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Insider Buying

    Insider Weekends – January 23, 2015

    Welcome to edition 240 of Insider Weekends. Insider buying declined sharply last week with insiders buying just $16.43 million of stock compared to $40.18 million in the week prior. Selling on the other hand increased with insiders selling $936.53 million of stock last week compared to $521.34 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 57. In other words, insiders sold 57 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 12.98. 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 January 23, 2015

    Insider Sell Buy Ratio January 23, 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. Opko Health, Inc. (OPK): $10.84

    CEO & Chairman Phillip Frost M.D. acquired 139,700 shares of this medical devices and drug development company, paying $10.21 per share for a total amount of $1.43 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: 32.29
    P/S: 53.38 Price/Book: 5.13 EV/EBITDA: -48.9
    Market Cap: $4.71B Avg. Daily Volume: 2,566,890 52 Week Range: $7.32 – $10.99

    2. Delta Air Lines, Inc. (DAL): $50.56

    Director Francis S. Blake acquired 5,000 shares of this airline, paying $48.78 per share for a total amount of $243,900. Mr. Blake increased his stake by 113.90% to 9,390 shares with this purchase.

    You can view the list of recent insider transactions for Delta Air Lines, Inc. here.

    P/E: 64.82 Forward P/E: 8.96 Industry P/E: 42.05
    P/S: 1.04 Price/Book: 3.44 EV/EBITDA: 10.24
    Market Cap: $41.71B Avg. Daily Volume: 12,461,200 52 Week Range: $29.12 – $51.06

    3. United Rentals, Inc. (URI): $88.43

    Director Filippo Passerini acquired 2,500 shares of this equipment rental company, paying $87.08 per share for a total amount of $217,700. Mr. Passerini increased his stake by 11.46% to 24,308 shares with this purchase.

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

    P/E: 17.17 Forward P/E: 9.39 Industry P/E: 15.31
    P/S: 1.51 Price/Book: 4.78 EV/EBITDA: 9.62
    Market Cap: $8.83B Avg. Daily Volume: 2,265,500 52 Week Range: $74.32 – $119.83

    4. Saratoga Investment Corp. (SAR): $15.49

    Director George Cabell Williams III acquired 11,500 shares of this business development company, paying $15.21 per share for a total amount of $174,872. Mr. Williams increased his stake by 56.44% to 31,876 shares with this purchase.

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

    P/E: 6.9 Forward P/E: 7.9 Industry P/E: 9.49
    P/S: 3.28 Price/Book: 0.68 EV/EBITDA: N/A
    Market Cap: $83.66M Avg. Daily Volume: 12,497 52 Week Range: $14.36 – $16.67

    5. Commercial Metals Company (CMC): $12.99

    Director Robert L. Guido acquired 10,000 shares of this scrap metal recycling company, paying $13.08 per share for a total amount of $130,839. Mr. Guido increased his stake by 29.73% to 43,639 shares with this purchase.

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

    P/E: 16.08 Forward P/E: 8.78 Industry P/E: 13.16
    P/S: 0.23 Price/Book: 1.2 EV/EBITDA: 7.11
    Market Cap: $1.53B Avg. Daily Volume: 1,206,450 52 Week Range: $12.8 – $20.21

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

    Notable Insider Sales:

    1. Burlington Stores, Inc. (BURL): $51.25

    Shares of this apparel chain were sold by 4 insiders:

    • Director Jordan Hitch sold 11,299,640 shares for $48.75, generating $550.86 million from the sale. These shares were sold indirectly through a fund.
    • EVP & Chief Financial Officer Marc Katz sold 50,000 shares for $49.10, generating $2.46 million from the sale.
    • Executive Vice President Mike Metheny sold 30,325 shares for $49.39, generating $1.49 million from the sale. 11,999 of these shares were sold as a result of exercising options immediately prior to the sale.
    • Executive Vice President Joyce Manning Magrini sold 8,978 shares for $50.50, generating $453,389 from the sale.

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

    P/E: N/A Forward P/E: 22.68 Industry P/E: 24.52
    P/S: 0.81 Price/Book: N/A EV/EBITDA: 13.49
    Market Cap: $3.82B Avg. Daily Volume: 856,382 52 Week Range: $23.88 – $51.64

    2. Medivation, Inc. (MDVN): $106.27

    President and CEO David Hung sold 100,000 shares of this biotech company for $108.14, generating $10.81 million from the sale.

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

    P/E: 73.65 Forward P/E: 31.82 Industry P/E: 34.74
    P/S: 15.58 Price/Book: 33.26 EV/EBITDA: 53.69
    Market Cap: $8.25B Avg. Daily Volume: 1,089,260 52 Week Range: $54.37 – $117.23

    3. ServiceNow, Inc. (NOW): $68.74

    Chief Product Officer Frederic B. Luddy sold 151,600 shares of this software-as-a-service provider for $65.22, generating $9.89 million from the sale. 50,000 of these shares were sold indirectly by Frederic B. Luddy CRT, LLC and 1,600 shares were sold indirectly by Mr. Luddy’s spouse.

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

    P/E: N/A Forward P/E: 343.7 Industry P/E: 19.19
    P/S: 16.09 Price/Book: 23.36 EV/EBITDA: -101.2
    Market Cap: $10.19B Avg. Daily Volume: 1,001,030 52 Week Range: $44.17 – $71.8

    4. Cheniere Energy, Inc. (LNG): $72.83

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

    • Chairman, CEO & President Charif Souki sold 50,000 shares for $73.22, generating $3.66 million from the sale.
    • Executive VP – Asset Group R Keith Teague sold 25,000 shares for $73.19, generating $1.83 million from the sale.
    • Sr. VP and General Counsel Greg W. Rayford sold 12,000 shares for $73.33, generating $879,949 from the sale.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 29.71
    P/S: 61.4 Price/Book: N/A EV/EBITDA: -99.24
    Market Cap: $16.34B Avg. Daily Volume: 3,465,990 52 Week Range: $40.43 – $85

    5. The Walt Disney Company (DIS): $94.72

    Shares of Disney were sold by 2 insiders:

    • Sr EVP, General Counsel & Secretary Alan N. Braverman sold 60,915 shares for $94.58, generating $5.76 million from the sale. 39,103 of these shares were sold as a result of exercising options immediately prior to the sale.
    • SVP, Planning and Control Brent Woodford sold 2,920 shares for $94.07, generating $274,684 from the sale.

    You can view the list of recent insider transactions for The Walt Disney Company here.

    P/E: 22.23 Forward P/E: 17.48 Industry P/E: 27.95
    P/S: 3.31 Price/Book: 3.61 EV/EBITDA: 12.44
    Market Cap: $160.62B Avg. Daily Volume: 6,647,000 52 Week Range: $69.85 – $96.43

    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 – January 16, 2015

    Welcome to edition 239 of Insider Weekends. Insider buying decreased last week with insiders buying $40.18 million of stock compared to $104.71 million in the week prior. Selling also decreased with insiders selling $521.34 million of stock last week compared to $728.27 million in the week prior. On account of earnings season, insider activity remained muted last week.

    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 12.98. In other words, insiders sold almost 13 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 6.58. 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 January 16, 2015

    Insider Sell Buy Ratio January 16, 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. Biglari Holdings Inc. (BH): $416.64

    Chairman and CEO Sardar Biglari, acquired 17,854 shares of this restaurant holding company, paying $410.77 per share for a total amount of $7.33 million. These shares were acquired indirectly through The Lion Fund.

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

    P/E: 24.77 Forward P/E: N/A Industry P/E: 34.68
    P/S: 1.07 Price/Book: 1.34 EV/EBITDA: 25.59
    Market Cap: $860.36M Avg. Daily Volume: 9,324 52 Week Range: $312 – $475.4

    2. Worthington Industries, Inc. (WOR): $25.65

    Shares of this diversified metals processing company were acquired by 5 insiders:

    • Director Michael J. Endres acquired 40,000 shares, paying $24.47 per share for a total amount of $978,680. Mr. Endres increased his stake by 27.39% to 186,040 shares with this purchase.
    • Director John B. Blystone acquired 10,000 shares, paying $24.33 per share for a total amount of $243,307. Mr. Blystone increased his stake by 23.27% to 52,967 shares with this purchase.
    • Director Mark C. Davis acquired 3,000 shares, paying $24.41 per share for a total amount of $73,234. Mr. Davis increased his stake by 22.74% to 16,190 shares with this purchase.
    • Director Ozey K. Horton Jr. acquired 1,000 shares, paying $24.42 per share for a total amount of $24,419. Mr. Horton increased his stake by 7.96% to 13,565 shares with this purchase.
    • VP Mergers & Acquisitions Joseph B. Hayek acquired 1,000 shares, paying $24.29 per share for a total amount of $24,292. Mr. Hayek increased his stake by 17.86% to 6,600 shares with this purchase.

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

    P/E: 12.28 Forward P/E: 8.81 Industry P/E: 12.16
    P/S: 0.5 Price/Book: 1.88 EV/EBITDA: 8.29
    Market Cap: $1.76B Avg. Daily Volume: 397,283 52 Week Range: $24.02 – $45.39

    3. Opko Health, Inc. (OPK): $10.02

    CEO & Chairman Phillip Frost M.D. acquired 78,200 shares of this medical devices and drug development company, paying $10.06 per share for a total amount of $786,554. 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: 31.55
    P/S: 50.16 Price/Book: 4.82 EV/EBITDA: -45.21
    Market Cap: $4.35B Avg. Daily Volume: 2,492,580 52 Week Range: $7.32 – $10.44

    4. Calamos Asset Management Inc. (CLMS): $12.92

    Chairman, CEO, Global Co-CIO John P. Calamos Sr. acquired 62,864 shares of this asset management company, paying $12.45 per share for a total amount of $782,559. Mr. Calamos increased his stake by 1.73% to 3,704,787 shares with this purchase.

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

    P/E: 12.63 Forward P/E: 23.49 Industry P/E: 14.26
    P/S: 1 Price/Book: 1.1 EV/EBITDA: -2.59
    Market Cap: $265.25M Avg. Daily Volume: 107,084 52 Week Range: $10.67 – $14.44

    5. Genuine Parts Company (GPC): $97.1

    Chief Executive Officer Thomas Gallagher acquired 5,000 shares of this automotive parts company, paying $95.25 per share for a total amount of $476,250. Mr. Gallagher increased his stake by 0.91% to 551,610 shares with this purchase.

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

    P/E: 21.58 Forward P/E: 19.3 Industry P/E: 23.33
    P/S: 0.97 Price/Book: 4.16 EV/EBITDA: 12.46
    Market Cap: $14.84B Avg. Daily Volume: 733,129 52 Week Range: $76.5 – $109

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

    Notable Insider Sales:

    1. Bed Bath & Beyond Inc. (BBBY): $73.54

    Shares of this home products retailer were sold by 2 insiders:

    • Co-Chairman Leonard Feinstein sold 314,562 shares for $73.63, generating $23.16 million from the sale.
    • Co-Chairman Warren Eisenberg sold 199,992 shares for $73.63, generating $14.73 million from the sale.

    You can view the list of recent insider transactions for Bed Bath & Beyond Inc. here.

    P/E: 14.88 Forward P/E: 13.49 Industry P/E: 24.48
    P/S: 1.12 Price/Book: 4.46 EV/EBITDA: 7.67
    Market Cap: $13.35B Avg. Daily Volume: 2,545,080 52 Week Range: $54.96 – $79.64

    2. G-III Apparel Group, Ltd. (GIII): $94.04

    Shares of this apparel chain were sold by 3 insiders:

    • Chief Executive Officer Morris Goldfarb sold 98,091 shares for $94.94, generating $9.3 million from the sale.
    • Director Katz Jeanette Nostra sold 5,867 shares for $101.57, generating $595,935 from the sale.
    • Director Bokhorst Willem Van sold 3,100 shares for $101.55, generating $314,820 from the sale.

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

    P/E: 20.08 Forward P/E: 18.33 Industry P/E: 21.54
    P/S: 1.02 Price/Book: 3.17 EV/EBITDA: 13.05
    Market Cap: $2.11B Avg. Daily Volume: 246,800 52 Week Range: $64 – $103.18

    3. Sonic Corp. (SONC): $31.91

    Shares of this restaurant chain were sold by 4 insiders:

    • Chief Executive Officer J. Clifford Hudson sold 190,000 shares for $31.57, generating $5.99 million from the sale. These shares were sold indirectly through a trust.
    • Director Federico F. Pena sold 10,125 shares for $30.80, generating $311,888 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Director Frank E. Richardson III sold 6,840 shares for $31.30, generating $214,092 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Vice President Carolyn C. Cummins sold 2,000 shares for $31.24, generating $62,480 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 Sonic Corp. here.

    P/E: 35.73 Forward P/E: 26.59 Industry P/E: 34.68
    P/S: 2.95 Price/Book: 27 EV/EBITDA: 14.42
    Market Cap: $1.69B Avg. Daily Volume: 920,548 52 Week Range: $16.92 – $32.06

    4. Six Flags Entertainment Corporation (SIX): $43.04

    Chairman, President & CEO James Reid-Anderson sold 149,300 shares of this theme park operator for $43.97, generating $6.56 million from the sale.

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

    P/E: 34.16 Forward P/E: 29.68 Industry P/E: 34.11
    P/S: 3.51 Price/Book: 11.65 EV/EBITDA: 14
    Market Cap: $4.03B Avg. Daily Volume: 760,992 52 Week Range: $31.77 – $44.46

    5. Twitter, Inc. (TWTR): $37.31

    Shares of Twitter were sold by 2 insiders:

    • Director Jack Dorsey sold 151,251 shares for $39.91, generating $6.04 million from the sale. These shares were sold indirectly through a trust.
    • General Counsel Vijaya Gadde sold 6,723 shares for $40.03, generating $269,106 from the sale.

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

    P/E: N/A Forward P/E: 109.74 Industry P/E: 40.08
    P/S: 19.79 Price/Book: 6.55 EV/EBITDA: -27.24
    Market Cap: $23.33B Avg. Daily Volume: 22,316,500 52 Week Range: $29.51 – $67.24

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

    Voluntary Disclosure: I hold a long position in Twitter (TWTR)

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

    Insider Weekends – January 9, 2015

    Welcome to edition 238 of Insider Weekends. Insider buying increased significantly last week with insiders buying $104.71 million of stock compared to $18.4 million in the week prior. Selling also increased with insiders selling $728.27 million of stock last week compared to $258.37 million in the week prior. The majority of the insider buying was related to biotech investors Baker Brothers participating in a secondary offering by Synageva Biopharma (GEVA) by picking up a million shares to the tune of $94.19 million. With the first quarter earnings season just around the corner, we are likely to see muted insider activity over the next few days.

    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 6.58. In other words, insiders sold almost 7 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 14.04. 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 January 9, 2015

    Insider Sell Buy Ratio January 9, 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. Biglari Holdings Inc. (BH): $400

    Chairman and CEO Sardar Biglari, acquired 6,411 shares of this restaurant holding company, paying $405.09 per share for a total amount of $2.59 million. These shares were acquired indirectly through The Lion Fund.

    This is the third week in a row that purchases by Mr. Biglari have topped our list.

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

    P/E: 23.78 Forward P/E: N/A Industry P/E: 36.16
    P/S: 1.06 Price/Book: 1.32 EV/EBITDA: 24.75
    Market Cap: $826.00M Avg. Daily Volume: 8,911 52 Week Range: $312 – $475.404

    2. Calamos Asset Management Inc. (CLMS): $12.39

    Chairman, CEO & Global Co-CIO John P. Calamos Sr. acquired 67,621 shares of this asset management company, paying $12.54 per share for a total amount of $848,302. Mr. Calamos increased his stake by 1.89% to 3,641,923 shares with this purchase.

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

    P/E: 12.11 Forward P/E: N/A Industry P/E: 14.41
    P/S: 0.99 Price/Book: 1.09 EV/EBITDA: -2.74
    Market Cap: $254.37M Avg. Daily Volume: 109,956 52 Week Range: $10.67 – $14.44

    3. Opko Health, Inc. (OPK): $10.1

    CEO & Chairman Phillip Frost M.D. acquired 76,300 shares of this medical devices and drug development company, paying $9.95 per share for a total amount of $759,345. 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: 32.63
    P/S: 50.62 Price/Book: 4.86 EV/EBITDA: -45.57
    Market Cap: $4.38B Avg. Daily Volume: 2,463,470 52 Week Range: $7.32 – $10.25

    4. Ladenburg Thalmann Financial Services Inc. (LTS): $3.88

    Shares of this investment brokerage were acquired by 3 insiders:

    • Director Phillip Frost M.D. acquired 100,000 shares, paying $4.09 per share for a total amount of $408,640. These shares were purchased indirectly by Frost Gamma Investments Trust.
    • Director Jacqueline M. Simkin acquired 5,000 shares, paying $3.89 per share for a total amount of $19,450. These shares were purchased indirectly through a trust.
    • Senior Vice President Joseph Giovanniello acquired 1,666 shares, paying $3.87 per share for a total amount of $6,449. Mr. Giovanniello increased his stake by 1.62% to 104,536 shares with this purchase. 666 of these shares were acquired under the Issuer’s employee stock purchase plan.

    You can view the list of recent insider transactions for Ladenburg Thalmann Financial Services Inc. here.

    P/E: 94.63 Forward P/E: N/A Industry P/E: 20.61
    P/S: 0.86 Price/Book: 2.31 EV/EBITDA: N/A
    Market Cap: $719.09M Avg. Daily Volume: 419,310 52 Week Range: $2.32 – $4.5

    5. BRT Realty Trust (BRT): $7.09

    President and CEO Jeffrey Gould acquired 19,439 shares of this apartment REIT, paying $7.02 per share for a total amount of $136,554. These shares were purchased indirectly by Gould Investors L.P.

    You can view the list of recent insider transactions for BRT Realty Trust here.

    P/E: N/A Forward P/E: N/A Industry P/E: 15.76
    P/S: 2.2 Price/Book: 0.77 EV/EBITDA: N/A
    Market Cap: $101.41M Avg. Daily Volume: 23,071 52 Week Range: $6.9 – $7.76

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

    Notable Insider Sales:

    1. Twitter, Inc. (TWTR): $40.17

    Shares of Twitter were sold by 7 insiders:

    • Director Evan Clark Williams sold 372,000 shares for $36.95, generating $13.75 million from the sale. 349,680 of these shares were sold through various trusts and entities.
    • Chief Executive Officer Richard Costolo sold 140,352 shares for $36.31, generating $5.09 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • President of Revenue Adam Bain sold 65,438 shares for $36.18, generating $2.37 million from the sale. 39,020 of these shares were sold as a result of exercising options immediately prior to the sale.
    • VP, Engineering Alexander Roetter sold 16,092 shares for $36.34, generating $584,820 from the sale.
    • Vice President of Product Kevin Weil sold 15,536 shares for $36.37, generating $565,034 from the sale.
    • VP, Finance and Accounting Off Luca Baratta sold 14,567 shares for $36.26, generating $528,228 from the sale. 5,827 of these shares were sold as a result of exercising options immediately prior to the sale.
    • General Counsel Vijaya Gadde sold 2,021 shares for $35.94, generating $72,625 from the sale.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 40.17
    P/S: 20.95 Price/Book: 6.93 EV/EBITDA: -29.54
    Market Cap: $25.11B Avg. Daily Volume: 23,535,200 52 Week Range: $29.51 – $67.24

    2. Northstar Asset Management Group Inc. (NSAM): $21.62

    President Albert Tylis sold 421,132 shares of this asset management company for $21.37, generating $8.99 million from the sale.

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

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: 25.09 Price/Book: 24.03 EV/EBITDA: 182.99
    Market Cap: $4.08B Avg. Daily Volume: 1,226,520 52 Week Range: $16.01 – $22.9

    3. NorthStar Realty Finance Corp. (NRF): $18.1

    President Albert Tylis sold 421,132 shares of this retail REIT for $17.87, generating $7.53 million from the sale.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 32.5
    P/S: 6.24 Price/Book: 1.8 EV/EBITDA: N/A
    Market Cap: $4.04B Avg. Daily Volume: 4,202,550 52 Week Range: $13.48 – $18.94

    4. Six Flags Entertainment Corporation (SIX): $43.3

    Chairman, President & CEO James Reid-Anderson sold 150,700 shares of this theme park operator for $43.12, generating $6.49 million from the sale.

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

    P/E: 34.37 Forward P/E: N/A Industry P/E: 34.65
    P/S: 3.57 Price/Book: 11.84 EV/EBITDA: 14.06
    Market Cap: $4.05B Avg. Daily Volume: 861,389 52 Week Range: $31.77 – $43.8

    5. Salesforce.com, inc. (CRM): $58.16

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

    • Chairman of the Board & CEO Marc Benioff sold 87,500 shares for $58.32, generating $5.1 million from the sale.
    • Co-Founder Parker Harris sold 5,000 shares for $57.52, generating $287,591 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Director Lawrence Tomlinson sold 800 shares for $57.76, generating $46,204 from the sale.

    You can view the list of recent insider transactions for salesforce.com, inc. here.

    P/E: N/A Forward P/E: N/A Industry P/E: 31.22
    P/S: 7.29 Price/Book: 9.75 EV/EBITDA: 437.16
    Market Cap: $36.70B Avg. Daily Volume: 4,873,370 52 Week Range: $48.18 – $67

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

    Voluntary Disclosure: I hold a long position in Twitter (TWTR)

    Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria

    Insider Weekends – January 2, 2015

    Happy New Year and welcome to edition 237 of Insider Weekends. Insider buying declined last week with insiders buying $18.4 million of stock compared to $83.07 million in the week prior. Selling also declined sharply with insiders selling $258.37 million of stock last week compared to $628.05 million in the week prior.

    Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week went up to 14.04. In other words, insiders sold more than 14 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 7.56. 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 January 2, 2015

    Insider Sell Buy Ratio January 2, 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. Biglari Holdings Inc. (BH): $403.01

    Chairman and CEO Sardar Biglari, acquired 13,348 shares of this restaurant holding company, paying $388.23 per share for a total amount of $5.18 million. These shares were acquired indirectly through The Lion Fund.

    This is the second week in a row we are reporting on insider purchases by Mr. Biglari.

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

    P/E: 23.96 Forward P/E: N/A Industry P/E: 18.48
    P/S: 1.04 Price/Book: 1.29 EV/EBITDA: 23.49
    Market Cap: $832.22M Avg. Daily Volume: 7,705 52 Week Range: $312 – $475.404

    2. OCI Partners LP (OCIP): $15.79

    Director Nassef Sawiris acquired 87,465 shares of this ammonia and methanol production company, paying $15.71 per share for a total amount of $1.37 million. These shares were acquired indirectly through a trust.

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

    P/E: 41.34 Forward P/E: 9.29 Industry P/E: N/A
    P/S: 3.09 Price/Book: 10.84 EV/EBITDA: N/A
    Market Cap: $1.27B Avg. Daily Volume: 44,257 52 Week Range: $14.57 – $28.69

    3. U.S. Silica Holdings, Inc. (SLCA): $26.51

    Shares of this commercial silica producer were acquired by 3 insiders:

    • Director Peter Clark Bernard acquired 5,000 shares, paying $25.41 per share for a total amount of $127,050. Mr. Bernard increased his stake by 64.05% to 12,807 shares with this purchase.
    • President & CEO Bryan Adair Shinn acquired 4,000 shares, paying $25.43 per share for a total amount of $101,720. Mr. Shinn increased his stake by 20.99% to 23,057 shares with this purchase.
    • VP, Chief Operating Officer Michael L. Winkler acquired 1,100 shares, paying $26.65 per share for a total amount of $29,315. Mr. Winkler increased his stake by 9.17% to 13,090 shares with this purchase.

    The stock of U.S. Silica has declined sharply over the last four months, dropping from a high of over $73 in early September to current levels. While the stock does look cheap and the company services industries other the oil & gas sector, it derived 77.4% of its $241.3 million in third quarter 2014 revenue from the oil & gas sector. Given the company’s heavy reliance on oil fracking, it is probably a risky way to play a potential rebound in oil prices.

    Instead of battening down the hatches for what could turn out to be a protracted decline in the oil sector, the company and its insiders see value in the company. Not only are the insiders buying shares with their own money, the company also announced in late December that it is going to bump up its share buyback program from $25 million to $50 million.

    You can view the list of recent insider transactions for U.S. Silica Holdings, Inc. here.

    P/E: 13.72 Forward P/E: 8.9 Industry P/E: N/A
    P/S: 1.78 Price/Book: 3.54 EV/EBITDA: 7.78
    Market Cap: $1.43B Avg. Daily Volume: 3,786,800 52 Week Range: $22.71 – $73.43

    4. Oasis Petroleum Inc. (OAS): $17.04

    Director Douglas E. Swanson Jr. acquired 15,000 shares of this oil exploration and production company, paying $16.80 per share for a total amount of $252,000. Mr. Swanson increased his stake by 115.83% to 27,950 shares with this purchase.

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

    P/E: 4.39 Forward P/E: 10.39 Industry P/E: N/A
    P/S: 1.18 Price/Book: 0.99 EV/EBITDA: 3.64
    Market Cap: $1.73B Avg. Daily Volume: 6,042,210 52 Week Range: $10.64 – $58.09

    5. Cardinal Financial Corp. (CFNL): $19.36

    Director Sidney O. Dewberry acquired 10,000 shares of this regional bank, paying $20.59 per share for a total amount of $205,890. Mr. Dewberry increased his stake by 7.49% to 143,600 shares with this purchase.

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

    P/E: 22.46 Forward P/E: 15.61 Industry P/E: N/A
    P/S: 4.67 Price/Book: 1.73 EV/EBITDA: N/A
    Market Cap: $620.08M Avg. Daily Volume: 100,662 52 Week Range: $15.93 – $20.19

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

    Notable Insider Sales:

    1. Graham Holdings (GHC): $860.94

    CEO and COB Donald Graham sold 31,900 shares of this education and media company for $881.89, generating $28.13 million from the sale. These shares were sold indirectly through various 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: $611.47 – $950.08

    2. Jazz Pharmaceuticals Public Limited Company (JAZZ): $163.43

    Director Seamus Mulligan sold 50,000 shares of this biotech company for $163.40, generating $8.17 million from the sale.

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

    P/E: 309.53 Forward P/E: 16.12 Industry P/E: N/A
    P/S: 9.17 Price/Book: 7.39 EV/EBITDA: 20.3
    Market Cap: $9.89B Avg. Daily Volume: 726,851 52 Week Range: $120.38 – $183.84

    3. Keryx Biopharmaceuticals Inc. (KERX): $14.34

    Chief Executive Officer Ron Bentsur sold 538,977 shares of this biopharmaceutical company for $14.03, generating $7.56 million from the sale.

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

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: 126.85 Price/Book: 13.19 EV/EBITDA: -15.3
    Market Cap: $1.32B Avg. Daily Volume: 1,376,550 52 Week Range: $11.53 – $18.48

    4. Ameriprise Financial, Inc. (AMP): $132.09

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

    • Chairman and CEO James M. Cracchiolo sold 29,155 shares for $136.08, generating $3.97 million from the sale.
    • President, Personal Advisors Group Donald E. Froude sold 11,914 shares for $136.18, generating $1.62 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • EVP Technology and CIO Randy Kupper sold 2,475 shares for $136.21, generating $337,110 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 Ameriprise Financial, Inc. here.

    P/E: 17.5 Forward P/E: 13.75 Industry P/E: N/A
    P/S: 2.01 Price/Book: 2.97 EV/EBITDA: 8.08
    Market Cap: $24.37B Avg. Daily Volume: 889,960 52 Week Range: $100.94 – $137.33

    5. SolarCity Corporation (SCTY): $52.92

    Chief Executive Officer Lyndon R. Rive sold 100,000 shares of this solar systems installer for $56.61, generating $5.66 million from the sale. 30,000 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 SolarCity Corporation here.

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: 22.27 Price/Book: 7.05 EV/EBITDA: -30.02
    Market Cap: $5.08B Avg. Daily Volume: 3,458,410 52 Week Range: $45.79 – $88.35

    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 – December 26, 2014

    Welcome to edition 236 and the last edition of Insider Weekends for 2014. We have been publishing these posts continuously for over 4.5 years and it has been a great learning experience. While insiders as a group have outperformed the market more often than not, they are also often early and sometimes completely wrong. One key advantage we have found of following this strategy is that it brings companies to our attention that would have otherwise not been on our radar. We hope this this information has been useful to you and are planning on launching an updated version of the site in 2015 that will add additional features and expand the scope of the data we provide.

    Insider buying declined sharply with insiders buying $83.07 million of stock in this holiday-shortened week compared to $256.35 million in the week prior. Selling also declined with insiders selling $628.05 million of stock last week compared to $2.59 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 to 7.56. In other words, insiders sold more than 7 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 10.1. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

    Insider Sell Buy Ratio December 26, 2014

    Insider Sell Buy Ratio December 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. Biglari Holdings Inc. (BH): $389.97

    Chairman and CEO Sardar Biglari, acquired 5,249 shares of this restaurant holding company, paying $366.76 per share for a total amount of $1.93 million. These shares were acquired indirectly through The Lion Fund.

    Biglari Holdings has had a tough year with the stock down 17% year-to-date despite (noncontrolled) holding companies such as Cracker Barrel (CBRL) posting a gain of 26% this year. Biglari Holdings has a nearly 20% stake in Cracker Barrel through the Lion Fund.

    We have written about Biglari Holdings several times in the past including back in March 2014 when we wrote,

    “Activist hedge fund manager Sardar Biglari has used Biglari Holding to either acquire entire companies like the Steak n Shake restaurant chain or activist positions in companies like Cracker Barrel (CBRL). The Restaurant Investor is a very interesting profile of Sardar Biglari written by Max Olson, the CEO of Max Capital.”

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

    P/E: 23.18 Forward P/E: N/A Industry P/E: 18.48
    P/S: 0.97 Price/Book: 1.21 EV/EBITDA: 23.49
    Market Cap: $805.29M Avg. Daily Volume: 7,938 52 Week Range: $312 – $481.82

    2. Endurance Specialty Holdings Ltd. (ENH): $60

    Chairman & Chief Executive Officer John Charman acquired 17,982 shares of this insurance company, paying $59.42 per share for a total amount of $1.07 million. 11,986 of these shares were purchased indirectly through trusts.

    This is the third time this month we have reported on insider purchases of Endurance by Mr. Charman. While the stock has been rising along with his purchases, it still trades below tangible book value. The company derives 42% of its business from regular insurance lines such as agriculture (23%), property and casualty, while the rest of the business is through reinsurance products. It was interesting and a little surprising to see an ad for Endurance in Union Square in San Francisco when I went there this Christmas.

    You can view the list of recent insider transactions for Endurance Specialty Holdings Ltd. here.

    P/E: 8.96 Forward P/E: 10.24 Industry P/E: N/A
    P/S: 1.29 Price/Book: 0.86 EV/EBITDA: 5.76
    Market Cap: $2.69B Avg. Daily Volume: 169,119 52 Week Range: $49.58 – $60.31

    3. Veritiv Corporation (VRTV): $51.16

    Shares of this paper and packaging company were acquired by 7 insiders:

    • Director Daniel T. Henry acquired 5,000 shares, paying $49.89 per share for a total amount of $249,450.
    • Chairman & CEO Mary A. Laschinger acquired 2,187 shares, paying $50.55 per share for a total amount of $110,553. Ms. Laschinger increased her stake by 389.15% to 2,749 shares with this purchase.
    • SVP & CFO Stephen Joseph Smith acquired 1,500 shares, paying $50.91 per share for a total amount of $76,365. These shares were purchased indirectly through a trust.
    • SVP Packaging Darin W. Tang acquired 1,000 shares, paying $49.07 per share for a total amount of $49,070.
    • SVP, Strategy/Facility Solutions Joseph B. Myers acquired 1,000 shares, paying $50.40 per share for a total amount of $50,400.
    • SVP & General Counsel Mark W. Hianik acquired 1,000 shares, paying $51.33 per share for a total amount of $51,330.
    • SVP Print Daniel J. Watkoske acquired 1,000 shares, paying $49.97 per share for a total amount of $49,970. Mr. Watkoske increased his stake by 125.63% to 1,796 shares with this purchase.

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

    P/E: N/A Forward P/E: 15.23 Industry P/E: N/A
    P/S: 0.12 Price/Book: 1.41 EV/EBITDA: 23.06
    Market Cap: $818.56M Avg. Daily Volume: 61,676 52 Week Range: $31.94 – $53.21

    4. Vicon Industries, Inc. (VII): $1.76

    Chief Executive Officer Eric Fullerton acquired 230,000 shares of this video management and surveillance systems provider, paying $1.51 per share for a total amount of $346,648.

    The company is unprofitable, trades for half its book value and just marginally above the net cash on the balance sheet.

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

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: 0.24 Price/Book: 0.49 EV/EBITDA: N/A
    Market Cap: $7.96M Avg. Daily Volume: 193,438 52 Week Range: $1.31 – $6.14

    5. Sonic Foundry, Inc. (SOFO): $7.929

    Director Mark D. Burish acquired 35,905 shares of this video management systems provider, paying $8.36 per share for a total amount of $300,166. Mr. Burish increased his stake by 13.01% to 311,931 shares with this purchase.

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

    P/E: N/A Forward P/E: 15.25 Industry P/E: N/A
    P/S: 0.97 Price/Book: 2.48 EV/EBITDA: -906.54
    Market Cap: $35.12M Avg. Daily Volume: 6,875 52 Week Range: $7.22 – $12.7

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

    Notable Insider Sales:

    1. FactSet Research Systems Inc. (FDS): $144.59

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

    • CEO & Chairman Philip A. Hadley sold 100,000 shares for $143.08, generating $14.31 million from the sale. 3,000 of these shares were sold as a result of exercising options immediately prior to the sale.
    • Executive Vice President & COO Peter G. Walsh sold 80,000 shares for $142.12, generating $11.37 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 FactSet Research Systems Inc. here.

    P/E: 29.39 Forward P/E: 23.55 Industry P/E: N/A
    P/S: 6.56 Price/Book: 11.82 EV/EBITDA: 16.65
    Market Cap: $6.04B Avg. Daily Volume: 258,713 52 Week Range: $101.41 – $145.33

    2. Twitter, Inc. (TWTR): $37.6

    Shares of Twitter were sold by 2 insiders:

    • Founder and Director Evan Clark Williams sold 372,000 shares for $38.08, generating $14.17 million from the sale. 349,680 of these shares were sold indirectly through various entities.
    • Vice President of Product Kevin Weil sold 6,030 shares for $37.98, generating $229,048 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 Twitter, Inc. here.

    P/E: N/A Forward P/E: 110.59 Industry P/E: 22.59
    P/S: 20.16 Price/Book: 6.67 EV/EBITDA: -26.75
    Market Cap: $23.51B Avg. Daily Volume: 24,175,000 52 Week Range: $29.51 – $70.43

    3. ICU Medical, Inc. (ICUI): $83.31

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

    • Director George A. Lopez sold 150,000 shares for $83.72, generating $12.56 million from the sale.
    • Director Richard Sherman M.D. sold 3,750 shares for $83.06, generating $311,462 from the sale. These shares were sold as a result of exercising options immediately prior to the sale. 100,000 of these shares were sold indirectly through a partnership.

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

    P/E: 40.11 Forward P/E: 30.18 Industry P/E: N/A
    P/S: 4.19 Price/Book: 2.61 EV/EBITDA: 14.42
    Market Cap: $1.28B Avg. Daily Volume: 163,884 52 Week Range: $54 – $87.5

    4. Varonis Systems, Inc. (VRNS): $32

    Shares of this software solutions provider were sold by 3 insiders:

    • Chief Technology Officer Ohad Korkus sold 150,000 shares for $31.02, generating $4.65 million from the sale.
    • CEO, President, Chairman Yakov Faitelson sold 150,000 shares for $31.02, generating $4.65 million from the sale.
    • SVP of Worldwide Sales James O’Boyle sold 19,664 shares for $29.00, generating $570,255 from the sale. 5,723 of these shares were sold indirectly through a trust.

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

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: 8.44 Price/Book: 8.45 EV/EBITDA: -31.03
    Market Cap: $786.11M Avg. Daily Volume: 199,037 52 Week Range: $17.5 – $56.8

    5. Cintas Corporation (CTAS): $79.82

    Shares of this provider of corporate uniforms and other business services were sold by 3 insiders:

    • Director Richard T. Farmer sold 102,870 shares for $79.81, generating $8.2 million from the sale.
    • Sr. VP & CFO William C. Gale sold 12,243 shares for $79.89, generating $978,055 from the sale.
    • President and COO James Phillip Holloman sold 6,981 shares for $78.30, generating $546,612 from the sale.

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

    P/E: 23.83 Forward P/E: 22.05 Industry P/E: 479.23
    P/S: 2.05 Price/Book: 4.11 EV/EBITDA: 11.47
    Market Cap: $9.34B Avg. Daily Volume: 794,011 52 Week Range: $55.35 – $80.35

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

    Voluntary Disclosure: I hold a long position in Twitter (TWTR).

    Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria