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Insider Buying

    Insider Weekends – September 26, 2014

    Welcome to edition 223 of Insider Weekends. Insider buying decreased last week with insiders buying $30.92 million of stock compared to $49.49 million in the week prior. Selling increased with insiders selling $587.59 million of stock last week compared to $469.15 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 19. In other words, insiders sold 19 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 9.48. 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 26, 2014

    Insider Sell Buy Ratio September 26, 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 Eagle Outfitters, Inc. (AEO): $14.67

    Executive Chairman & Interim CEO Jay L. Schottenstein acquired 500,000 shares of this apparel chain, paying $14.48 per share for a total amount of $7.24 million. These shares were purchased indirectly by SEI, Inc.

    The last 5 years have been difficult for teen and young adult retailers like American Eagle Outfitters (AEO), Aeropostale (ARO), Abercrombie & Fitch (ANF) and Urban Outfitters (URBN). The stocks of these companies have been blissfully unaware of the raging bull market we have experienced and companies like American Eagle Outfitters and Aeropostale have seen their stocks drop 8.7% and 88% respectively over the last 5 years. Aeropostale turned out to be the classic definition of a value trap where the stock looked incredibly cheap while looking in the rear view mirror even as the business fundamentals continued to deteriorate.

    This is the second large purchase by Mr. Schottenstein this year and follows his $6.42 million purchase at an average price of $12.84/share in January.  Two other directors also picked up shares but their purchases were much smaller.

    With same store sales (SSS) declining 8% in its flagship brand and a 2.3% drop in revenue last quarter despite heavy promotions, it does not look like American Eagle Outfitters is out of the woods yet. On the positive side, the company has $263 million in net cash on its balance sheet, their intimates brand Aerie is doing well with 9% SSS growth and international sales are growing. Free cash flow has been negative on account of high CapEx this year but the company expects CapEx to drop to $150 million in 2015 from the $230 million they expect to spend this year.

    You can view the list of recent insider transactions for American Eagle Outfitters, Inc. here.

    P/E: 62.96 Forward P/E: 19.05 Industry P/E: 19.09
    P/S: 0.86 Price/Book: 2.47 EV/EBITDA: 8.53
    Market Cap: $2.85B Avg. Daily Volume: 5,498,830 52 Week Range: $10.12 – $16.95

    2. Continental Resources, Inc. (CLR): $68.32

    CEO & Chairman Harold Hamm acquired 71,999 shares of this independent oil & gas company, paying $67.45 per share for a total amount of $4.86 million. Mr. Hamm increased his stake by 0.03% to 252,956,381 shares with this purchase.

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

    P/E: 40.19 Forward P/E: 17.08 Industry P/E: 22.81
    P/S: 5.97 Price/Book: 5.73 EV/EBITDA: 11.62
    Market Cap: $25.20B Avg. Daily Volume: 1,932,530 52 Week Range: $50.12 – $80.91

    3. Restoration Hardware Holdings, Inc. (RH): $80.31

    Chairman & CEO Gary G. Friedman acquired 25,974 shares of this home furnishing company, paying $76.82 per share for a total amount of $1.99 million. Mr. Friedman increased his stake by 1.13% to 2,334,533 shares with this purchase.

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

    P/E: 51.28 Forward P/E: 27.22 Industry P/E: 20.5
    P/S: 1.9 Price/Book: 5.16 EV/EBITDA: 16.42
    Market Cap: $3.17B Avg. Daily Volume: 1,112,230 52 Week Range: $54.61 – $94.5

    4. La Jolla Pharmaceutical Co. (LJPC): $9.25

    Shares of this biotech company were acquired by 2 insiders:

    • Director Kevin C. Tang acquired 169,555 shares, paying $9.14 per share for a total amount of $1.55 million. These shares were purchased indirectly by Tang Capital Partners, LP.
    • President, CEO & Secretary George F. Tidmarsh acquired 5,000 shares, paying $9.18 per share for a total amount of $45,900. Mr. Tidmarsh increased his stake by 0.35% to 1,415,086 shares with this purchase.

    The 52 week range numbers provided by Yahoo look suspect and are probably incorrect on account of a 1 for 50 reverse stock split.

    You can view the list of recent insider transactions for La Jolla Pharmaceutical Co. here.

    P/E: N/A Forward P/E: N/A Industry P/E: 29.41
    P/S: N/A Price/Book: N/A EV/EBITDA: -6.86
    Market Cap: $140.91M Avg. Daily Volume: 556,111 52 Week Range: $0.16 – $19.5

    5. Opko Health, Inc. (OPK): $8.6

    CEO & Chairman Phillip Frost M.D. acquired 115,100 shares of this medical devices and drug development company, paying $8.36 per share for a total amount of $962,694.

    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: 26.79
    P/S: 42.01 Price/Book: 3.96 EV/EBITDA: -42.65
    Market Cap: $3.69B Avg. Daily Volume: 2,330,310 52 Week Range: $7.32 – $12.95

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

    Notable Insider Sales:

    1. Facebook, Inc. (FB): $78.79

    Shares of Facebook were sold by 2 insiders:

    • Chief Operating Officer Sheryl Sandberg sold 283,334 shares for $78.17, generating $22.15 million from the sale.
    • Chief Technology Officer Michael Todd Schroepfer sold 35,000 shares for $77.00, generating $2.69 million from the sale.

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

    P/E: 83.73 Forward P/E: 38.81 Industry P/E: 34
    P/S: 20.05 Price/Book: 10.8 EV/EBITDA: 35.25
    Market Cap: $204.86B Avg. Daily Volume: 36,622,900 52 Week Range: $43.55 – $78.94

    2. Alexion Pharmaceuticals, Inc. (ALXN): $167.65

    Shares of this biotech company were sold by 2 insiders:

    • CEO Leonard Bell sold 60,000 shares for $165.12, generating $9.91 million from the sale.
    • EVP, Chief Global Operations Officer Stephen P. Squinto sold 76 shares for $159.50, generating $12,122 from the sale.

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

    P/E: 84.04 Forward P/E: 29.16 Industry P/E: 29.41
    P/S: 17.08 Price/Book: 11.39 EV/EBITDA: 40.69
    Market Cap: $33.16B Avg. Daily Volume: 1,164,340 52 Week Range: $100.89 – $185.43

    3. Carnival Corporation (CCL): $40.87

    Chairman of the Board Micky Meir Arison sold 212,474 shares of this cruise ship operator for $40.22, generating $8.55 million from the sale. These shares were sold indirectly by various trusts and entities.

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

    P/E: 22.58 Forward P/E: 17.93 Industry P/E: 24.67
    P/S: 1.99 Price/Book: 1.25 EV/EBITDA: 11.56
    Market Cap: $31.76B Avg. Daily Volume: 3,491,730 52 Week Range: $31.44 – $42.31

    4. Jazz Pharmaceuticals Public Limited Company (JAZZ): $160.53

    Director Seamus Mulligan sold 50,000 shares of this biotech company for $163.16, generating $8.16 million from the sale.

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

    P/E: 118.65 Forward P/E: 15.91 Industry P/E: 29.41
    P/S: 9.57 Price/Book: 7.53 EV/EBITDA: 20.57
    Market Cap: $9.67B Avg. Daily Volume: 965,859 52 Week Range: $80.4 – $176.6

    5. Salesforce.com, Inc (CRM): $56.56

    Chairman of the Board & CEO Marc Benioff sold 100,000 shares of this Software as a Service (SaaS) provider for $56.89, generating $5.69 million from the sale.

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

    P/E: N/A Forward P/E: 79.66 Industry P/E: 37.26
    P/S: 7.26 Price/Book: 10.49 EV/EBITDA: 11.73
    Market Cap: $35.01B Avg. Daily Volume: 4,705,350 52 Week Range: $48.18 – $67

    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 19, 2014

    Welcome to edition 222 of Insider Weekends. Insider buying increased last week with insiders buying $49.49 million of stock compared to $35.47 million in the week prior. Selling decreased significantly with insiders selling $469.15 million of stock last week compared to $3.37 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 9.48. 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 95.05. 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 19, 2014

    Insider Sell Buy Ratio September 19, 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. Miller Energy Resources, Inc. (MILL): $4.86

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

    • Executive Chairman Scott M. Boruff acquired 100,000 shares, paying $5.03 per share for a total amount of $503,000. Mr. Boruff increased his stake by 2.30% to 4,440,728 shares with this purchase.
    • Chief Executive Officer Carl Fredrick Giesler acquired 40,000 shares, paying $4.99 per share for a total amount of $199,732. Mr. Giesler increased his stake by 6.67% to 640,000 shares with this purchase.
    • Director Haag A. Sherman acquired 35,000 shares, paying $4.97 per share for a total amount of $173,875. Mr. Sherman increased his stake by -636.36% to 29,500 shares with this purchase. 5,500 of these shares were purchased indirectly by IRA.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 23.33
    P/S: 2.77 Price/Book: 0.93 EV/EBITDA: 17.89
    Market Cap: $225.27M Avg. Daily Volume: 472,811 52 Week Range: $4.23 – $8.97

    2. Opko Health, Inc. (OPK): $8.42

    CEO & Chairman Phillip Frost M.D. acquired 100,000 shares of this medical devices and drug development company, paying $8.51 per share for a total amount of $850,541. 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: 25.56
    P/S: 41.76 Price/Book: 3.94 EV/EBITDA: -41.76
    Market Cap: $3.61B Avg. Daily Volume: 2,509,570 52 Week Range: $7.32 – $12.95

    3. Tallgrass Energy Partners, LP (TEP): $45.49

    Shares of this natural gas company were acquired by 3 insiders:

    • President and CEO David G. Dehaemers Jr. acquired 7,700 shares, paying $43.16 per share for a total amount of $332,332. These shares were purchased indirectly through a trust.
    • Director Roy Nolan Cook acquired 5,000 shares, paying $44.50 per share for a total amount of $222,500. Mr. Cook increased his stake by 17.86% to 33,000 shares with this purchase.
    • CFO of the General Partner Gary J. Brauchle acquired 570 shares, paying $44.60 per share for a total amount of $25,422. Mr. Brauchle increased his stake by 0.99% to 58,388 shares with this purchase.

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

    P/E: 132.24 Forward P/E: 24.33 Industry P/E: 36.7
    P/S: 7.42 Price/Book: 2.52 EV/EBITDA: 31.7
    Market Cap: $2.23B Avg. Daily Volume: 284,720 52 Week Range: $22.76 – $47.04

    4. Leidos Holdings, Inc. (LDOS): $35.83

    CEO Roger A. Krone acquired 15,000 shares of this science and technology solutions provider, paying $35.23 per share for a total amount of $528,450. Mr. Krone increased his stake by 23.83% to 77,942 shares with this purchase.

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

    P/E: 24.08 Forward P/E: 14.33 Industry P/E: 39.2
    P/S: 0.5 Price/Book: 2.79 EV/EBITDA: 9.54
    Market Cap: $2.65B Avg. Daily Volume: 519,302 52 Week Range: $31.76 – $49.18

    5. Synergy Resources Corporation (SYRG): $12.53

    Director George L. Seward acquired 41,189 shares of this oil and natural gas exploration company, paying $12.60 per share for a total amount of $518,981. Mr. Seward increased his stake by 1.98% to 2,116,614 shares with this purchase.

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

    P/E: 54.72 Forward P/E: 15.28 Industry P/E: 20.12
    P/S: 12.03 Price/Book: 3.71 EV/EBITDA: 17.28
    Market Cap: $972.53M Avg. Daily Volume: 1,096,620 52 Week Range: $8.11 – $14.11

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

    Notable Insider Sales:

    1. Cisco Systems, Inc. (CSCO): $25.2

    Shares of Cisco were sold by 7 insiders:

    • President, Dev. & Sales Robert Wayne Lloyd sold 179,227 shares for $25.23, generating $4.52 million from the sale.
    • President & COO Gary B. Moore sold 148,651 shares for $25.10, generating $3.73 million from the sale.
    • EVP and CFO Frank Calderoni sold 120,000 shares for $25.25, generating $3.03 million from the sale.
    • SVP,Worldwide Field Operations Charles Robbins sold 92,003 shares for $25.09, generating $2.31 million from the sale.
    • SVP, Chief Marketing Officer Katherine Blair Christie sold 23,908 shares for $25.00, generating $597,702 from the sale.
    • SVP, Corp Controller & CAO Prat Bhatt sold 14,225 shares for $24.88, generating $353,961 from the sale.
    • EVP, Chief Globalisation Officer Wim Elfrink sold 10,000 shares for $25.23, generating $252,340 from the sale.

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

    P/E: 17 Forward P/E: 11.1 Industry P/E: 19.15
    P/S: 2.73 Price/Book: 2.27 EV/EBITDA: 8.12
    Market Cap: $128.50B Avg. Daily Volume: 25,715,400 52 Week Range: $20.22 – $26.08

    2. Palo Alto Networks, Inc. (PANW): $99.28

    Chief Marketing Officer Rene Bonvanie sold 112,500 shares of this network security company for $99.59, generating $11.2 million from the sale.

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

    P/E: N/A Forward P/E: 72.47 Industry P/E: 19.15
    P/S: 12.88 Price/Book: 16.44 EV/EBITDA: -135.59
    Market Cap: $7.73B Avg. Daily Volume: 1,715,310 52 Week Range: $40.36 – $102.45

    3. Verint Systems Inc. (VRNT): $55.09

    Shares of this business intelligence & services provider were sold by 3 insiders:

    • President & CEO Dan Bodner sold 149,766 shares for $53.61, generating $8.03 million from the sale. 80,000 of these shares were sold as a result of exercising options immediately prior to the sale.
    • Chief Strategy Officer Meir Sperling sold 31,659 shares for $53.64, generating $1.69 million from the sale. 9,369 of these shares were sold as a result of exercising options immediately prior to the sale.
    • President, EIS & VIS Elan Moriah sold 12,058 shares for $53.62, generating $646,550 from the sale.

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

    P/E: 33.17 Forward P/E: 14.77 Industry P/E: 29.89
    P/S: 3.33 Price/Book: 3.31 EV/EBITDA: 26.17
    Market Cap: $3.34B Avg. Daily Volume: 456,800 52 Week Range: $35.24 – $56.53

    4. UnitedHealth Group Incorporated (UNH): $87.8

    Shares of this healthcare services provider were sold by 2 insiders:

    • Director Richard T. Burke sold 100,000 shares for $87.03, generating $8.7 million from the sale.
    • Director Douglas W. Leatherdale sold 15,800 shares for $87.21, generating $1.38 million from the sale.

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

    P/E: 16.12 Forward P/E: 14.39 Industry P/E: 19.99
    P/S: 0.68 Price/Book: 2.59 EV/EBITDA: 8.76
    Market Cap: $85.31B Avg. Daily Volume: 3,665,950 52 Week Range: $66.72 – $88.85

    5. Bank of the Ozarks, Inc. (OZRK): $33.86

    Director Ross M. Whipple sold 285,000 shares of this regional bank for $32.61, generating $9.29 million from the sale. These shares were sold indirectly through an LLLP.

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

    P/E: 13.38 Forward P/E: 18.4 Industry P/E: 18.19
    P/S: 9.73 Price/Book: 3.18 EV/EBITDA: N/A
    Market Cap: $2.70B Avg. Daily Volume: 489,381 52 Week Range: $22.7 – $35.24

    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 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