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Insider Buying

    Insider Weekends – September 12, 2014

    Welcome to edition 221 of Insider Weekends. Insider buying increased last week with insiders buying $35.47 million of stock compared to $22.81 million in the week prior. Selling more than quadrupled with insiders selling $3.37 billion of stock last week compared to $725.84 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 shot up to 95.05. In other words, insiders sold more than 95 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 31.82. 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 September 12, 2014

    Insider Sell Buy Ratio September 12, 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. American Assets Trust, Inc. (AAT): $33.76

    Executive Chairman Ernest S. Rady acquired 400,000 shares of this diversified REIT, paying $33.76 per share for a total amount of $13.5 million. These shares were purchased indirectly by the Insurance Company of the West (“ICW”).

    American Assets Trust owns a portfolio of retail, office, apartment and hotel properties across the western states and Hawaii. The company sports a yield of 2.6% and trades at 21.23 times expected 2014 funds from operations (FFO) of $1.56 to $1.62 per share.

    You can view the list of recent insider transactions for American Assets Trust, Inc. here.

    P/E: 81.74 Forward P/E: 19.74 Industry P/E: 30.79
    P/S: 5.88 Price/Book: 2.1 EV/EBITDA: 16.61
    Market Cap: $1.44B Avg. Daily Volume: 149,878 52 Week Range: $30.13 – $35.84

    2. Southern Copper Corp. (SCCO): $31.93

    Chairman of the Board German Larrea Mota-Velasco acquired 150,000 shares of this copper mining company, paying $31.77 per share for a total amount of $4.77 million. Mr. Velasco increased his stake by 17.25% to 1,019,367 shares with this purchase.

    This is the third week in a row we are reporting insider purchases by Mr. Mota-Velasco.

    As the name implies, Southern Copper generates a majority (75%) of its revenue from copper, 12% from molybdenum and nearly 5% from silver. While the company appears to be well run, the headwinds they have faced include low copper prices, high stockpiles of copper and low silver prices.

    While the company expects copper supply to drop and sees signs of stockpiles depleting, it remains to be seen if global demand and hence prices will pick up. Southern Copper is spending aggressively (CapEx is well over net income) and expects their copper production capacity to increase 87% by 2015 when compared to 2013 levels. They obviously see a brighter future than is evident right now.

    One bright spot for the company right now is molybdenum, where they saw a 30% increase in production last quarter. Molybdenum prices are also up sharply this year despite some weakness in the summer.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 18.97
    P/S: N/A Price/Book: N/A EV/EBITDA: N/A
    Market Cap: $N/A Avg. Daily Volume: N/A 52 Week Range: $24.5 – $33.9

    3. Nuverra Environmental Solutions, Inc. (NES): $14.23

    Shares of this provider of environment solutions to the energy sector were acquired by 2 insiders:

    • Chairman of the Board and CEO Mark D. Johnsrud acquired 124,551 shares, paying $13.70 per share for a total amount of $1.71 million. Mr. Johnsrud increased his stake by 1.29% to 9,789,319 shares with this purchase.
    • Executive VP & Chief Legal Officer Joseph M. Crabb acquired 5,000 shares, paying $13.61 per share for a total amount of $68,050. Mr. Crabb increased his stake by 35.71% to 19,000 shares with this purchase.

    You can view the list of recent insider transactions for Nuverra Environmental Solutions, Inc. here.

    P/E: N/A Forward P/E: N/A Industry P/E: 32.23
    P/S: 0.77 Price/Book: 0.65 EV/EBITDA: 12.43
    Market Cap: $380.38M Avg. Daily Volume: 367,684 52 Week Range: $12.9 – $25.1

    4. TransDigm Group Incorporated (TDG): $189.42

    Executive Vice President James Skulina acquired 6,578 shares of this aircraft components manufacturer, paying $187.71 per share for a total amount of $1.23 million. These shares were purchased indirectly through  a trust.

    You can view the list of recent insider transactions for TransDigm Group Incorporated here.

    P/E: 54.92 Forward P/E: 22.42 Industry P/E: 20.2
    P/S: 4.38 Price/Book: N/A EV/EBITDA: 16.7
    Market Cap: $9.98B Avg. Daily Volume: 386,583 52 Week Range: $134.48 – $198.29

    5. Titan Machinery, Inc. (TITN): $13.42

    Chairman and CEO David Joseph Meyer acquired 90,250 shares of this agricultural and construction equipment retailer, paying $13.01 per share for a total amount of $1.17 million. Mr. Meyer increased his stake by 13.59% to 754,258 shares with this purchase.

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

    P/E: 58.35 Forward P/E: 19.74 Industry P/E: N/A
    P/S: 0.13 Price/Book: 0.71 EV/EBITDA: 14.54
    Market Cap: $281.63M Avg. Daily Volume: 202,031 52 Week Range: $11.85 – $20.4

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

    Notable Insider Sales:

    1. Michael Kors Holdings Limited (KORS): $76.82

    Director Silas K.F. Chou sold 11,629,627 shares of this apparel chain for $76.75, generating $892.57 million from the sale. These shares were sold indirectly by Sportswear Holdings Limited. You can check out a short biography of Mr. Chou here.

    You can view the list of recent insider transactions for Michael Kors Holdings Limited here.

    P/E: 23.86 Forward P/E: 16.04 Industry P/E: 20.94
    P/S: 4.31 Price/Book: 7.62 EV/EBITDA: 12.33
    Market Cap: $15.70B Avg. Daily Volume: 3,822,140 52 Week Range: $70.59 – $101.04

    2. Facebook, Inc. (FB): $77.48

    Shares of Facebook were sold by 2 insiders:

    • Chief Operating Officer Sheryl Sandberg sold 283,334 shares for $77.33, generating $21.91 million from the sale.
    • Chief Technology Officer Michael Todd Schroepfer sold 75,000 shares for $75.90, generating $5.69 million from the sale.

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

    P/E: 100.49 Forward P/E: 38.36 Industry P/E: 32.37
    P/S: 20.23 Price/Book: 10.89 EV/EBITDA: 34.62
    Market Cap: $201.45B Avg. Daily Volume: 36,728,300 52 Week Range: $42.43 – $78.36

    3. KapStone Paper and Packaging Corporation (KS): $30.2

    President & COO Matthew S. Kaplan sold 350,000 shares of this paper products company for $32.10, generating $11.24 million from the sale.

    You can view the list of recent insider transactions for KapStone Paper and Packaging Corporation here.

    P/E: 20.7 Forward P/E: 12.08 Industry P/E: 15.46
    P/S: 1.34 Price/Book: 3.97 EV/EBITDA: 9.24
    Market Cap: $2.90B Avg. Daily Volume: 1,200,160 52 Week Range: $20.39 – $34.43

    4. Raytheon Company (RTN): $100.77

    Shares of this aerospace and defense company were sold by 2 insiders:

    • Chairman of the Board William H. Swanson sold 100,000 shares for $100.31, generating $10.03 million from the sale.
    • Vice President Richard R. Yuse sold 7,529 shares for $100.00, generating $752,900 from the sale.

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

    P/E: 15.65 Forward P/E: 12.99 Industry P/E: 20.2
    P/S: 1.37 Price/Book: 2.67 EV/EBITDA: 9.36
    Market Cap: $31.31B Avg. Daily Volume: 1,528,670 52 Week Range: $73.81 – $102.33

    5. ServiceNow, Inc. (NOW): $61.61

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

    • Chief Product Officer Frederic B. Luddy sold 151,400 shares for $62.54, generating $9.47 million from the sale. 50,000 of these shares were sold indirectly by Frederic B. Luddy CRT, LLC and 1,400 shares were sold indirectly by Mr. Luddy’s spouse.
    • Chief Revenue Officer David Schneider sold 16,000 shares for $62.15, generating $994,468 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: 293.38 Industry P/E: N/A
    P/S: 17.02 Price/Book: 23.11 EV/EBITDA: -103.53
    Market Cap: $8.98B Avg. Daily Volume: 1,465,720 52 Week Range: $44.17 – $71.8

    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 – September 5, 2014

    Welcome to edition 220 of Insider Weekends. Insider buying increased last week with insiders buying $22.81 million of stock compared to $18.96 million in the week prior. Selling decreased with insiders selling $725.84 million of stock last week compared to $932.22 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 to 31.82. In other words, insiders sold almost 32 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 49.17. 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 September 5, 2014

    Insider Sell Buy Ratio September 5, 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. Cousins Properties Incorporated (CUZ): $13.19

    Chairman Emeritus Thomas G. Cousins acquired 260,000 shares of this diversified REIT for $12.75, generating $3.32 million from the sale.

    Cousins Properties first showed up on my radar back in mid-2011 following a group of insider purchases by the CEO. It is interesting to see Mr. Cousins buy stock at prices that are more than 20% higher than most of his sales from March through July last year as you can see here.

    This REIT that invests in apartment buildings, office buildings and shopping centers in several southern states sports a yield of 2.4%, which is well below the 4.06% yield of all diversified REITs as of September 4, 2014.

    You can view the list of recent insider transactions for Cousins Properties Incorporated here.

    P/E: 35.84 Forward P/E: 16.09 Industry P/E: 18.86
    P/S: 8.69 Price/Book: 1.79 EV/EBITDA: 26.79
    Market Cap: $2.62B Avg. Daily Volume: 1,989,570 52 Week Range: $9.8 – $13.2

    2. Southern Copper Corp. (SCCO): $32.92

    Chairman of the Board German Larrea Mota-Velasco acquired 50,000 shares of this copper mining company, paying $32.56 per share for a total amount of $1.63 million. Mr. Velasco increased his stake by 6.10% to 869,367 shares with this purchase.

    This is the third week in a row we have reported insider purchases by Mr. Mota-Velasco.

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

    P/E: 19.11 Forward P/E: 15.6 Industry P/E: 15.45
    P/S: 4.74 Price/Book: 4.59 EV/EBITDA: 10.74
    Market Cap: $27.40B Avg. Daily Volume: 1,712,720 52 Week Range: $24.5 – $33.9

    3. Conns Inc. (CONN): $29.01

    Director Scott L. Thompson acquired 26,100 shares of this specialty retailer of home appliances, paying $30.09 per share for a total amount of $785,329. Mr. Thompson increased his stake by 203.26% to 38,941 shares with this purchase.

    This purchase follows a sharp decline in Conns’ stock, which lost nearly 36% of its value last week after posting disappointing results on account of an increase in provisions for bad debt.

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

    P/E: 10.75 Forward P/E: 8.76 Industry P/E: N/A
    P/S: 0.78 Price/Book: 1.67 EV/EBITDA: 9.28
    Market Cap: $1.05B Avg. Daily Volume: 1,086,440 52 Week Range: $27.3 – $80.34

    4. Bob Evans Farms, Inc. (BOBE): $43.81

    Shares of this restaurant chain were acquired by 3 insiders:

    • CEO/COB Steven A. Davis acquired 15,000 shares, paying $43.12 per share for a total amount of $646,810. Mr. Davis increased his stake by 3.21% to 482,359 shares with this purchase.
    • Director Charles M. Elson acquired 2,300 shares, paying $43.50 per share for a total amount of $100,050. Mr. Elson increased his stake by 99.01% to 4,623 shares with this purchase.
    • EVP Supply Chain Management Richard D. Hall acquired 356 shares, paying $43.73 per share for a total amount of $15,567. Mr. Hall increased his stake by 1.17% to 30,751 shares with this purchase.

    You can view the list of recent insider transactions for Bob Evans Farms, Inc. here.

    P/E: 25.83 Forward P/E: 17.67 Industry P/E: 29.5
    P/S: 0.77 Price/Book: 2.73 EV/EBITDA: 12.63
    Market Cap: $1.03B Avg. Daily Volume: 537,038 52 Week Range: $42.28 – $60.22

    5. Opko Health, Inc. (OPK): $8.51

    CEO & Chairman Phillip Frost M.D. acquired 65,000 shares of this medical devices and drug development company, paying $8.73 per share for a total amount of $567,223. 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: 25.49
    P/S: 42.25 Price/Book: 3.98 EV/EBITDA: -42.2
    Market Cap: $3.65B Avg. Daily Volume: 2,531,260 52 Week Range: $7.32 – $12.95

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

    Notable Insider Sales:

    1. GrubHub Inc. (GRUB): $39.75

    Shares of this online restaurant delivery service were sold by 4 insiders:

    • Director Benjamin C. Spero sold 2,138,257 shares for $40.25, generating $86.06 million from the sale. These shares were sold indirectly by the Spectrum Funds.
    • President Jonathan Zabusky sold 298,801 shares for $40.25, generating $12.03 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Director Brian P. McAndrews sold 46,954 shares for $40.25, generating $1.89 million from the sale. These shares were sold indirectly through a trust.
    • Senior Vice President, General Counsel and Secretary Margo Drucker sold 25,612 shares for $40.25, generating $1.03 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 GrubHub Inc. here.

    P/E: 254.81 Forward P/E: 94.64 Industry P/E: 42.32
    P/S: 15.39 Price/Book: 4.59 EV/EBITDA: 65.99
    Market Cap: $3.13B Avg. Daily Volume: 555,439 52 Week Range: $29.86 – $45.8

    2. Concho Resources, Inc. (CXO): $135.72

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

    • Senior VP of Exploration Matthew Glover Hyde sold 37,302 shares for $140.57, generating $5.24 million from the sale. 30,555 of these shares were sold as a result of exercising options immediately prior to the sale.
    • Exec VP & Chief Operating Officer Joseph E. Wright sold 36,863 shares for $134.86, generating $4.97 million from the sale. 4,363 of these shares were sold as a result of exercising options immediately prior to the sale.
    • Senior VP & CFO Darin G. Holderness sold 15,000 shares for $140.00, generating $2.1 million from the sale.

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

    P/E: 45.74 Forward P/E: 24.59 Industry P/E: 16.18
    P/S: 5.68 Price/Book: 3.13 EV/EBITDA: 11.74
    Market Cap: $15.14B Avg. Daily Volume: 990,547 52 Week Range: $94.51 – $148.61

    3. Workday, Inc. (WDAY): $90.07

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

    • Chief Executive Officer Aneel Bhusri sold 115,938 shares for $89.14, generating $10.34 million from the sale.
    • VP, General Counsel & Secretary James P. Shaughnessy sold 8,000 shares for $89.35, generating $714,798 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Director Christa Davies sold 1,970 shares for $88.28, generating $173,918 from 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: 38.1
    P/S: 26.63 Price/Book: 14.4 EV/EBITDA: -99.36
    Market Cap: $16.75B Avg. Daily Volume: 1,472,340 52 Week Range: $64.21 – $116.47

    4. DineEquity, Inc. (DIN): $83.6

    Director Howard M. Berk sold 125,000 shares of this restaurant chain for $83.58, generating $10.45 million from the sale. These shares were sold indirectly by MSD Capital, L.P.

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

    P/E: 21.76 Forward P/E: 15.28 Industry P/E: 29.5
    P/S: 2.57 Price/Book: 5.12 EV/EBITDA: 10.79
    Market Cap: $1.66B Avg. Daily Volume: 114,691 52 Week Range: $64.77 – $85.74

    5. The TJX Companies, Inc. (TJX): $61.15

    Shares of this discount retailer were sold by 2 insiders:

    • Director Bernard Cammarata sold 130,000 shares for $60.00, generating $7.8 million from the sale. 80,000 of these shares were sold indirectly through a trust.
    • President Ernie Herrman sold 25,000 shares for $59.80, generating $1.49 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 The TJX Companies, Inc. here.

    P/E: 20.64 Forward P/E: 17.18 Industry P/E: 17.72
    P/S: 1.5 Price/Book: 9.87 EV/EBITDA: 10.37
    Market Cap: $42.37B Avg. Daily Volume: 4,269,350 52 Week Range: $51.91 – $64.38

    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 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