. I have written about Lions Gate and have invested in the company in the past when it was trading in the high single digits. Unfortunately I did not hold it long enough to realize a nearly 5 fold increase in the stock that Carl Icahn’s ex-protege Mark Rachesky realized from his purchases back in 2011. Mr. Rachesky has started taking some profits off the table with a 10 million share sale this week generating $316 million from the sale.

    Even as Mr. Rachesky is selling stock, veteran media investor Gordon Crawford is increasing his stake in Lions Gate. Mr. Crawford joined the board of Lionsgate in February 2013. He retired after nearly four decades with the asset management firm Capital Group that manages approximately $1 trillion in assets. The LA Times wrote an interesting article about him around the time of his retirement in December 2012 that is well worth a read.

    You can view the list of recent insider transactions for Lions Gate Entertainment Corp. here.

    P/E: 21.52 Forward P/E: 17.89 Industry P/E: 26.29
    P/S: 1.77 Price/Book: 6.58 EV/EBITDA: 20.98
    Market Cap: $4.30B Avg. Daily Volume: 1,355,610 52 Week Range: $24.8 – $35.75

    5. Coty Inc. (COTY): $25.07

    Chief Financial Officer Patrice de Talhouet acquired 17,569 shares of this cosmetics company, paying $24.86 per share for a total amount of $436,765. Mr. Talhouet increased his stake by 9.26% to 207,297 shares with this purchase.

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

    P/E: N/A Forward P/E: 26.96 Industry P/E: 39.48
    P/S: 1.92 Price/Book: 13.6 EV/EBITDA: 14.45
    Market Cap: $8.62B Avg. Daily Volume: 1,056,860 52 Week Range: $15.23 – $25.49

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

    Notable Insider Sales:

    1. Twitter, Inc. (TWTR): $50.66

    Shares of Twitter were sold by 2 insiders:

    • Director Evan Clark Williams sold 468,000 shares for $51.41, generating $24.06 million from the sale. These shares were sold through various trusts.
    • Vice President of Product Kevin Weil sold 5,299 shares for $51.26, generating $271,636 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: 62.54 Industry P/E: 40
    P/S: 23.64 Price/Book: 9.15 EV/EBITDA: -89.89
    Market Cap: $32.29B Avg. Daily Volume: 20,256,700 52 Week Range: $29.51 – $55.99

    2. ServiceNow, Inc. (NOW): $73.29

    Shares of this software-as-a-service provider were sold by 2 insiders:

    • Chief Product Officer Frederic B. Luddy sold 203,600 shares for $78.42, generating $15.97 million from the sale.
    • Chief Financial Officer Michael Scarpelli sold 40,000 shares for $81.91, generating $3.28 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.

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

    P/E: N/A Forward P/E: 149.57 Industry P/E: 80.77
    P/S: 18.27 Price/Book: 28.89 EV/EBITDA: -110.84
    Market Cap: $11.03B Avg. Daily Volume: 1,499,930 52 Week Range: $44.17 – $83.52

    3. Wells Fargo & Company (WFC): $54.05

    Shares of this bank were sold by 3 insiders:

    • Executive VP & Controller Richard Levy sold 95,000 shares for $54.48, generating $5.18 million from the sale. These shares were sold indirectly through a trust.
    • Senior Exec. Vice President David M. Carroll sold 77,000 shares for $54.81, generating $4.22 million from the sale. These shares were sold indirectly through a trust.
    • Sr. Executive Vice President James M. Strother sold 50,000 shares for $54.80, generating $2.74 million from the sale.

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

    P/E: 13.18 Forward P/E: 11.93 Industry P/E: 26.14
    P/S: 3.4 Price/Book: 1.7 EV/EBITDA: N/A
    Market Cap: $278.48B Avg. Daily Volume: 15,498,600 52 Week Range: $46.44 – $56.29

    4. Cheniere Energy, Inc. (LNG): $76.8

    Shares of this natural gas storage and pipeline company were sold by 3 insiders:

    • Chairman, CEO & President Charif Souki sold 50,000 shares for $77.97, generating $3.89 million from the sale.
    • Executive VP – Asset Group Keith R. Teague sold 25,000 shares for $77.87, generating $1.95 million from the sale.
    • Sr. VP and General Counsel Greg W. Rayford sold 12,000 shares for $77.89, generating $934,639 from the sale.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 30.45
    P/S: 65.55 Price/Book: N/A EV/EBITDA: -79.2
    Market Cap: $17.38B Avg. Daily Volume: 2,409,290 52 Week Range: $53.74 – $85

    5. Boston Beer Co. Inc. (SAM): $259.3

    Shares of this beverage company were sold by 3 insiders:

    • Chairman James C. Koch sold 15,000 shares for $264.99, generating $3.97 million from the sale.
    • V.P. of Human Resources Ai-li Lim sold 1,333 shares for $269.08, generating $358,680 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • V.P. of Brand Development Robert P. Pagano sold 1,000 shares for $270.00, generating $270,000 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 Boston Beer Co. Inc. here.

    P/E: 38.74 Forward P/E: 29.04 Industry P/E: 30.05
    P/S: 3.78 Price/Book: 7.82 EV/EBITDA: 18.77
    Market Cap: $3.37B Avg. Daily Volume: 149,694 52 Week Range: $208.82 – $325

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

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

    Insider Weekends – April 10, 2015

    Welcome to edition 251 of Insider Weekends. Insider buying decreased last week with insiders buying $36.59 million of stock compared to $38.72 million in the week prior. Selling also declined slightly with insiders selling $1.08 billion of stock last week compared to $1.09 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 29.39. In other words, insiders sold more than 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 28.15. 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 10, 2015

    Insider Sell Buy Ratio April 10, 2015

    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): $47.72

    Director Mallika Srinivasan acquired 214,608 shares of this farm & construction machinery company, paying $46.98 per share for a total amount of $10.08 million. These shares were purchased indirectly by Chennai, India based TAFE Motors and Tractors Limited.

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

    P/E: 10.94 Forward P/E: 15.85 Industry P/E: N/A
    P/S: 0.43 Price/Book: 1.22 EV/EBITDA: 5.08
    Market Cap: $4.22B Avg. Daily Volume: 1,114,850 52 Week Range: $41.56 – $59.18

    2. Luby’s, Inc. (LUB): $5.34

    President and CEO Christopher James Pappas acquired 92,500 shares of this restaurant chain, paying $5.07 per share for a total amount of $468,975. Mr. Pappas increased his stake by 2.53% to 3,755,757 shares with this purchase.

    Voluntary Disclosure: I hold a long position in Luby’s.

    You can view the list of recent insider transactions for Luby’s, Inc. here.

    P/E: N/A Forward P/E: 66.75 Industry P/E: 34.69
    P/S: 0.39 Price/Book: 0.9 EV/EBITDA: 13.32
    Market Cap: $152.46M Avg. Daily Volume: 45,548 52 Week Range: $4.37 – $6.06

    3. Darden Restaurants, Inc. (DRI): $68.78

    Chief Executive Officer Eugene I. Lee acquired 7,600 shares of this restaurant chain, paying $66.29 per share for a total amount of $503,805. Mr. Lee increased his stake by 12.84% to 66,793 shares with this purchase.

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

    P/E: 13.06 Forward P/E: 24.13 Industry P/E: 34.69
    P/S: 1.29 Price/Book: 3.78 EV/EBITDA: 13.94
    Market Cap: $8.65B Avg. Daily Volume: 1,497,460 52 Week Range: $43.56 – $70.38

    4. Opko Health, Inc. (OPK): $14.25

    CEO & Chairman Phillip Frost M.D. acquired 28,800 shares of this medical devices and drug development company, paying $14.25 per share for a total amount of $410,309. These shares were acquired 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: 57.37
    P/S: 70.67 Price/Book: 7.32 EV/EBITDA: -68.72
    Market Cap: $6.44B Avg. Daily Volume: 3,686,510 52 Week Range: $7.82 – $15.23

    5. Karyopharm Therapeutics, Inc. (KPTI): $32.08

    Shares of this clinical-stage pharmaceutical company were acquired by 3 insiders:

    • EVP, CFO & Treasurer Justin A. Renz acquired 5,000 shares, paying $29.71 per share for a total amount of $148,557.
    • Director Barry E. Greene acquired 3,000 shares, paying $29.31 per share for a total amount of $87,938.
    • EVP, WW Development Operations Ran Frenkel acquired 3,000 shares, paying $31.81 per share for a total amount of $95,430.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 660.94
    P/S: 4 Price/Book: 4.97 EV/EBITDA: -12.43
    Market Cap: $1.14B Avg. Daily Volume: 368,595 52 Week Range: $23.86 – $49.01

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

    Notable Insider Sales:

    1. Anthem, Inc. (ANTM): $153.92

    EVP & Chief Financial Officer Wayne S. DeVeydt sold 114,741 shares of this health benefits company for $155.23, generating $17.8 million from the sale. 64,885 of these shares were sold as a result of exercising options imediately prior to the sale.

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

    P/E: 17.11 Forward P/E: 14.07 Industry P/E: 32.11
    P/S: 0.55 Price/Book: 1.7 EV/EBITDA: 6.5
    Market Cap: $41.06B Avg. Daily Volume: 1,798,490 52 Week Range: $90.75 – $160.64

    2. G-III Apparel Group, Ltd. (GIII): $117.49

    Shares of this apparel company were sold by 3 insiders:

    • CEO and President Morris Goldfarb sold 100,000 shares for $115.56, generating $11.56 million from the sale.
    • Director Bokhorst Willem Van sold 5,300 shares for $114.49, generating $606,797 from the sale.
    • Chief Financial Officer/Treas Neal Nackman sold 5,000 shares for $116.00, generating $580,000 from the sale.

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

    P/E: 23.64 Forward P/E: 19.01 Industry P/E: 27.25
    P/S: 1.25 Price/Book: 3.47 EV/EBITDA: 13.57
    Market Cap: $2.64B Avg. Daily Volume: 163,681 52 Week Range: $68.45 – $118.28

    3. Toll Brothers Inc. (TOL): $39.68

    Shares of this luxury home builder were sold by 2 insiders:

    • Director Bruce E. Toll sold 200,000 shares for $38.98, generating $7.79 million from the sale.
    • Chief Executive Officer Douglas C. Yearley Jr. sold 5,000 shares for $40.00, generating $200,000 from the sale.

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

    P/E: 19.53 Forward P/E: 15.09 Industry P/E: 25.86
    P/S: 1.7 Price/Book: 1.77 EV/EBITDA: 19.22
    Market Cap: $6.97B Avg. Daily Volume: 2,513,550 52 Week Range: $28.92 – $40.33

    4. Six Flags Entertainment Corporation (SIX): $48.88

    Chairman, President & CEO James Reid-Anderson sold 148,148 shares of this theme park operator for $48.97, generating $7.25 million from the sale.

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

    P/E: 63.81 Forward P/E: 28.75 Industry P/E: 60
    P/S: 3.82 Price/Book: 20.03 EV/EBITDA: 17.43
    Market Cap: $4.55B Avg. Daily Volume: 644,664 52 Week Range: $31.77 – $49.29

    5. Health Net, Inc. (HNT): $57.94

    Shares of this health care services company were sold by 4 insiders:

    • SVP, Corporate Controller Marie Montgomery sold 52,238 shares for $60.03, generating $3.14 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Health Care Services Officer Scott Law sold 27,018 shares for $60.05, generating $1.62 million from the sale.
    • Chief Administration Officer Juanell Hefner sold 24,919 shares for $60.04, generating $1.49 million from the sale.
    • President, West RegHealth Plan Steven Sell sold 5,461 shares for $60.04, generating $327,878 from the sale.

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

    P/E: 32.19 Forward P/E: 14.48 Industry P/E: N/A
    P/S: 0.32 Price/Book: 2.64 EV/EBITDA: 6.57
    Market Cap: $4.46B Avg. Daily Volume: 536,589 52 Week Range: $30.39 – $61.55

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

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

    Insider Weekends – April 3, 2015

    Welcome to edition 250 of Insider Weekends. Insider buying increased last week with insiders buying $38.72 million of stock compared to $27.48 million in the week prior. Selling decreased with insiders selling $1.09 billion of stock last week compared to $1.37 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 28.15. In other words, insiders sold more than 28 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 49.92. 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 3, 2015

    Insider Sell Buy Ratio April 3, 2015

    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. Chesapeake Energy Corporation (CHK): $14.59

    Director Archie W. Dunham acquired 1 million shares of this oil and natural gas producer, paying $13.98 per share for a total amount of $13.98 million. Mr. Dunham increased his stake by 61.15% to 2,635,270 shares with this purchase.

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

    P/E: 7.8 Forward P/E: 63.43 Industry P/E: 11.38
    P/S: 0.45 Price/Book: 0.69 EV/EBITDA: 2.79
    Market Cap: $9.68B Avg. Daily Volume: 19,764,000 52 Week Range: $13.38 – $29.92

    2. AGCO Corporation (AGCO): $47.6

    Director Mallika Srinivasan acquired 62,104 shares of this farm & construction machinery company, paying $47.57 per share for a total amount of $2.95 million. These shares were purchased indirectly by Chennai, India based TAFE Motors and Tractors Limited.

    We have reported on these purchases by TAFE for several months. AGCO was also the top weekly idea at SumZero in late February.

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

    P/E: 10.92 Forward P/E: 15.56 Industry P/E: N/A
    P/S: 0.43 Price/Book: 1.23 EV/EBITDA: N/A
    Market Cap: $4.21B Avg. Daily Volume: 1,125,310 52 Week Range: $41.56 – $59.18

    3. PHI Inc. (PHII): $29.96

    Chief Executive Officer Alton Anthony Gonsoulin Jr. acquired 29,216 shares of this helicopter transportation services provider, paying $31.33 per share for a total amount of $915,365. Mr. Gonsoulin increased his stake by 1.46% to 2,029,350 shares with this purchase.

    This is the second week in a row we are reporting insider purchases by the CEO of PHI.

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

    P/E: 14.4 Forward P/E: N/A Industry P/E: N/A
    P/S: 0.55 Price/Book: 0.77 EV/EBITDA: 4.69
    Market Cap: $463.84M Avg. Daily Volume: 1,366 52 Week Range: $29.1 – $52.98

    4. Biglari Holdings Inc. (BH): $423.37

    Chairman and CEO Sardar Biglari, acquired 2,069 shares of this restaurant holding company, paying $414.56 per share for a total amount of $857,726. 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: 2.18 Forward P/E: 38.14 Industry P/E: 34.2
    P/S: 0.96 Price/Book: 1.19 EV/EBITDA: 19.41
    Market Cap: $874.26M Avg. Daily Volume: 8,771 52 Week Range: $312 – $451.25

    5. Opko Health, Inc. (OPK): $14.33

    CEO & Chairman Phillip Frost M.D. acquired 32,400 shares of this medical devices and drug development company, paying $14.25 per share for a total amount of $461,602. These shares were acquired 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: 36.56
    P/S: 70.72 Price/Book: 7.32 EV/EBITDA: -69.1
    Market Cap: $6.47B Avg. Daily Volume: 3,733,250 52 Week Range: $7.82 – $15.23

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

    Notable Insider Sales:

    1. Aetna Inc. (AET): $107.15

    Shares of this health care benefits company were sold by 2 insiders:

    • Senior EVP, Healthagen Joseph M. Zubretsky sold 286,958 shares for $107.74, generating $30,92 million from the sale. 138,068 of these shares were sold as a result of exercising options immediately prior to the sale.
    • EVP, Operations & Technology Margaret M. McCarthy sold 27,670 shares for $106.04, generating $2.93 million from the sale.

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

    P/E: 18.86 Forward P/E: 13.33 Industry P/E: 31.2
    P/S: 0.64 Price/Book: 2.58 EV/EBITDA: 9.1
    Market Cap: $37.36B Avg. Daily Volume: 2,342,630 52 Week Range: $66.85 – $109.9

    2. Twitter, Inc. (TWTR): $50.42

    Shares of Twitter were sold by 5 insiders:

    • Director Evan Clark Williams sold 468,000 shares for $50.51, generating $23.64 million from the sale. These shares were sold indirectly through various trusts.
    • President of Revenue Adam Bain sold 29,646 shares for $50.92, generating $1.51 million from the sale.
    • Vice President of Product Kevin Weil sold 27,035 shares for $50.90, generating $1.38 million from the sale.
    • VP, Engineering Alexander Roetter sold 19,148 shares for $50.92, generating $974,951 from the sale.
    • Chief Executive Officer Richard Costolo sold 18,845 shares for $50.92, generating $959,499 from the sale.

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

    Voluntary Disclosure: I hold a long position in Twitter.

    P/E: N/A Forward P/E: 62.25 Industry P/E: 38.5
    P/S: 22.93 Price/Book: 8.87 EV/EBITDA: -87.09
    Market Cap: $32.14B Avg. Daily Volume: 20,918,300 52 Week Range: $29.51 – $55.99

    3. G-III Apparel Group, Ltd. (GIII): $114.01

    Shares of this apparel chain were sold by 3 insiders:

    • CEO and President Morris Goldfarb sold 120,000 shares for $112.76, generating $13.53 million from the sale. 10,000 of these shares were sold indirectly by The Morris and Arlene Goldfarb Family Foundation.
    • Vice Chairman Sammy Aaron sold 25,000 shares for $109.51, generating $2.74 million from the sale.
    • Director Cheryl L. Vitali sold 610 shares for $110.77, generating $67,569 from the sale.

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

    P/E: 22.94 Forward P/E: 18.45 Industry P/E: 22.97
    P/S: 1.23 Price/Book: 3.4 EV/EBITDA: 13.14
    Market Cap: $2.56B Avg. Daily Volume: 173,287 52 Week Range: $68.45 – $115.43

    4. NorthStar Realty Finance Corp. (NRF): $18.22

    Shares of this retail REIT were sold by 2 insiders:

    • Chief Inv. and Operating Officer Daniel R. Gilbert sold 450,000 shares for $18.22, generating $8.19 million from the sale.
    • Chairman and CEO David T. Hamamoto sold 400,000 shares for $18.22, generating $7.29 million from the sale.

    You can view the list of recent insider transactions for NorthStar Realty Finance Corp. here.

    P/E: N/A Forward P/E: 10.59 Industry P/E: 26.63
    P/S: 7.75 Price/Book: 1.6 EV/EBITDA: N/A
    Market Cap: $5.64B Avg. Daily Volume: 5,864,850 52 Week Range: $14.06 – $19.74

    5. Costco Wholesale Corporation (COST): $151.63

    Chairman of the Board Jeffrey H. Brotman sold 93,564 shares of this discount store chain for $150.12, generating $14.05 million from the sale. 65,272 of these shares were sold indirectly through a trust.

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

    P/E: 29.67 Forward P/E: 26.56 Industry P/E: 29.67
    P/S: 0.57 Price/Book: 6.48 EV/EBITDA: 14.14
    Market Cap: $66.71B Avg. Daily Volume: 2,491,840 52 Week Range: $110.36 – $156.85

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

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

    Insider Weekends – March 27, 2015

    Welcome to edition 249 of Insider Weekends. Insider buying declined sharply last week with insiders buying $27.48 million of stock compared to $148.24 million in the week prior. Selling also decreased with insiders selling $1.37 billion of stock last week compared to $1.51 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 49.92. In other words, insiders sold almost 50 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 10.16. 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 27, 2015

    Insider Sell Buy Ratio March 27, 2015

    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. Patriot National, Inc. (PN): $13.39

    President and Chief Executive Officer Steven M. Mariano acquired 255,816 shares of this insurance industry services provider, paying $13.58 per share for a total amount of $3.48 million. These shares were purchased indirectly through a corporation.

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

    P/E: 21.6 Forward P/E: 11.07 Industry P/E: 23.12
    P/S: 2.46 Price/Book: N/A EV/EBITDA: 15.02
    Market Cap: $242.02M Avg. Daily Volume: 205,104 52 Week Range: $11.02 – $14.37

    2. Frank’s International N.V. (FI): $17.72

    Chairman of the Supervisory Board, Director and Executive Chairman D. Keith Mosing acquired 57,000 shares of this provider of  engineered tubular services to the energy industry, paying $17.71 per share for a total amount of $1 million. Mr. Mosing increased his stake by 12.58% to 510,187 shares with this purchase.

    In addition to Frank’s, we saw a cluster of insider purchases in the oil services industry this week including purchases by the CEO of Hornbeck Offshore Services (HOS), by a director of Gulfmark Offshore (GLF) and by the CEO of PHI as mentioned below.

    Frank’s stands out as one of the companies in this sector that has net cash on the balance sheet to the tune of $489 million and one of the best operating margins in this industry at 27%. While both revenues and margins are likely to come down in the ensuing months due to the downturn in the industry, it looks like Frank’s is well positioned (pun intended) to weather this storm.

    You can view the list of recent insider transactions for Frank’s International N.V. here.

    P/E: 17.22 Forward P/E: 21.1 Industry P/E: 29.77
    P/S: 2.35 Price/Book: 2.23 EV/EBITDA: 5.54
    Market Cap: $2.73B Avg. Daily Volume: 588,710 52 Week Range: $14.53 – $27.6

    3. PHI Inc. (PHII): $31.15

    Chief Executive Officer Alton Anthony Gonsoulin Jr. acquired 28,416 shares of this helicopter transportation services provider, paying $33.10 per share for a total amount of $940,592. Mr. Gonsoulin increased his stake by 1.42% to 2,026,003 shares with this purchase.

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

    P/E: 14.98 Forward P/E: N/A Industry P/E: N/A
    P/S: 0.58 Price/Book: 0.81 EV/EBITDA: 4.79
    Market Cap: $482.26M Avg. Daily Volume: 1,285 52 Week Range: $29.14 – $52.98

    4. Opko Health, Inc. (OPK): $14.49

    CEO & Chairman Phillip Frost M.D. acquired 46,800 shares of this medical devices and drug development company, paying $14.26 per share for a total amount of $667,197. These shares were acquired 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: 30.61
    P/S: 70.72 Price/Book: 7.32 EV/EBITDA: -69.87
    Market Cap: $6.54B Avg. Daily Volume: 3,751,380 52 Week Range: $7.82 – $15.23

    5. SJW Corp. (SJW): $30.09

    Shares of this water utility were acquired by 2 insiders:

    • Director George E. Moss acquired 16,325 shares, paying $30.32 per share for a total amount of $494,989. Mr. Moss increased his stake by 1.55% to 1,071,854 shares with this purchase.
    • Director Valer van Robert acquired 4,619 shares, paying $30.51 per share for a total amount of $140,926. Mr. Robert increased his stake by 9.39% to 53,828 shares with this purchase.

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

    P/E: 11.85 Forward P/E: 18.46 Industry P/E: 20.73
    P/S: 1.93 Price/Book: 1.71 EV/EBITDA: 7.61
    Market Cap: $611.91M Avg. Daily Volume: 70,450 52 Week Range: $25.46 – $35.67

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

    Notable Insider Sales:

    1. Ross Stores Inc. (ROST): $104.13

    Shares of this discount apparel chain were sold by 6 insiders:

    • President, Chief Operating Officer Michael O’Sullivan sold 126,655 shares for $107.04, generating $13.56 million from the sale.
    • Chairman, Executive Michael Balmuth sold 84,719 shares for $107.26, generating $9.09 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Group EVP, Merchandising Bernard G. Brautigan sold 30,000 shares for $107.52, generating $3.23 million from the sale.
    • President, Chief Dev. Officer James S. Fassio sold 10,000 shares for $108.00, generating $1.08 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • President, Merchanding Lisa R. Panattoni sold 1,493 shares for $105.14, generating $156,981 from the sale.
    • Group S.V.P., CFO Michael J. Hartshorn sold 1,213 shares for $104.47, generating $126,722 from the sale.

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

    P/E: 23.56 Forward P/E: 19.25 Industry P/E: 25.54
    P/S: 1.92 Price/Book: 9.31 EV/EBITDA: 12.2
    Market Cap: $21.30B Avg. Daily Volume: 1,359,770 52 Week Range: $61.83 – $108.91

    2. Marcus & Millichap, Inc. (MMI): $36.53

    Director George M. Marcus sold 600,000 shares of this brokerage company for $31.99, generating $19.19 million from the sale. These shares were sold indirectly by Ionian Investments Manager LLC.

    You can view the list of recent insider transactions for Marcus & Millichap, Inc. here.

    P/E: 28.76 Forward P/E: 21.62 Industry P/E: 14.7
    P/S: 2.37 Price/Book: 11.57 EV/EBITDA: 13.85
    Market Cap: $1.35B Avg. Daily Volume: 196,389 52 Week Range: $15.61 – $39.92

    3. Jazz Pharmaceuticals Public Limited Company (JAZZ): $175.42

    Director Seamus Mulligan sold 50,000 shares of this biotech company for $174.59, generating $8.73 million from the sale.

    You can view the list of recent insider transactions for Jazz Pharmaceuticals Public Limited Company here.

    P/E: 188.62 Forward P/E: 14.74 Industry P/E: 37.23
    P/S: 8.97 Price/Book: 7.67 EV/EBITDA: 18.45
    Market Cap: $10.64B Avg. Daily Volume: 673,213 52 Week Range: $120.38 – $190.17

    4. FireEye, Inc. (FEYE): $39.81

    Chief Strategy Officer Ashar Aziz sold 188,434 shares of this cybersecurity solutions provider for $40.34, generating $7,601,645 from the sale. These shares were sold indirectly through a trust.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 36.77
    P/S: 14.38 Price/Book: 4.8 EV/EBITDA: -15.24
    Market Cap: $6.20B Avg. Daily Volume: 6,853,840 52 Week Range: $24.81 – $65.65

    5. SL Green Realty Corp. (SLG): $127.74

    President Andrew W. Mathias sold 50,000 shares of this office REIT for $133.57, generating $6.68 million from the sale.

    You can view the list of recent insider transactions for SL Green Realty Corp. here.

    P/E: 24.32 Forward P/E: 19.24 Industry P/E: 24.42
    P/S: 8.17 Price/Book: 1.85 EV/EBITDA: 23.41
    Market Cap: $12.60B Avg. Daily Volume: 915,450 52 Week Range: $99.08 – $135.81

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

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

    Insider Weekends – March 20, 2015

    Welcome to edition 248 of Insider Weekends. Insider buying more than doubled last week with insiders buying $148.24 million of stock compared to $73.39 million in the week prior. Selling also increased with insiders selling $1.51 billion of stock last week compared to $1.24 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 10.16. In other words, insiders sold more than 10 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 16.89. 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 20, 2015

    Insider Sell Buy Ratio March 20, 2015

    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. Envision Healthcare Holdings, Inc. (EVHC): $38.6

    Director Richard J. Schnall acquired 100,000 shares of this medical staffing and services provider, paying $36.73 per share for a total amount of $3.67 million.

    Mr. Schnall is a partner of Clayton, Dubilier & Rice, a firm that facilitates acquisitions. He has served on Envision’s board since 2011 but this is the first time we have seen him purchase shares of Envision or any other public company as reported on form 4 filings since we started tracking this data in 2010.

    While low single digit margins are slim and valuation appears high, the company has been growing by leaps and bounds and is worth exploring further.

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

    P/E: 58.48 Forward P/E: 22.31 Industry P/E: 20.81
    P/S: 1.6 Price/Book: 3.98 EV/EBITDA: 16.02
    Market Cap: $7.11B Avg. Daily Volume: 1,490,910 52 Week Range: $30.36 – $38.84

    2. The PNC Financial Services Group, Inc. (PNC): $95.97

    Director Andrew T. Feldstein acquired 22,000 shares of this financial services company, paying $95.84 per share for a total amount of $2.11 million.

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

    P/E: 13.15 Forward P/E: 12.15 Industry P/E: 14.35
    P/S: 3.27 Price/Book: 1.22 EV/EBITDA: N/A
    Market Cap: $49.97B Avg. Daily Volume: 2,721,380 52 Week Range: $76.69 – $96.71

    3. Taubman Centers, Inc. (TCO): $80.53

    Shares of this retail REIT were acquired by 2 insiders:

    • Chief Operating Officer William S. Taubman acquired 12,100 shares, paying $77.42 per share for a total amount of $936,735. These shares were purchased indirectly through UTMA accounts for the benefit of the reporting person’s children.
    • President, CEO, AND Chair BOD Robert S. Taubman acquired 7,100 shares, paying $78.61 per share for a total amount of $558,122. These shares were purchased indirectly through UTMA accounts for the benefit of the reporting person’s children.

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

    P/E: 5.98 Forward P/E: 22.49 Industry P/E: 26.6
    P/S: 7.49 Price/Book: 15.98 EV/EBITDA: 18.55
    Market Cap: $5.10B Avg. Daily Volume: 684,246 52 Week Range: $68.04 – $85.26

    4. Five9, Inc. (FIVN): $5.48

    Director Jack L. Acosta acquired 200,000 shares of this cloud contact center software provider, paying $4.50 per share for a total amount of $900,000. These shares were purchased indirectly by Jack L. Acosta & Susan J. Acosta Co – T.

    You can view the list of recent insider transactions for Five9, Inc. here.

    P/E: N/A Forward P/E: N/A Industry P/E: 38.46
    P/S: 2.44 Price/Book: 6 EV/EBITDA: -8.27
    Market Cap: $271.04M Avg. Daily Volume: 228,234 52 Week Range: $3.64 – $9.35

    5. Hilltop Holdings Inc. (HTH): $19.91

    President & CEO Jeremy B. Ford acquired 24,938 shares of this business and consumer banking services provider, paying $20.00 per share for a total amount of $498,822. Mr. Ford increased his stake by 20.24% to 148,138 shares with this purchase.

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

    P/E: 17.02 Forward P/E: N/A Industry P/E: 16.31
    P/S: 1.73 Price/Book: 1.32 EV/EBITDA: N/A
    Market Cap: $2.00B Avg. Daily Volume: 450,338 52 Week Range: $17.34 – $25.08

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

    Notable Insider Sales:

    1. Globus Medical, Inc. (GMED): $24.61

    Chief Executive Officer David C. Paul sold 1,922,000 shares of this medical device company for $25.00, generating $48.05 million from the sale.

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

    P/E: 25.37 Forward P/E: 21.59 Industry P/E: 30.85
    P/S: 5.1 Price/Book: 4.07 EV/EBITDA: 12.69
    Market Cap: $2.33B Avg. Daily Volume: 402,744 52 Week Range: $17.45 – $27

    2. Twitter, Inc. (TWTR): $48.44

    Shares of Twitter were sold by 2 insiders:

    • Director Evan Clark Williams sold 468,000 shares for $46.63, generating $21.83 million from the sale. 439,920 of these shares were sold indirectly through various trusts.
    • Vice President of Product Kevin Weil sold 5,461 shares for $46.49, generating $253,865 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: 59.8 Industry P/E: 41.67
    P/S: 21.78 Price/Book: 8.43 EV/EBITDA: -83.44
    Market Cap: $30.88B Avg. Daily Volume: 19,714,900 52 Week Range: $29.51 – $55.99

    3. ServiceNow, Inc. (NOW): $79.38

    Shares of this software-as-a-service provider were sold by 3 insiders:

    • Chief Product Officer Frederic B. Luddy sold 203,600 shares for $80.06, generating $16.3 million from the sale.
    • Chief Financial Officer Michael Scarpelli sold 40,000 shares for $76.53, generating $3.06 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Chief Operating Officer Daniel McGee sold 20,000 shares for $80.00, generating $1.6 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 ServiceNow, Inc. here.

    P/E: N/A Forward P/E: 162 Industry P/E: 20.06
    P/S: 17.74 Price/Book: 28.06 EV/EBITDA: -106.78
    Market Cap: $11.95B Avg. Daily Volume: 1,154,950 52 Week Range: $44.17 – $81.24

    4. Diamond Resorts International, Inc. (DRII): $34.58

    Director Stephen J. Cloobeck sold 571,187 shares of this hospitality and vacation ownership company for $32.99, generating $18.84 million from the sale. These shares were sold indirectly by Cloobeck Diamond Parent, LLC

    You can view the list of recent insider transactions for Diamond Resorts International, Inc. here.

    P/E: 44.91 Forward P/E: 16.79 Industry P/E: 26.01
    P/S: 3.01 Price/Book: 9.51 EV/EBITDA: 13.45
    Market Cap: $2.60B Avg. Daily Volume: 448,610 52 Week Range: $16.51 – $35.42

    5. Mohawk Industries Inc. (MHK): $181.03

    Member of group Suzanne L. Helen sold 62,025 shares of this home flooring products company for $179.09, generating $11.11 million from the sale. These shares were sold indirectly through a trust.

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

    P/E: 24.97 Forward P/E: 16.22 Industry P/E: 24.81
    P/S: 1.68 Price/Book: 2.97 EV/EBITDA: 13.24
    Market Cap: $13.22B Avg. Daily Volume: 767,787 52 Week Range: $120.37 – $188.26

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

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