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Insider Buying

    Insider Weekends – July 3, 2015

    Welcome to edition 263 of Insider Weekends. Insider buying almost tripled last week with insiders buying $140.28 million of stock compared to $57.81 million in the week prior. Selling on the other hand declined with insiders selling $355.34 million of stock last week compared to $870.92 million in the week prior.

    A majority of the insider purchases this week were related to David Einhorn participating into a secondary offering by home builder Green Brick Partners (GRBK) to the tune of nearly $85 million. Mr. Einhorn, Greenlight Capital and various other related entities now hold 24.13 million shares of Green Brick Partners. Insider selling was muted as expected on account of the start of earnings season.

    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 2.53. In other words, insiders sold almost 3 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 15.07. 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 July 3, 2015

    Insider Sell Buy Ratio July 3, 2015

    Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

    Notable Insider Buys:

    1. Calamos Asset Management Inc. (CLMS): $12.13

    Chairman, CEO, Global Co-CIO John P. Calamos Sr. acquired 35,121 shares of this asset management company, paying $12.19 per share for a total amount of $428,180. These shares were acquired indirectly by Calamos Investments LLC.

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

    P/E: 19.76 Forward P/E: 20.56 Industry P/E: 11.94
    P/S: 1.04 Price/Book: 1.1 EV/EBITDA: -3.58
    Market Cap: $249.04M Avg. Daily Volume: 74,313 52 Week Range: $11.15 – $14.44

    2. Greif, Inc. (GEF): $35.69

    Director Bruce A. Edwards acquired 10,000 shares of this packaging company, paying $37.45 per share for a total amount of $374,500.

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

    P/E: 23.24 Forward P/E: 16.3 Industry P/E: 16.93
    P/S: 0.42 Price/Book: 1.57 EV/EBITDA: 6.74
    Market Cap: $1.71B Avg. Daily Volume: 286,338 52 Week Range: $35.65 – $55.65

    3. Windstream Holdings, Inc. (WIN): $6.19

    Shares of this telecom service provider were acquired by 2 insiders:

    • EVP, General Counsel John P. Fletcher acquired 40,000 shares, paying $6.60 per share for a total amount of $264,000. Mr. Fletcher increased his stake by 30.87% to 169,555 shares with this purchase.
    • Director Alan L. Wells acquired 15,000 shares, paying $6.38 per share for a total amount of $95,658. Mr. Wells increased his stake by 23.53% to 78,738 shares with this purchase.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 20.4
    P/S: 0.11 Price/Book: 6.66 EV/EBITDA: 4.94
    Market Cap: $624.11M Avg. Daily Volume: 8,571,530 52 Week Range: $6.1 – $20.84

    4. NexPoint Residential Trust, Inc. (NXRT): $13.33

    Shares of this apartment REIT were acquired by 4 insiders:

    • President James D. Dondero acquired 22,799 shares, paying $13.53 per share for a total amount of $308,452. These shares were acquired indirectly by Highland Capital Management, L.P.
    • Executive VP and Chief Investment Officer Matt McGraner acquired 1,000 shares, paying $13.85 per share for a total amount of $13,850. Mr. McGraner increased his stake by 22.89% to 5,368 shares with this purchase.
    • Senior VP-Investments and Asset Management Matthew Goetz acquired 290 shares, paying $13.79 per share for a total amount of $3,999. Mr. Goetz increased his stake by 10.15% to 3,147 shares with this purchase.
    • Chief Financial Officer, Executive VP-Finance and Treasurer Brian Mitts acquired 150 shares, paying $14.01 per share for a total amount of $2,102. Mr. Mitts increased his stake by 15.38% to 1,125 shares with this purchase.

    You can view the list of recent insider transactions for NexPoint Residential Trust, Inc. here.

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: N/A Price/Book: N/A EV/EBITDA: N/A
    Market Cap: $N/A Avg. Daily Volume: N/A 52 Week Range: $12.9 – $15.5

    5. Agree Realty Corp. (ADC): $29.6

    President and CEO Joey Agree acquired 9,809 shares of this retail REIT, paying $29.61 per share for a total amount of $290,444. Mr. Agree increased his stake by 3.54% to 287,154 shares with this purchase.

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

    P/E: 23.68 Forward P/E: 11.43 Industry P/E: 16.35
    P/S: 9.09 Price/Book: 1.47 EV/EBITDA: 17.74
    Market Cap: $514.37M Avg. Daily Volume: 84,567 52 Week Range: $27 – $36.15

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

    Notable Insider Sales:

    1. Accenture plc (ACN): $97.33

    Shares of this management and technology consulting company were sold by 6 insiders:

    • Chairman & CEO Pierre Nanterme sold 47,363 shares for $97.58, generating $4.62 million from the sale.
    • Group Chief Exec-Products Alexander M Van’t Noordende sold 12,907 shares for $97.54, generating $1.26 million from the sale.
    • Group Chief Exec-North America Julie Spellman Sweet sold 12,072 shares for $97.57, generating $1.18 million from the sale.
    • Chief Financial Officer David Rowland sold 5,124 shares for $97.60, generating $500,086 from the sale.
    • Chief Accounting Officer Richard P. Clark sold 2,500 shares for $97.61, generating $244,024 from the sale.
    • Group Chief Executive-Financial Services Richard Lumb sold 1,250 shares for $97.67, generating $122,090 from the sale. These shares were sold indirectly by Mr. Lumb’s spouse.

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

    P/E: 20.74 Forward P/E: 18.68 Industry P/E: 19.52
    P/S: 1.99 Price/Book: 10.25 EV/EBITDA: 11.78
    Market Cap: $60.75B Avg. Daily Volume: 2,186,110 52 Week Range: $73.98 – $100.47

    2. Arista Networks, Inc. (ANET): $81.86

    Shares of this cloud networking solutions provider were sold by 2 insiders:

    • President and CEO Jayshree Ullal sold 49,565 shares for $83.08, generating $4.12 million from the sale. These shares were sold indirectly through various trusts.
    • CTO and SVP Software Engineering Kenneth Duda sold 7,050 shares for $82.74, generating $583,349 from the sale. These shares were sold indirectly through a trust.

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

    P/E: 59.53 Forward P/E: 34.98 Industry P/E: 18.66
    P/S: 8.43 Price/Book: 8.91 EV/EBITDA: 33.56
    Market Cap: $5.45B Avg. Daily Volume: 689,346 52 Week Range: $56.11 – $94.84

    3. Culp, Inc. (CFI): $31.54

    Chairman of the Board Robert G. Culp III sold 100,000 shares of this industrial textile company for $29.72, generating $2.97 million from the sale. These shares were sold indirectly through a trust.

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

    P/E: 26.07 Forward P/E: 17.05 Industry P/E: 12.59
    P/S: 1.27 Price/Book: 3.38 EV/EBITDA: 11.25
    Market Cap: $385.39M Avg. Daily Volume: 82,738 52 Week Range: $16.6 – $32.22

    4. Autodesk, Inc. (ADSK): $50.83

    Shares of this design software and services company were sold by 2 insiders:

    • Chief Executive Officer Carl Bass sold 50,177 shares for $51.04, generating $2.56 million from the sale.
    • Director Kris Halvorsen sold 5,000 shares for $52.30, generating $261,500 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 Autodesk, Inc. here.

    P/E: 163.97 Forward P/E: 47.06 Industry P/E: 31.91
    P/S: 4.47 Price/Book: 5.15 EV/EBITDA: 43.48
    Market Cap: $11.57B Avg. Daily Volume: 2,307,760 52 Week Range: $48.38 – $65

    5. Tenet Healthcare Corp. (THC): $59.42

    Chairman and CEO Trevor Fetter sold 47,711 shares of this Texas based hospital operator for $55.02, generating $2.63 million from the sale.

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

    P/E: 65.58 Forward P/E: 21.3 Industry P/E: 22.24
    P/S: 0.34 Price/Book: 6.91 EV/EBITDA: 8.54
    Market Cap: $5.90B Avg. Daily Volume: 1,749,270 52 Week Range: $41.47 – $63.61

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

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

    Insider Weekends – June 26, 2015

    Welcome to edition 262 of Insider Weekends. Insider buying increased last week with insiders buying $57.81 million of stock compared to $43.68 million in the week prior. Selling on the other hand declined with insiders selling $870.92 million of stock last week compared to $953.04 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 15.07. In other words, insiders sold more than 15 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 21.82. 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 June 26, 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. DDR Corp. (DDR): $15.85

    Director Alexander Otto acquired 1,000,000 shares of this shopping center REIT, paying $16.05 per share for a total amount of $16.05 million. Mr. Otto increased his stake by 2.46% to 41,669,736 shares with this purchase.

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

    P/E: N/A Forward P/E: 12.19 Industry P/E: 14.04
    P/S: 5.67 Price/Book: 1.83 EV/EBITDA: 18.03
    Market Cap: $5.72B Avg. Daily Volume: 3,643,150 52 Week Range: $15.73 – $20.41

    2. Restoration Hardware Holdings, Inc. (RH): $99.35

    Director Thomas D. Mottola acquired 20,830 shares of this home furnishing company, paying $96.01 per share for a total amount of $1.99 million. Mr. Mottola increased his stake by 250.06% to 29,160 shares with this purchase.

    You can view the list of recent insider transactions for Restoration Hardware Holdings, Inc. here.

    P/E: 42.88 Forward P/E: 25.54 Industry P/E: 41.45
    P/S: 1.99 Price/Book: 5.32 EV/EBITDA: 19.56
    Market Cap: $3.97B Avg. Daily Volume: 734,522 52 Week Range: $69.8 – $102

    3. Opko Health, Inc. (OPK): $15.97

    CEO & Chairman Phillip Frost M.D. acquired 104,000 shares of this medical devices and drug development company, paying $15.40 per share for a total amount of $1.6 million. 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: 199.62 Industry P/E: 31.05
    P/S: 71.4 Price/Book: 8.61 EV/EBITDA: -74.29
    Market Cap: $7.40B Avg. Daily Volume: 3,835,140 52 Week Range: $8.02 – $19.2

    4. Basic Energy Services, Inc. (BAS): $7.46

    Director Steven A. Webster acquired 148,500 shares of this oil and gas services provider, paying $7.25 per share for a total amount of $1.08 million. Mr. Webster increased his stake by 10.72% to 1,533,691 shares with this purchase. 73,500 of these shares were purchased indirectly by Mr. Webster’s spouse.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 17.32
    P/S: 0.2 Price/Book: 0.94 EV/EBITDA: 4.06
    Market Cap: $318.07M Avg. Daily Volume: 2,919,800 52 Week Range: $5 – $29.84

    5. MBIA Inc. (MBI): $8.32

    Chief Executive Officer Joseph W. Brown acquired 75,000 shares of this insurance company, paying $8.98 per share for a total amount of $673,226. Mr. Brown increased his stake by 2.03% to 3,765,772 shares with this purchase.

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

    P/E: 4.59 Forward P/E: 19.81 Industry P/E: 13.23
    P/S: 1.47 Price/Book: 0.4 EV/EBITDA: N/A
    Market Cap: $1.51B Avg. Daily Volume: 2,814,500 52 Week Range: $7.92 – $11.77

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

    Notable Insider Sales:

    1. Twitter, Inc. (TWTR): $35.26

    Director Evan Clark Williams sold 372,000 shares of Twitter for $35.63, generating $13.25 million from the sale. 349,680 of these shares were sold indirectly by various trusts.

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

    P/E: N/A Forward P/E: 52.63 Industry P/E: 45.78
    P/S: 14.34 Price/Book: 6.18 EV/EBITDA: -63.46
    Market Cap: $23.68B Avg. Daily Volume: 22,086,000 52 Week Range: $33.51 – $55.99

    2. Fidelity National Information Services, Inc. (FIS): $63.37

    Corporate EVP Paul Luc Robert Heyvaert sold 127,222 shares of this banking and payments technology company for $64.17, generating $8.16 million from the sale.

    You can view the list of recent insider transactions for Fidelity National Information Services, Inc. here.

    P/E: 28.69 Forward P/E: 17.13 Industry P/E: 18.65
    P/S: 2.78 Price/Book: 2.81 EV/EBITDA: 14.17
    Market Cap: $17.96B Avg. Daily Volume: 1,404,550 52 Week Range: $51.38 – $68.98

    3. Cubic Corporation (CUB): $49.57

    Exec. Chairman of the Board Walter C. Zable sold 134,453 shares of this scientific & technical Instruments company for $49.53, generating $6,658,950 from the sale. These shares were sold indirectly through a trust.

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

    P/E: 33.98 Forward P/E: 17.45 Industry P/E: 28
    P/S: 0.96 Price/Book: 1.8 EV/EBITDA: 9.85
    Market Cap: $1.33B Avg. Daily Volume: 123,165 52 Week Range: $40.69 – $55.73

    4. HFF, Inc. (HF): $42.76

    President Joe Thornton Jr sold 64,250 shares of this property management company for $43.50, generating $2.79 million from the sale.

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

    P/E: 24.35 Forward P/E: 19.53 Industry P/E: 16
    P/S: 3.68 Price/Book: 12.25 EV/EBITDA: 20.33
    Market Cap: $1.62B Avg. Daily Volume: 226,680 52 Week Range: $25.78 – $44.07

    5. Boston Beer Co. Inc. (SAM): $237.62

    Chairman James C. Koch sold 19,900 shares of this beverage company for $246.74, generating $4.9 million from the sale.

    You can view the list of recent insider transactions for Boston Beer Co. Inc. here.

    P/E: 33.61 Forward P/E: 26.82 Industry P/E: 22.93
    P/S: 3.45 Price/Book: 6.4 EV/EBITDA: 16.3
    Market Cap: $3.17B Avg. Daily Volume: 127,305 52 Week Range: $210.03 – $325

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

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

    Insider Weekends – June 19, 2015

    Welcome to edition 261 of Insider Weekends. Insider buying dropped sharply last week with insiders buying $43.68 million of stock compared to $106.45 million in the week prior. Selling also declined with insiders selling $953.04 million of stock last week compared to $2.37 billion in the week prior.

    Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week dropped to 21.82. In other words, insiders sold almost 22 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 22.26. 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 June 19, 2015

    Insider Sell Buy Ratio June 19, 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. Valeant Pharmaceuticals International, Inc. (VRX): $228.22

    Executive Vice President Robert L. Rosiello acquired 12,900 shares of this Canadian pharmaceutical company, paying $232.51 per share for a total amount of $2.99 million.

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

    P/E: 77.84 Forward P/E: N/A Industry P/E: 22.23
    P/S: 9.36 Price/Book: 12.41 EV/EBITDA: 25.15
    Market Cap: $78.16B Avg. Daily Volume: 1,674,960 52 Week Range: $106 – $246.01

    2. Luby’s, Inc. (LUB): $5.05

    President and CEO Christopher James Pappas acquired 125,000 shares of this restaurant chain, paying $5.13 per share for a total amount of $641,649. Mr. Pappas increased his stake by 3.33% to 3,880,757 shares with this purchase.

    Mr. Pappas has acquired shares several times this year even as the stock has continued to edge up. The company had 94 Luby’s Cafeterias, 72 Fuddruckers, 8 Cheeseburger in Paradise and 1 Bob Luby’s Seafood restaurant at the end of fiscal Q3 2015 ended May 6, 2015. The business has been in transition for a while as Luby’s has been shutting down Cheeseburger in Paradise restaurants and investing in “combo” locations that include side-by-side a Luby’s Cafeteria and a Fuddruckers.

    While income from continuing operations was up 50% to 9 cents a share and debt declined by $6.5 million, a 1.1% same store sales decline was a concern in the last quarter.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 34.74
    P/S: 0.37 Price/Book: 0.83 EV/EBITDA: 12.14
    Market Cap: $144.42M Avg. Daily Volume: 38,655 52 Week Range: $4.37 – $6.01

    3. M&T Bank Corporation (MTB): $125.63

    Director Robert T. Brady acquired 8,000 shares of this regional bank, paying $121.35 per share for a total amount of $970,800. These shares were acquired indirectly through a trust.

    You can view the list of recent insider transactions for M&T Bank Corporation here.

    P/E: 16.86 Forward P/E: 13.6 Industry P/E: 15.3
    P/S: 3.87 Price/Book: 1.49 EV/EBITDA: N/A
    Market Cap: $16.71B Avg. Daily Volume: 918,869 52 Week Range: $111.78 – $129.58

    4. OCI Partners LP (OCIP): $17.2

    Director Nassef Sawiris acquired 51,199 shares of this ammonia and methanol production company, paying $17.22 per share for a total amount of $881,455. These shares were purchased indirectly by NNS Holding.

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

    P/E: 15.38 Forward P/E: 9.89 Industry P/E: 17.1
    P/S: 4.34 Price/Book: 8.79 EV/EBITDA: 14.29
    Market Cap: $1.50B Avg. Daily Volume: 38,183 52 Week Range: $14.57 – $21.49

    5. Ferrellgas Partners LP (FGP): $22.98

    Shares of this propane distribution company were acquired by 3 insiders:

    • CEO and President Stephen L. Wambold acquired 25,000 shares, paying $23.20 per share for a total amount of $580,000. Mr. Wambold increased his stake by 23.81% to 130,000 shares with this purchase.
    • Director Daniel G. Kaye acquired 7,000 shares, paying $23.10 per share for a total amount of $161,700. Mr. Kaye increased his stake by 233.33% to 10,000 shares with this purchase.
    • EVP & COO Boyd H. McGathey acquired 5,000 shares, paying $23.19 per share for a total amount of $115,940. Mr. McGathey increased his stake by 25.00% to 25,000 shares with this purchase.

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

    P/E: 46.99 Forward P/E: 22.31 Industry P/E: 15.59
    P/S: 1.01 Price/Book: N/A EV/EBITDA: 14.79
    Market Cap: $2.05B Avg. Daily Volume: 413,152 52 Week Range: $21.67 – $28.7

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

    Notable Insider Sales:

    1. ServiceNow, Inc. (NOW): $80.38

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

    • Chief Product Officer Frederic B. Luddy sold 203,600 shares for $80.28, generating $16.34 million from the sale. These shares were sold indirectly through a trust.
    • Chief Financial Officer Michael Scarpelli sold 40,000 shares for $77.40, generating $3.09 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Chief Revenue Officer David Schneider sold 21,000 shares for $77.86, generating $1.64 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Director William L. Strauss sold 10,000 shares for $80.05, generating $800,540 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: 174.74 Industry P/E: 18.45
    P/S: 16.48 Price/Book: 27.26 EV/EBITDA: -98.39
    Market Cap: $12.34B Avg. Daily Volume: 1,575,380 52 Week Range: $54.05 – $83.52

    2. The Children’s Place, Inc. (PLCE): $65.01

    President and CEO Jane T. Elfers sold 175,434 shares of this children’s clothing retailer for $64.51, generating $11.32 million from the sale.

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

    P/E: 23.99 Forward P/E: 16.71 Industry P/E: 20.76
    P/S: 0.77 Price/Book: 2.36 EV/EBITDA: 7.91
    Market Cap: $1.34B Avg. Daily Volume: 303,159 52 Week Range: $46.85 – $69.9

    3. FireEye, Inc. (FEYE): $53.65

    Chief Strategy Officer Ashar Aziz sold 188,434 shares of this security software company for $54.39, generating $10.25 million 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: 46.28
    P/S: 17.77 Price/Book: 7.18 EV/EBITDA: -20.16
    Market Cap: $8.39B Avg. Daily Volume: 6,060,850 52 Week Range: $24.81 – $55.33

    4. Intercontinental Exchange, Inc. (ICE): $229.38

    Chief Executive Officer Jeffrey C. Sprecher sold 40,465 shares of this financial services and brokerage company for $234.90, generating $9.51 million from the sale. 10,209 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 Intercontinental Exchange, Inc. here.

    P/E: 25.26 Forward P/E: 16.63 Industry P/E: 9.54
    P/S: 8.55 Price/Book: 2.13 EV/EBITDA: 15.08
    Market Cap: $25.63B Avg. Daily Volume: 646,259 52 Week Range: $182.4 – $242.96

    5. G-III Apparel Group, Ltd. (GIII): $69.17

    CEO and President Morris Goldfarb sold 114,403 shares of this apparel company for $67.69, generating $7.74 million from the sale. 50,000 of these shares were sold indirectly by Goldfarb Family Partners, LLC.

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

    P/E: 27.09 Forward P/E: 21.28 Industry P/E: 19.49
    P/S: 1.43 Price/Book: 4.1 EV/EBITDA: 15.39
    Market Cap: $3.11B Avg. Daily Volume: 372,855 52 Week Range: $35.34 – $69.86

    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 – June 12, 2015

    Welcome to the five year anniversary edition of Insider Weekends. Following this strategy over the last five years has been a very interesting experience. While the S&P 500 has enjoyed gains of nearly 88% over the last five years, insiders as a group (excluding directors and 10% owners) have continued to outperform the broader market as seen in numerous academic studies as well as a back-testing project we have undertaken over the last two years.

    Beyond the headline numbers, any follower of this strategy would have also realized that insiders are often wrong about the future prospects of their stock and sometimes disastrously so. Attempting to pick the right companies or insiders to follow makes this strategy both interesting and challenging. The key benefit I have found from using this strategy for my personal portfolio is that it often lets me discover companies that I would not have discovered otherwise. This strategy becomes my first filter for further qualitative research. Without further ado, given below is edition 260 of Insider Weekends.

    Insider buying more than doubled last week with insiders buying $106.45 million of stock compared to $45.8 million in the week prior. Selling also increased with insiders selling $2.37 billion of stock last week compared to $1.08 billion in the week prior.

    Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week dropped to 22.26. In other words, insiders sold more than 22 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 23.59. 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 June 12, 2015

    Insider Sell Buy Ratio June 12, 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:

    Beyond the top 5 insider purchases below, there were other interesting purchases that did not make the list either because they were purchases by 10% owners or were smaller purchases. Some of them include director and 10% owner Mark Rachesky adding to his position in diesel engine and truck manufacturer Navistar International (NAV), 10% owner Bruce Berkowitz of Fairholme Capital adding to his stake in Sears Holdings (SHLD), a $1 million purchase by the President of teen retailer Abercrombie & Fitch (ANF), the CEO of heavy construction services company Tutor Perini (TPC) buying shares for a second week in a row and a cluster of purchases by the insiders of Sears Hometown and Outlet Stores (SHOS).

    1. Ferrellgas Partners LP (FGP): $23.15

    Shares of this propane distribution company were acquired by 2 insiders:

    • Director James E. Ferrell acquired 405,000 shares, paying $23.00 per share for a total amount of $9.32 million.
    • Director Pamela A. Breuckmann acquired 8,100 shares, paying $23.00 per share for a total amount of $186,300. These shares were purchased indirectly through a trust.

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

    P/E: 47.34 Forward P/E: 22.48 Industry P/E: 14.89
    P/S: 1 Price/Book: N/A EV/EBITDA: 14.81
    Market Cap: $1.91B Avg. Daily Volume: 379,472 52 Week Range: $21.67 – $28.7

    2. Kinder Morgan, Inc. (KMI): $38.92

    Executive Chairman Richard D. Kinder acquired 200,000 shares of this oil & gas pipeline company, paying $39.49 per share for a total amount of $7.89 million. Mr. Kinder increased his stake by 0.09% to 234,012,353 shares with this purchase.

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

    P/E: 47.81 Forward P/E: 40.54 Industry P/E: 26.38
    P/S: 5.47 Price/Book: 2.46 EV/EBITDA: 19.7
    Market Cap: $84.38B Avg. Daily Volume: 9,219,260 52 Week Range: $33.25 – $44.71

    3. American Assets Trust, Inc. (AAT): $39.59

    Executive Chairman Ernest S. Rady acquired 100,000 shares of this diversified REIT, paying $39.40 per share for a total amount of $3.94 million. These shares were purchased indirectly through a trust.

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

    P/E: 67.56 Forward P/E: 20.95 Industry P/E: 20.23
    P/S: 6.75 Price/Book: 2.36 EV/EBITDA: 18.55
    Market Cap: $1.73B Avg. Daily Volume: 164,828 52 Week Range: $32.84 – $45.09

    4. Prospect Capital Corporation (PSEC): $7.58

    Shares of this business development company were acquired by 3 insiders:

    • Chief Executive Officer John F. Barry acquired 271,060 shares, paying $7.44 per share for a total amount of $2.02 million. Mr. Barry increased his stake by 5.24% to 5,440,786 shares with this purchase.
    • CFO, CCO, Treasury & Secretary Brian H. Oswald acquired 65,000 shares, paying $7.27 per share for a total amount of $472,550. Mr. Oswald increased his stake by 17.33% to 440,000 shares with this purchase.
    • Chief Operating Officer M. Grier Eliasek acquired 20,000 shares, paying $7.23 per share for a total amount of $144,600. Mr. Eliasek increased his stake by 6.62% to 322,196 shares with this purchase.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 14.53
    P/S: N/A Price/Book: N/A EV/EBITDA: N/A
    Market Cap: $N/A Avg. Daily Volume: N/A 52 Week Range: $7.18 – $11.05

    5. Kratos Defense & Security Solutions, Inc. (KTOS): $6.57

    Director Bandel L. Carano acquired 300,000 shares of this security & protection services provider, paying $6.02 per share for a total amount of $1.81 million. Mr. Carano increased his stake by 117647.06% to 300,255 shares with this purchase.

    You can view the list of recent insider transactions for Kratos Defense & Security Solutions, Inc. here.

    P/E: N/A Forward P/E: 24.33 Industry P/E: 20.2
    P/S: 0.45 Price/Book: 1.81 EV/EBITDA: 18.32
    Market Cap: $382.91M Avg. Daily Volume: 400,409 52 Week Range: $4.21 – $8.58

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

    Notable Insider Sales:

    1. On Assignment Inc. (ASGN): $39.01

    Shares of this professional staffing firm were sold by 2 insiders:

    • Director Edwin A. Sheridan sold 212,500 shares for $38.56, generating $8.19 million from the sale.
    • Director Arshad Matin sold 1,500 shares for $38.99, generating $58,490 from the sale.

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

    P/E: 20.39 Forward P/E: 13.13 Industry P/E: 22.28
    P/S: 1.08 Price/Book: 3 EV/EBITDA: 11.99
    Market Cap: $2.05B Avg. Daily Volume: 317,541 52 Week Range: $25.98 – $39.87

    2. Twitter, Inc. (TWTR): $35.9

    Shares of Twitter were sold by 2 insiders:

    • Director Evan Clark Williams sold 372,000 shares for $35.91, generating $13.36 million from the sale. 349,680 of these shares were sold indirectly through various trusts.
    • Senior VP, Engineering Alexander Roetter sold 6,587 shares for $37.00, generating $243,706 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: 53.58 Industry P/E: 45.98
    P/S: 14.62 Price/Book: 6.3 EV/EBITDA: -63.54
    Market Cap: $24.11B Avg. Daily Volume: 21,210,800 52 Week Range: $34.62 – $55.99

    3. Nimble Storage, Inc. (NMBL): $28.65

    Shares of this data storage products company were sold by 3 insiders:

    • VP Engineering Varun Mehta sold 423,078 shares for $29.00, generating $12.27 million from the sale.
    • Chief Technology Officer Umesh Maheshwari sold 16,000 shares for $29.26, generating $468,083 from the sale. 4,000 of these shares were sold indirectly through a trust.
    • Director Jerry M. Kennelly sold 2,662 shares for $29.50, generating $78,529 from the sale.

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

    P/E: N/A Forward P/E: 124.57 Industry P/E: 19.13
    P/S: 8.9 Price/Book: 13.18 EV/EBITDA: -21.36
    Market Cap: $2.23B Avg. Daily Volume: 873,073 52 Week Range: $20.82 – $31.66

    4. Heartland Express, Inc. (HTLD): $20.98

    Director Larry J. Gordon sold 200,000 shares of this trucking company for $21.24, generating $4.25 million from the sale.

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

    P/E: 20.98 Forward P/E: 18.57 Industry P/E: 20.73
    P/S: 2.25 Price/Book: 3.81 EV/EBITDA: 8.57
    Market Cap: $1.84B Avg. Daily Volume: 568,853 52 Week Range: $20.32 – $27.96

    5. Graham Holdings Company Common (GHC): $1,068.7

    CEO and COB Donald Graham sold 11,598 shares of this diversified education and media company for $1,070.78, generating $12.42 million from the sale. These shares were sold indirectly through various trusts.

    You can view the list of recent insider transactions for Graham Holdings Company Common 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: $671.16 – $1098.99

    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 – June 5, 2015

    Welcome to edition 259 of Insider Weekends. Insider buying increased last week with insiders buying $45.8 million of stock compared to $43.19 million in the week prior. Selling decreased with insiders selling $1.08 billion of stock last week compared to $2.08 billion in the week prior.

    Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week dropped to 23.59. In other words, insiders sold almost 24 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 48.14. 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 June 5, 2015

    Insider Sell Buy Ratio June 5, 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): $16.48

    Director B. Wayne Hughes acquired 1 million shares of this single-family home rental REIT, paying $16.80 per share for a total amount of $16.8 million. These shares were purchased indirectly through a trust.

    This is the third purchase a million shares by Mr. Hughes we have reported on over the last six months. Following his purchase in December we mentioned,

    “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.”

    For a REIT, the company has an unusually low yield of just 1.2%, when compared to the average yield of 3.27% of all residential equity REITs (PDF). The value most likely lies in the single family homes that company holds on its balance sheet as their timing in buying single family homes after the great recession was impeccable. The company trades at 1.05 times tangible book value.

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

    P/E: N/A Forward P/E: 18.11 Industry P/E: N/A
    P/S: 7.8 Price/Book: 1.03 EV/EBITDA: 31.88
    Market Cap: $3.49B Avg. Daily Volume: 1,273,820 52 Week Range: $15.91 – $18.85

    2. Tutor Perini Corporation (TPC): $22.82

    Chairman & CEO Ronald N. Tutor acquired 153,115 shares of this construction services company, paying $21.96 per share for a total amount of $3.36 million. These shares were purchased indirectly through a trust.

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

    P/E: 11.61 Forward P/E: 7.63 Industry P/E: 16.93
    P/S: 0.24 Price/Book: 0.79 EV/EBITDA: 6.82
    Market Cap: $1.12B Avg. Daily Volume: 232,838 52 Week Range: $20.07 – $32.51

    3. Martin Marietta Materials Inc. (MLM): $148.1

    Director Stephen P. Zelnak Jr. acquired 15,000 shares of this heavy building materials provider, paying $150.16 per share for a total amount of $2.25 million. Mr. Zelnak increased his stake by 39.84% to 52,649 shares with this purchase.

    You can view the list of recent insider transactions for Martin Marietta Materials Inc. here.

    P/E: 51.03 Forward P/E: 19.46 Industry P/E: 24.98
    P/S: 3.41 Price/Book: 2.3 EV/EBITDA: 17.79
    Market Cap: $9.99B Avg. Daily Volume: 818,561 52 Week Range: $103.09 – $155.98

    4. Freeport-McMoRan Inc. (FCX): $19.65

    Vice Chairman of the Board James C. Flores acquired 60,000 shares of this mining company, paying $20.52 per share for a total amount of $1.23 million. These shares were purchased indirectly by various entities.

    You can view the list of recent insider transactions for Freeport-McMoRan Inc. here.

    Voluntary Disclosure: I hold a long position in Freeport-McMoRan.

    P/E: N/A Forward P/E: 8.97 Industry P/E: 19.49
    P/S: 0.99 Price/Book: 1.29 EV/EBITDA: 5.69
    Market Cap: $20.44B Avg. Daily Volume: 18,455,000 52 Week Range: $16.43 – $39.32

    5. Halcón Resources Corporation (HK): $1.19

    Chairman and CEO Floyd C. Wilson acquired 1,000,000 shares of this oil and gas exploration company, paying $1.03 per share for a total amount of $1.03 million. Mr. Wilson increased his stake by 26.56% to 4,764,807 shares with this purchase.

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

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: 0.68 Price/Book: 0.44 EV/EBITDA: 3.5
    Market Cap: $696.72M Avg. Daily Volume: 5,455,160 52 Week Range: $1.01 – $7.5

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

    Notable Insider Sales:

    1. Heartland Express, Inc. (HTLD): $21.78

    Shares of this trucking company were sold by 2 insiders:

    • Chief Executive Officer Michael J. Gerdin sold 3,737,500 shares for $23.04, generating $86.1 million from the sale. These shares were sold indirectly through a trust.
    • Vice President/Controller/Secretary Christopher Alan Strain sold 1,000 shares for $21.50, generating $21,500 from the sale.

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

    P/E: 21.78 Forward P/E: 19.27 Industry P/E: 21.1
    P/S: 2.26 Price/Book: 3.82 EV/EBITDA: 8.72
    Market Cap: $1.91B Avg. Daily Volume: 562,148 52 Week Range: $20.32 – $27.96

    2. Graham Holdings Company Common (GHC): $1069.03

    CEO and COB Donald Graham sold 20,699 shares of this diversified education and media company for $1074.58, generating $22.24 million from the sale.

    You can view the list of recent insider transactions for Graham Holdings Company Common here.

    P/E: 7.87 Forward P/E: N/A Industry P/E: 20.43
    P/S: 1.76 Price/Book: 2.00 EV/EBITDA: N/A
    Market Cap: N/A Avg. Daily Volume: 29,169 52 Week Range: $671.16 – $1098.99

    3. HubSpot, Inc. (HUBS): $50.25

    Director Stacey Bishop sold 261,573 shares of this marketing automation company for $48.94, generating $12.8 million from the sale. These shares were sold indirectly by Scale Venture Partners.

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

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: 12.6 Price/Book: 11.54 EV/EBITDA: -30.8
    Market Cap: $1.66B Avg. Daily Volume: 297,000 52 Week Range: $25.79 – $54.92

    4. MEDNAX, Inc. (MD): $70.55

    Shares of this specialized health services provider were sold by 2 insiders:

    • President and COO Joseph M. Calabro sold 108,071 shares for $70.51, generating $7.62 million from the sale.
    • COO, Pediatrix Medical Group David A. Clark sold 14,654 shares for $70.48, generating $1.03 million from the sale.

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

    P/E: 21.54 Forward P/E: 17.59 Industry P/E: 34.86
    P/S: 2.63 Price/Book: 3.13 EV/EBITDA: 13.08
    Market Cap: $6.77B Avg. Daily Volume: 548,592 52 Week Range: $49.82 – $74.57

    5. LyondellBasell Industries N.V. (LYB): $99.68

    Shares of this specialty chemicals company were sold by 2 insiders:

    • EVP – I&D, Supply Chain & Procurement Patrick D. Quarles sold 59,238 shares for $101.35, generating $6 million from the sale.
    • EVP & Chief Legal Officer Jeffrey A. Kaplan sold 5,000 shares for $102.51, generating $512,562 from the sale.

    You can view the list of recent insider transactions for LyondellBasell Industries N.V. here.

    P/E: 11.47 Forward P/E: 10.05 Industry P/E: N/A
    P/S: 1.1 Price/Book: 6.32 EV/EBITDA: 7.72
    Market Cap: $47.18B Avg. Daily Volume: 3,688,030 52 Week Range: $70.06 – $115.4

    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