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Insider Buying

    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

    Insider Weekends – March 13, 2015

    Welcome to edition 247 of Insider Weekends. Insider buying increased last week with insiders buying $73.39 million of stock compared to $70.86 million in the week prior. Selling on the other hand decreased with insiders selling $1.24 billion of stock last week compared to $1.77 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 16.89. In other words, insiders sold almost 17 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 24.99. 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 13, 2015

    Insider Sell Buy Ratio March 13, 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. American Homes 4 Rent (AMH): $16.37

    Director B. Wayne Hughes acquired 1,000,000 shares of this single-family home rental REIT, paying $16.24 per share for a total amount of $16.24 million. These shares were purchased indirectly through a trust.

    The last time we mentioned a purchase of AMH by Mr. Hughes was on December 19, 2014 after he picked up a million shares of the company at an average price of $16.99. As we mentioned back then, Mr. Hughes is the billionaire founder of Public Storage (PSA) and retired as the CEO of PSA in 2012. He founded the former manager of American Homes 4 Rent in 2011.

    You can view the list of recent insider transactions for American Homes 4 Rent here.

    P/E: N/A Forward P/E: 16.7 Industry P/E: N/A
    P/S: 8.64 Price/Book: 1 EV/EBITDA: 34.44
    Market Cap: $3.46B Avg. Daily Volume: 887,920 52 Week Range: $15.76 – $18.85

    2. American Assets Trust, Inc. (AAT): $41.94

    Executive Chairman Ernest S. Rady acquired 200,000 shares of this diversified REIT, paying $40.54 per share for a total amount of $8.11 million. These shares were purchased indirectly by Explorer Insurance Company which is directly controlled by the Reporting Person.

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

    P/E: 81.75 Forward P/E: 22.67 Industry P/E: 24.24
    P/S: 7.15 Price/Book: 2.5 EV/EBITDA: 19.23
    Market Cap: $1.83B Avg. Daily Volume: 157,500 52 Week Range: $32.16 – $45.09

    3. Continental Resources, Inc. (CLR): $41.3

    CEO & Chairman Harold Hamm acquired 139,621 shares of this independent oil & gas company, paying $42.97 per share for a total amount of $5.99 million. Mr. Hamm increased his stake by 0.06% to 253,273,086 shares with this purchase.

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

    P/E: 15.64 Forward P/E: 33.85 Industry P/E: 11.67
    P/S: 3.78 Price/Book: 3.23 EV/EBITDA: 5.51
    Market Cap: $15.25B Avg. Daily Volume: 5,075,540 52 Week Range: $30.06 – $80.91

    4. Kinder Morgan, Inc. (KMI): $39.92

    Chairman and CEO Richard D. Kinder acquired 100,000 shares of this oil & gas pipelines company, paying $39.50 per share for a total amount of $3.95 million. Mr. Kinder increased his stake by 0.04% to 233,812,353 shares with this purchase.

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

    P/E: 44.85 Forward P/E: 41.15 Industry P/E: 28.31
    P/S: 5.22 Price/Book: 2.49 EV/EBITDA: 19.55
    Market Cap: $85.03B Avg. Daily Volume: 12,139,200 52 Week Range: $30.81 – $43.18

    5. Fox Factory Holding Corp (FOXF): $15.4

    Director Elias Sabo acquired 100,000 shares of this manufacturer of suspension systems for recreational vehicles, paying $14.87 per share for a total amount of $1.49 million. Mr. Sabo increased his stake by 84.92% to 217,758 shares with this purchase.

    With an uninspiring name, this manufacturer of shock absorbers for mountain bikes and ATVs has had an equally uninspiring journey since going public at $15/share in August 2013. Following a 17.4% jump to $18.61 on its first trading day, the stock has trended steadily lower, significantly underperforming the S&P 500.

    However as a business, the company appears to be doing quite well, generating double digit top line and bottom line growth in each of the last two years. Trading at less than 14 times 2015 earnings with 13% operating margins for a manufacturing company, Fox Factory Holdings is worth exploring further.

    You can view the list of recent insider transactions for Fox Factory Holding Corp here.

    P/E: 21.1 Forward P/E: 13.75 Industry P/E: 20.8
    P/S: 1.83 Price/Book: 4.37 EV/EBITDA: N/A
    Market Cap: $570.99M Avg. Daily Volume: 85,066 52 Week Range: $13.35 – $19.05

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

    Notable Insider Sales:

    1. Stryker Corporation (SYK): $91.29

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

    • Director Ronda E. Stryker sold 400,000 shares for $90.59, generating $36.24 million from the sale. These shares were sold indirectly through a trust.
    • Director Howard E. Cox Jr. sold 11,225 shares for $92.82, generating $1.04 million from the sale.

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

    P/E: 68.13 Forward P/E: 16.66 Industry P/E: 31.12
    P/S: 3.6 Price/Book: 4.04 EV/EBITDA: 12.88
    Market Cap: $34.58B Avg. Daily Volume: 1,313,170 52 Week Range: $75.78 – $98.24

    2. Cigna Corp. (CI): $122.89

    Shares of this health services organization were sold by 5 insiders:

    • President & CEO David Cordani sold 101,856 shares for $121.02, generating $12.33 million from the sale.
    • President, International Markets Jason D. Sadler sold 22,376 shares for $120.35, generating $2.69 million from the sale. 20,033 of these shares were sold as a result of exercising options immediately prior to the sale.
    • President US Comm Markets & Global HC Op Matthew G. Manders sold 15,263 shares for $120.95, generating $1.85 million from the sale.
    • EVP, General Counsel Nicole S. Jones sold 10,935 shares for $121.31, generating $1,326,506 from the sale.
    • VP & Chief Accounting Officer Mary T. Hoeltzel sold 700 shares for $120.08, generating $84,056 from the sale.

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

    P/E: 15.69 Forward P/E: 13.12 Industry P/E: 28.78
    P/S: 0.91 Price/Book: 2.95 EV/EBITDA: 9.09
    Market Cap: $31.76B Avg. Daily Volume: 1,425,460 52 Week Range: $73.47 – $123.2

    3. The Walt Disney Company (DIS): $106.44

    Shares of Disney were sold by 2 insiders:

    • Sr. Executive VP and CFO James A. Rasulo sold 115,000 shares for $106.72, generating $12.27 million from the sale.
    • SVP, Planning and Control Brent Woodford sold 2,500 shares for $106.10, generating $265,257 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 Walt Disney Company here.

    P/E: 23.66 Forward P/E: 19.25 Industry P/E: 24.68
    P/S: 3.65 Price/Book: 4.13 EV/EBITDA: 13.36
    Market Cap: $180.90B Avg. Daily Volume: 6,918,470 52 Week Range: $76.31 – $107.33

    4. Liberty Tax, Inc. (TAX): $29.13

    Director Steven Ibbotson sold 317,000 shares of this tax preparation services provider for $29.25, generating $9.27 million from the sale. These shares were sold indireclty by Datatax Business Services Limited.

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

    P/E: 28.99 Forward P/E: 15.92 Industry P/E: 26.24
    P/S: 4.01 Price/Book: 9.31 EV/EBITDA: 25.77
    Market Cap: $660.81M Avg. Daily Volume: 53,175 52 Week Range: $25.69 – $39.6

    5. Bio-Rad Laboratories, Inc. (BIO): $134.9

    Shares of this medical laboratories and research company were sold by 4 insiders:

    • Director Alice N. Shwartz sold 60,000 shares for $134.06, generating $8.04 million from the sale. These shares were sold indirectly through a trust.
    • EVP and CFO Christine A. Tsingos  sold 5,400 shares for $135.94, generating $734,076 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • EVP, Global Commercial Operations Michael Crowley sold 200 shares for $134.05, generating $26,810 from the sale.
    • EVP, General Counsel, Secretary Marie Shawn Soderberg sold 107 shares for $134.07, generating $14,345 from the sale.

    You can view the list of recent insider transactions for Bio-Rad Laboratories, Inc. here.

    P/E: 44.23 Forward P/E: 36.07 Industry P/E: 27.56
    P/S: 1.82 Price/Book: 1.81 EV/EBITDA: 11.91
    Market Cap: $3.93B Avg. Daily Volume: 145,166 52 Week Range: $102.71 – $136.59

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

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

    Insider Weekends – March 6, 2015

    Welcome to edition 246 of Insider Weekends. Insider buying declined sharply last week with insiders buying $70.86 million of stock compared to $168.17 million in the week prior. Selling on the other hand increased with insiders selling $1.77 billion of stock last week compared to $1.53 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 24.99. In other words, insiders sold almost 25 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 9.12. 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 6, 2015

    Insider Sell Buy Ratio March 6, 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. Medivation, Inc. (MDVN): $126.55

    Director Kathryn E. Falberg acquired 25,000 shares of this biotech company, paying $117.67 per share for a total amount of $2.94 million. These shares were purchased indirectly through a trust.

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

    P/E: 37.04 Forward P/E: 30.35 Industry P/E: 36.21
    P/S: 13.99 Price/Book: 22.09 EV/EBITDA: 33.58
    Market Cap: $9.90B Avg. Daily Volume: 1,045,540 52 Week Range: $54.37 – $129.49

    2. Opko Health, Inc. (OPK): $14.11

    CEO & Chairman Phillip Frost M.D. acquired 79,200 shares of this medical devices and drug development company, paying $14.09 per share for a total amount of $1.12 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: 32.06
    P/S: 70.97 Price/Book: 7.35 EV/EBITDA: -68.05
    Market Cap: $6.37B Avg. Daily Volume: 3,942,770 52 Week Range: $7.82 – $15.23

    3. Sequential Brands Group, Inc. (SQBG): $10.04

    Shares of this consumer brand focused company were acquired by 2 insiders:

    • Director Al Gossett acquired 78,000 shares, paying $9.16 per share for a total amount of $714,360. Mr. Gossett increased his stake by 63.61% to 200,623 shares with this purchase.
    • Director Leonard Stewart Jr. acquired 10,000 shares, paying $10.16 per share for a total amount of $101,600. Mr. Stewart increased his stake by 42.39% to 33,593 shares with this purchase.

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

    P/E: N/A Forward P/E: 19.31 Industry P/E: N/A
    P/S: 9.02 Price/Book: 1.45 EV/EBITDA: 24.51
    Market Cap: $377.05M Avg. Daily Volume: 168,262 52 Week Range: $6.52 – $14.75

    4. CARBO Ceramics Inc. (CRR): $35.8

    Director William C. Morris acquired 20,000 shares of this oilfield services technology company, paying $36.36 per share for a total amount of $727,277. These shares were purchased indirectly by Mr. Morris’ wife.

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

    P/E: 14.88 Forward P/E: 179 Industry P/E: 15.2
    P/S: 1.35 Price/Book: 1.12 EV/EBITDA: 5.25
    Market Cap: $833.28M Avg. Daily Volume: 1,094,750 52 Week Range: $27.97 – $156

    5. Cliffs Natural Resources Inc. (CLF): $6.27

    Shares of this coal and iron ore mining company were acquired by 2 insiders:

    • Chairman, President & CEO Lourenco Goncalves acquired 100,000 shares, paying $6.50 per share for a total amount of $649,530. These shares were purchased indirectly through a trust.
    • Director Michael D. Siegal acquired 7,200 shares, paying $6.81 per share for a total amount of $49,012. These shares were purchased indirectly through a trust.

    You can view the list of recent insider transactions for Cliffs Natural Resources Inc. here.

    P/E: N/A Forward P/E: 11.61 Industry P/E: 24.69
    P/S: 0.22 Price/Book: N/A EV/EBITDA: 5.57
    Market Cap: $961.06M Avg. Daily Volume: 8,878,650 52 Week Range: $5.63 – $21.25

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

    Notable Insider Sales:

    1. The Blackstone Group L.P. (BX): $38.75

    President and COO Hamilton E. James sold 2,000,000 shares of this asset management company for $38.12, generating $76.25 million from the sale. These shares were sold indirectly through a trust.

    You can view the list of recent insider transactions for The Blackstone Group L.P. here.

    P/E: 15.02 Forward P/E: 10.28 Industry P/E: 15.78
    P/S: 3.2 Price/Book: 3.3 EV/EBITDA: N/A
    Market Cap: $23.34B Avg. Daily Volume: 4,232,580 52 Week Range: $26.56 – $39.62

    2. Graham Holdings (GHC): $1047.24

    Shares of this education and media company were sold by 2 insiders:

    • COB and CEO Donald Graham sold 28,500 shares for $991.52, generating $28.26 million from the sale. These shares were sold indirectly through a trust.
    • Senior Vice President Ann McDaniel sold 600 shares for $1005.39, generating $603,233 from the sale.

    You can view the list of recent insider transactions for Graham Holdings 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: N/A
    Market Cap: $N/A Avg. Daily Volume: N/A 52 Week Range: $645.93 – $1066.39

    3. Twitter, Inc. (TWTR): $46.75

    Shares of Twitter were sold by 5 insiders:

    • Director Evan Clark Williams sold 468,000 shares for $47.31, generating $22.14 million from the sale. 439,920 of these shares were sold indirectly through various entities.
    • General Counsel Vijaya Gadde sold 16,018 shares for $48.12, generating $770,725 from the sale.
    • VP, Engineering Alexander Roetter sold 12,252 shares for $48.11, generating $589,500 from the sale.
    • Vice President of Product Kevin Weil sold 7,566 shares for $47.76, generating $361,349 from the sale.
    • Chief Accounting Officer Gordon S. Lee sold 1,372 shares for $47.94, generating $65,769 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: 57.72 Industry P/E: 44.09
    P/S: 21.51 Price/Book: 8.32 EV/EBITDA: -80.33
    Market Cap: $29.80B Avg. Daily Volume: 20,498,600 52 Week Range: $29.51 – $55.99

    4. Lincoln National Corporation (LNC): $58.92

    Shares of this life insurance company were sold by 2 insiders:

    • President – Insurance Solutions Mark E. Konen sold 24,531 shares for $884.41, generating $21.69 million from the sale.
    • Director Patrick S. Pittard sold 1,945 shares for $58.28, generating $113,357 from the sale.

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

    P/E: 10.39 Forward P/E: 8.69 Industry P/E: 19.78
    P/S: 1.1 Price/Book: 0.95 EV/EBITDA: 6.69
    Market Cap: $15.11B Avg. Daily Volume: 2,441,110 52 Week Range: $45.25 – $60.84

    5. WisdomTree Investments, Inc. (WETF): $20.55

    Shares of this asset management company were sold by 3 insiders:

    • Director Michael H. Steinhardt sold 563,630 shares for $19.24, generating $10.85 million from the sale. 183,900 of these shares were sold indirectly by The Judy and Michael Steinhardt Foundation.
    • Chief Investment Strategist Luciano Siracusano III sold 60,000 shares for $20.29, generating $1.22 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Chief Legal Officer Peter M. Ziemba sold 50,000 shares for $19.20, generating $960,105 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 WisdomTree Investments, Inc. here.

    P/E: 46.7 Forward P/E: 28.94 Industry P/E: 15.78
    P/S: 14.73 Price/Book: 14.69 EV/EBITDA: 33.92
    Market Cap: $2.74B Avg. Daily Volume: 2,955,120 52 Week Range: $9.11 – $21.03

    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 – February 27, 2015

    Welcome to edition 245 of Insider Weekends. Insider buying tripled last week with insiders buying $168.17 million of stock compared to $56.56 million in the week prior. Selling on the other hand decreased with insiders selling $1.53 billion of stock last week compared to $1.59 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 9.12. In other words, insiders sold more than 9 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 28.27. 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 February 27, 2015

    Insider Sell Buy Ratio February 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. Sprint Corporation (S): $5.12

    President & CEO Raul Marcelo Claure acquired 5,080,000 shares of this telecommunications company, paying $4.92 per share for a total amount of $25 million. Mr. Claure increased his stake by 181.28% to 7,882,330 shares with this purchase.

    This is an unusually large purchase by a non-founder CEO and I had to read through the footnotes of the filing carefully to see if it was a mistake. With nothing in the footnotes indicating that this was a mistake and no amended form 4 filed with the SEC, this looks like a legitimate purchase. Mr. Claure has served on the board of directors of Sprint since January 2014 and took over the role of CEO in August 2014.

    SoftBank, which owns a majority stake in Sprint is also the majority stakeholder in Miami based wireless distributor Brightstar. Mr. Claure founded Brightstar in 1997 and is estimated to have a net worth north of $1 billion following SoftBank’s purchase of a 57% stake in Brightstar for $1.26 billion.

    A balance sheet with more than $31 billion in debt, high cap-ex requirements and a highly competitive business make Sprint a challenging turnaround story. It will be interesting to see if Mr. Claure and SoftBank’s Masayoshi Son can pull off this turnaround.

    In the words of Warren Buffett who just released the 50th annual shareholder letter for Berkshire Hathaway:

    “When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.”

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

    P/E: N/A Forward P/E: N/A Industry P/E: 21.74
    P/S: 0.54 Price/Book: 0.85 EV/EBITDA: 5.99
    Market Cap: $20.26B Avg. Daily Volume: 19,347,200 52 Week Range: $3.79 – $9.76

    2. CARBO Ceramics Inc. (CRR): $36.44

    Director William C. Morris acquired 39,900 shares of this oilfield services technology company, paying $37.96 per share for a total amount of $1.51 million. These shares were purchased indirectly by Mr. Morris’s wife.

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

    P/E: 15.12 Forward P/E: 110.42 Industry P/E: 15.51
    P/S: 1.28 Price/Book: 1.07 EV/EBITDA: 5.4
    Market Cap: $849.02M Avg. Daily Volume: 1,156,320 52 Week Range: $27.97 – $156

    3. Medgenics, Inc. (MDGN): $7.84

    Director Sol J. Barer acquired 150,000 shares of this biotech company, paying $7.44 per share for a total amount of $1.12 million. Mr. Barer increased his stake by 72.46% to 357,000 shares with this purchase.

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

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: N/A Price/Book: 6.75 EV/EBITDA: -8.61
    Market Cap: $194.38M Avg. Daily Volume: 141,848 52 Week Range: $3.68 – $8.79

    4. E. I. du Pont de Nemours and Company (DD): $77.85

    Director Edward D. Breen acquired 13,000 shares of this agricultural chemicals company, paying $77.39 per share for a total amount of $1 million.

    You can view the list of recent insider transactions for E. I. du Pont de Nemours and Company here.

    P/E: 19.88 Forward P/E: 16.92 Industry P/E: 19.56
    P/S: 2.02 Price/Book: 5.4 EV/EBITDA: 11.79
    Market Cap: $70.49B Avg. Daily Volume: 3,746,640 52 Week Range: $63.7 – $78.18

    5. MRC Global Inc. (MRC): $12.87

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

    • Director H. B. Wehrle III acquired 50,000 shares, paying $12.75 per share for a total amount of $637,500.
    • Director John Anthony Perkins acquired 15,000 shares, paying $12.63 per share for a total amount of $189,450. Mr. Perkins increased his stake by 45.88% to 47,691 shares with this purchase.

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

    P/E: 9.19 Forward P/E: 15.51 Industry P/E: 15.51
    P/S: 0.22 Price/Book: 0.94 EV/EBITDA: 6.86
    Market Cap: $1.31B Avg. Daily Volume: 2,652,360 52 Week Range: $10.2 – $29.67

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

    Notable Insider Sales:

    1. Graham Holdings (GHC): $986.38

    CEO and COB Donald Graham sold 44,623 shares of this education and media company for $990.11, generating $44.18 million from the sale. These shares were sold indirectly through trusts.

    You can view the list of recent insider transactions for Graham Holdings 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: N/A
    Market Cap: $N/A Avg. Daily Volume: N/A 52 Week Range: $645.93 – $1023.99

    2. Rackspace Hosting, Inc. (RAX): $49.67

    Shares of this server and cloud hosting company were sold by 4 insiders:

    • Director Lew Moorman sold 447,700 shares for $49.68, generating $22.24 million from the sale. 134,000 of these shares were sold as a result of exercising options immediately prior to the sale and 47,700 of these shares were sold indirectly through a trust.
    • Director Fred Reichheld sold 25,000 shares for $49.64, generating $1.24 million from the sale.
    • Chief Operating Officer Mark Roenigk sold 17,000 shares for $49.48, generating $841,230 from the sale. 15,000 of these shares were sold as a result of exercising options immediately prior to the sale.
    • Chief Accounting Officer Joseph Saporito sold 345 shares for $51.54, generating $17,781 from the sale.

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

    P/E: 64.51 Forward P/E: 41.39 Industry P/E: 19.91
    P/S: 3.9 Price/Book: 6.52 EV/EBITDA: 13.05
    Market Cap: $7.04B Avg. Daily Volume: 1,281,520 52 Week Range: $26.18 – $52.45

    3. Twitter, Inc. (TWTR): $48.08

    Shares of Twitter were sold by 2 insiders:

    • Director Evan Clark Williams sold 467,900 shares for $49.09, generating $22,.97 million from the sale. 467,900 of these shares were sold indirectly through various trusts.
    • VP, Finance and Accounting Off Luca Baratta sold 10,000 shares for $48.90, generating $489,048 from the sale.

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

    P/E: N/A Forward P/E: 59.36 Industry P/E: 37.8
    P/S: 22.16 Price/Book: 8.57 EV/EBITDA: -85.4
    Market Cap: $30.26B Avg. Daily Volume: 20,474,700 52 Week Range: $29.51 – $56.09

    Voluntary Disclosure: I hold a long position in Twitter.

    4. Lear Corp. (LEA): $108.92

    Shares of this auto parts company were sold by 9 insiders:

    • President & CEO Matthew Simoncini sold 70,323 shares for $108.32, generating $7.62 million from the sale.
    • EVP, Business Dev & General Counsel Terrence B. Larkin sold 30,355 shares for $108.32, generating $3.29 million from the sale.
    • EVP & President, Seating Raymond E. Scott sold 25,283 shares for $108.32, generating $2.74 million from the sale.
    • Sr. VP and CFO Jeffrey H. Vanneste sold 20,451 shares for $108.32, generating $2.22 million from the sale.
    • SVP Comm, Facilities & Investor Relations Mel Stephens sold 16,913 shares for $108.32, generating $1.83 million from the sale.
    • Sr VP, Human Resources Thomas A. Didonato sold 16,177 shares for $108.32, generating $1.75 million from the sale.
    • Sr. VP & President, EPMS Frank C. Orsini sold 11,995 shares for $108.32, generating $1.29 million from the sale.
    • VP Treasurer & Chief Diversity Officer Shari L. Burgess sold 6,514 shares for $108.32, generating $705,573 from the sale.
    • VP & Corporate Controller Wendy L. Foss sold 6,362 shares for $108.32, generating $689,109 from the sale.

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

    P/E: 13.23 Forward P/E: 10.02 Industry P/E: 18.96
    P/S: 0.48 Price/Book: 2.88 EV/EBITDA: 6.77
    Market Cap: $8.50B Avg. Daily Volume: 670,898 52 Week Range: $75.05 – $111.77

    5. PPG Industries Inc. (PPG): $235.38

    Shares of this specialty chemicals company were sold by 3 insiders:

    • Chairman and CEO Charles E. Bunch sold 40,000 shares for $235.04, generating $9.4 million from the sale.
    • Sr. VP & Gen. Counsel Glenn E. Bost II sold 19,897 shares for $233.78, generating $4.65 million from the sale. 14,527 of these shares were sold as a result of exercising options immediately prior to the sale.
    • Executive Vice President Viktoras R. Sekmakas sold 19,378 shares for $236.35, generating $4.58 million from the sale. 12,664 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 PPG Industries Inc. here.

    P/E: 15.66 Forward P/E: 18.12 Industry P/E: 19.41
    P/S: 2.09 Price/Book: 6.19 EV/EBITDA: 15.03
    Market Cap: $32.02B Avg. Daily Volume: 777,239 52 Week Range: $171.56 – $237.41

    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