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Insider Buying

    Insider Weekends – July 24, 2015

    Welcome to edition 266 of Insider Weekends. Insider buying increased significantly last week with insiders buying $182.33 million of stock compared to $6.83 million in the week prior. Selling on the other hand decreased with insiders selling $472.75 million of stock last week compared to $522.48 million in the week prior.

    Most of the insider buying was driven by three noted investors adding to their existing positions. David Einhorn of Greenlight Capital increased his stake in natural gas and coal company Consol Energy (CNX) to the tune of $113.69 million, Mark Rachesky picked up 800,000 shares of diesel truck engine manufacturer Navistar International (NAV) and Bruce Berkowitz of Fairholme Capital once again increased his position in Sears Holdings (SHLD). Mr. Berkowitz sold 251,400 shares from a managed client account based on instructions from the client and purchased 250,000 shares for his fund. Sears Holdings continues its roller coaster ride with the stock down nearly 44% over the last three months, erasing all the gains from a big rally earlier this year and then some.

    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 2.59. In other words, insiders sold almost 3 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 76.51. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

    Insider Sell Buy Ratio July 25, 2015

    Insider Sell Buy Ratio July 25, 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. Eagle Bancorp, Inc. (EGBN): $45.47

    President & CEO Ronald D. Paul acquired 177,536 shares of this regional bank, paying $43.98 per share for a total amount of $7.81 million. Mr. Paul increased his stake by 1.39% to 12,954,994 shares with this purchase.

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

    P/E: 20.35 Forward P/E: 17.56 Industry P/E: 16.12
    P/S: 6.85 Price/Book: 2.19 EV/EBITDA: N/A
    Market Cap: $1.52B Avg. Daily Volume: 120,898 52 Week Range: $30.94 – $47.03

    2. Kinder Morgan, Inc. (KMI): $34.85

    Executive Chairman Richard D. Kinder acquired 100,000 shares of this oil & gas pipelines company, paying $34.97 per share for a total amount of $3.49 million. Mr. Kinder increased his stake by 0.04% to 234,112,353 shares with this purchase.

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

    P/E: 49.36 Forward P/E: 36.3 Industry P/E: 23.94
    P/S: 4.97 Price/Book: 2.16 EV/EBITDA: 18.48
    Market Cap: $75.56B Avg. Daily Volume: 10,733,000 52 Week Range: $33.25 – $44.71

    3. Domino’s Pizza, Inc. (DPZ): $110.96

    Director Andrew Balson acquired 22,180 shares of this pizza chain, paying $112.33 per share for a total amount of $2.49 million. These shares were purchased indirectly through a trust.

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

    P/E: 35.78 Forward P/E: 27.74 Industry P/E: 34.69
    P/S: 2.95 Price/Book: N/A EV/EBITDA: 18.94
    Market Cap: $6.09B Avg. Daily Volume: 463,840 52 Week Range: $69.76 – $119.73

    4. Regulus Therapeutics Inc. (RGLS): $9.17

    Director William H. Rastetter acquired 100,000 shares of this biotech company, paying $10.17 per share for a total amount of $1.02 million. These shares were purchased indirectly through a trust.

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

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: 46.34 Price/Book: 3.22 EV/EBITDA: -7.15
    Market Cap: $467.83M Avg. Daily Volume: 768,151 52 Week Range: $6.13 – $25.6

    5. FMC Technologies, Inc. (FTI): $32.84

    President & COO Doug Pferdehirt acquired 30,304 shares of this oil services company, paying $33.00 per share for a total amount of $1 million. These shares were purchased indirectly through a trust.

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

    P/E: 12.97 Forward P/E: 16.34 Industry P/E: 17.02
    P/S: 0.99 Price/Book: 2.88 EV/EBITDA: 6.95
    Market Cap: $7.58B Avg. Daily Volume: 3,077,070 52 Week Range: $31.83 – $63.78

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

    Notable Insider Sales:

    1. Masimo Corporation (MASI): $41.98

    Shares of this medical technology company were sold by 3 insiders:

    • CEO and Chairman of the Board Joe E. Kiani sold 300,000 shares for $40.55, generating $12.17 million from the sale.
    • Pres, WW OEM Business & Blood Management Rick Fishel sold 35,084 shares for $41.85, generating $1.47 million from the sale. 25,084 of these shares were sold as a result of exercising options immediately prior to the sale.
    • Director Steven Barker sold 20,000 shares for $40.00, generating $800,000 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 Masimo Corporation here.

    P/E: 32.67 Forward P/E: 27.08 Industry P/E: N/A
    P/S: 3.72 Price/Book: 6.83 EV/EBITDA: 19.68
    Market Cap: $2.19B Avg. Daily Volume: 356,868 52 Week Range: $19.3 – $42.48

    2. Twitter, Inc. (TWTR): $35.42

    Director Evan Clark Williams sold 372,000 shares of Twitter for $36.11, generating $13.43 million from the sale. 349,680 of these shares were sold indirectly through various trusts.

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

    Voluntary Disclosure: I hold a long position in Twitter.

    P/E: N/A Forward P/E: 52.87 Industry P/E: 34.99
    P/S: 14.76 Price/Book: 6.36 EV/EBITDA: -62.61
    Market Cap: $23.79B Avg. Daily Volume: 22,403,400 52 Week Range: $33.51 – $55.99

    3. Honeywell International Inc. (HON): $102.77

    Vice Chairman Roger Fradin sold 70,926 shares of this industrial technology and manufacturing company for $105.00, generating $7.45 million from the sale.

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

    P/E: 18.42 Forward P/E: 15.32 Industry P/E: 20.06
    P/S: 2.07 Price/Book: 4.42 EV/EBITDA: 11.46
    Market Cap: $80.34B Avg. Daily Volume: 2,611,850 52 Week Range: $82.89 – $107.1

    4. Home Bancshares, Inc. (HOMB): $38.97

    Shares of this bank holding company were sold by 2 insiders:

    • Chairman John W. Allison sold 150,000 shares for $39.50, generating $5.93 million from the sale.
    • Director James G. Hinkle sold 30,000 shares for $39.67, generating $1.19 million from the sale. These shares were sold indirectly through a trust.

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

    P/E: 21.52 Forward P/E: 17.02 Industry P/E: 12.76
    P/S: 7.42 Price/Book: 2.51 EV/EBITDA: N/A
    Market Cap: $2.64B Avg. Daily Volume: 188,003 52 Week Range: $27.68 – $40.44

    5. Douglas Emmett Inc (DEI): $29.07

    Chairman of the Board Dan A. Emmett sold 140,000 shares of this apartment REIT for $29.01, generating $4.06 million from the sale. These shares were sold indirectly through a trust.

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

    P/E: 87.56 Forward P/E: 17.3 Industry P/E: 16.59
    P/S: 6.88 Price/Book: 2.15 EV/EBITDA: 21.74
    Market Cap: $4.24B Avg. Daily Volume: 944,760 52 Week Range: $25.46 – $30.92

    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 – July 17, 2015

    Welcome to edition 265 of Insider Weekends. Insider buying declined significantly last week with insiders buying $6.83 million of stock compared to $87.6 million in the week prior. Selling on the other hand increased with insiders selling $522.48 million of stock last week compared to $373.29 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 76.51. In other words, insiders sold almost 77 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 4.26. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

    Insider Sell Buy Ratio July 17, 2015

    Insider Sell Buy Ratio July 17, 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. Dorian LPG Ltd. (LPG): $16.39

    President and CEO John C. Hadjipateras acquired 20,000 shares of this liquefied petroleum gas (LPG) shipping company, paying $16.93 per share for a total amount of $338,657. Mr. Hadjipateras increased his stake by 3.24% to 637,569 shares with this purchase.

    You can view the list of recent insider transactions for Dorian LPG Ltd. here.

    P/E: 36.42 Forward P/E: 9.93 Industry P/E: N/A
    P/S: 9.22 Price/Book: 1.1 EV/EBITDA: N/A
    Market Cap: $951.55M Avg. Daily Volume: 196,283 52 Week Range: $9.94 – $22.25

    2. Ryman Hospitality Properties, Inc. (RHP): $58.11

    Chairman & CEO Colin V. Reed acquired 5,669 shares of this hotel operator, paying $57.19 per share for a total amount of $324,199. Mr. Reed increased his stake by 0.63% to 902,771 shares with this purchase.

    You can view the list of recent insider transactions for Ryman Hospitality Properties, Inc. here.

    P/E: 29.08 Forward P/E: 18.45 Industry P/E: 23.75
    P/S: 2.83 Price/Book: 7.97 EV/EBITDA: 16.02
    Market Cap: $2.95B Avg. Daily Volume: 320,606 52 Week Range: $42.73 – $64.97

    3. TetraLogic Pharmaceuticals Corporation (TLOG): $2.85

    Director Andrew L. Pecora acquired 100,000 shares of this biotech company, paying $2.54 per share for a total amount of $254,034. Mr. Pecora increased his stake by 117.88% to 184,830 shares with this purchase.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 29.83
    P/S: N/A Price/Book: 2.65 EV/EBITDA: -1.38
    Market Cap: $66.49M Avg. Daily Volume: 293,238 52 Week Range: $1.45 – $6.3

    4. Calamos Asset Management Inc. (CLMS): $12.32

    Chairman, CEO, Global Co-CIO John P. Calamos Sr. acquired 17,029 shares of this asset management company, paying $12.18 per share for a total amount of $207,469. These shares were purchased indirectly by Calamos Investments LLC.

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

    P/E: 20.07 Forward P/E: 21.24 Industry P/E: 17.48
    P/S: 1.04 Price/Book: 1.09 EV/EBITDA: -3.71
    Market Cap: $252.94M Avg. Daily Volume: 73,064 52 Week Range: $11.15 – $14.44

    5. Genesco Inc. (GCO): $65.18

    Director James S. Beard acquired 3,000 shares of this footwear and apparel company, paying $66.55 per share for a total amount of $199,636. Mr. Beard increased his stake by 20.59% to 17,568 shares with this purchase.

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

    P/E: 16.54 Forward P/E: 12.49 Industry P/E: 22.17
    P/S: 0.55 Price/Book: 1.58 EV/EBITDA: 6.35
    Market Cap: $1.57B Avg. Daily Volume: 143,237 52 Week Range: $61.07 – $89.58

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

    Notable Insider Sales:

    1. FireEye, Inc. (FEYE): $48.07

    Shares of this security software company were sold by 2 insiders:

    • Chief Strategy Officer Ashar Aziz sold 188,434 shares for $49.23, generating $9.28 million from the sale. These shares were sold indirectly through a trust.
    • Director Ronald E. Codd sold 3,000 shares for $48.74, generating $146,209 from the sale. These shares were sold indirectly through a trust.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 37.37
    P/S: 15.82 Price/Book: 6.39 EV/EBITDA: -18.44
    Market Cap: $7.51B Avg. Daily Volume: 6,334,160 52 Week Range: $24.81 – $55.33

    2. DexCom, Inc. (DXCM): $83.79

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

    • Executive Chairman Terrance H. Gregg sold 50,750 shares for $83.07, generating $4.22 million from the sale. These shares were sold indirectly through a trust.
    • Director Jay S. Skyler sold 20,000 shares for $81.69, generating $1.63 million from the sale. These shares were sold indirectly by Skyler Bach Family Limited Partnership.

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

    P/E: N/A Forward P/E: 194.86 Industry P/E: 29.06
    P/S: 23.29 Price/Book: 44.6 EV/EBITDA: -449.23
    Market Cap: $6.64B Avg. Daily Volume: 895,606 52 Week Range: $35.5 – $84.08

    3. Illumina Inc. (ILMN): $239.76

    Shares of this genetic sequencing and analysis company were sold by 7 insiders:

    • Director David R. Walt sold 10,000 shares for $227.39, generating $2.27 million from the sale.
    • Sr VP & Chief Commercial Officer Christian O. Henry sold 5,390 shares for $229.61, generating $1.24 million from the sale.
    • Sr VP & CFO Marc Stapley sold 3,000 shares for $214.90, generating $644,701 from the sale. 2,400 of these shares were sold as a result of exercising options immediately prior to the sale.
    • Sr VP & CTO Mostafa Ronaghi sold 3,000 shares for $227.19, generating $681,580 from the sale.
    • Director Robert S. Epstein sold 2,000 shares for $219.81, generating $439,620 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Chief Accounting Officer Michel Bouchard sold 1,400 shares for $222.75, generating $311,850 from the sale.
    • Sr VP Product Development & Operations Omead Ostadan sold 1,110 shares for $219.81, generating $243,989 from the sale.

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

    P/E: 82.88 Forward P/E: 58.19 Industry P/E: 29.83
    P/S: 16.81 Price/Book: 20.49 EV/EBITDA: 46
    Market Cap: $34.55B Avg. Daily Volume: 1,341,810 52 Week Range: $145.12 – $240

    4. JPMorgan Chase & Co. (JPM): $69.21

    Shares of JP Morgan were sold by 4 insiders:

    • Chief Risk Officer Ashley Bacon sold 32,882 shares for $69.07, generating $2.27 million from the sale.
    • Chief Financial Officer Marianne Lake sold 32,468 shares for $69.07, generating $2.24 million from the sale.
    • Managing Director Mary E. Erdoes sold 13,022 shares for $69.07, generating $899,426 from the sale.
    • General Counsel Stephen M. Cutler sold 5,376 shares for $69.07, generating $371,347 from the sale.

    You can view the list of recent insider transactions for JPMorgan Chase & Co. here.

    P/E: 12.68 Forward P/E: 10.68 Industry P/E: 13.31
    P/S: 2.81 Price/Book: 1.2 EV/EBITDA: N/A
    Market Cap: $256.81B Avg. Daily Volume: 14,613,800 52 Week Range: $54.26 – $69.95

    5. Calavo Growers Inc. (CVGW): $52.73

    Shares of this avocado and food products company were sold by 3 insiders:

    • CEO Lecil E. Cole sold 86,162 shares for $52.13, generating $4.49 million from the sale.
    • Director Link J. Leavens sold 10,000 shares for $52.00, generating $520,000 from the sale.
    • Director Marc Laurence Brown sold 882 shares for $52.88, generating $46,640 from the sale.

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

    P/E: 67.69 Forward P/E: 23.65 Industry P/E: 20.67
    P/S: 1.11 Price/Book: 4.84 EV/EBITDA: 18.61
    Market Cap: $916.61M Avg. Daily Volume: 108,011 52 Week Range: $33.7 – $57.58

    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 – July 10, 2015

    Welcome to edition 264 of Insider Weekends. Insider buying declined last week with insiders buying $87.6 million of stock compared to $140.28 million in the week prior. Selling on the other hand increased a little with insiders selling $373.29 million of stock last week compared to $355.34 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 4.26. In other words, insiders sold more than 4 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 2.53. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

    Insider Sell Buy Ratio July 10, 2015

    Insider Sell Buy Ratio July 10, 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. Energy Transfer Equity, L.P. (ETE): $65.4

    Director Kelcy L. Warren acquired 1,000,000 shares of this natural gas pipeline company, paying $63.04 per share for a total amount of $63.04 million. These shares were purchased indirectly by Seven Bridges Holdings, LLC.

    You can view the list of recent insider transactions for Energy Transfer Equity, L.P. here.

    P/E: 47.46 Forward P/E: 22.32 Industry P/E: 27.34
    P/S: 0.66 Price/Book: 49.1 EV/EBITDA: 14.47
    Market Cap: $35.37B Avg. Daily Volume: 1,873,860 52 Week Range: $45.88 – $70.88

    2. Calamos Asset Management Inc. (CLMS): $12.04

    Chairman, CEO, Global Co-CIO John P. Calamos Sr. acquired 101,646 shares of this asset management company, paying $12.08 per share for a total amount of $1.23 million. These shares were purchased indirectly by Calamos Investments LLC.

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

    P/E: 19.61 Forward P/E: 20.76 Industry P/E: 14.39
    P/S: 1 Price/Book: 1.05 EV/EBITDA: -3.71
    Market Cap: $247.19M Avg. Daily Volume: 75,702 52 Week Range: $11.15 – $14.44

    3. Layne Christensen Company (LAYN): $8.5

    Director Nelson Obus acquired 104,315 shares of this water management, construction and drilling company, paying $8.25 per share for a total amount of $860,582. Mr. Obus increased his stake by 140.04% to 178,807 shares with this purchase.

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

    P/E: N/A Forward P/E: 42.5 Industry P/E: 14.46
    P/S: 0.2 Price/Book: 0.98 EV/EBITDA: 34.46
    Market Cap: $166.88M Avg. Daily Volume: 387,329 52 Week Range: $4.35 – $12.68

    4. International Speedway Corp. (ISCA): $35.5

    Shares of this motorsports company were acquired by two insiders:

    • Director Hyatt J. Brown acquired 10,000 shares, paying $34.77 per share for a total amount of $347,700. Mr. Brown purchased these shares indirectly with his spouse.
    • Director Laree M. Renda acquired 7,100 shares, paying $34.83 per share for a total amount of $247,293.

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

    P/E: 30.45 Forward P/E: 22.33 Industry P/E: 37.36
    P/S: 2.61 Price/Book: 1.2 EV/EBITDA: 9.52
    Market Cap: $1.66B Avg. Daily Volume: 159,040 52 Week Range: $28.09 – $38.27

    5. Ambac Financial Group, Inc. (AMBC): $18.52

    Shares of this insurance company were acquired by 3 insiders:

    • Interim Chief Executive Officer Tavakoli Nader acquired 15,000 shares, paying $16.54 per share for a total amount of $248,061.
    • Director Alexander David Greene acquired 3,000 shares, paying $17.69 per share for a total amount of $53,070.
    • Director Jeffrey Scott Stein acquired 2,500 shares, paying $17.99 per share for a total amount of $44,975.

    You can view the list of recent insider transactions for Ambac Financial Group, Inc. here.

    P/E: 1.6 Forward P/E: 10.83 Industry P/E: 13.74
    P/S: 1.3 Price/Book: 0.52 EV/EBITDA: 15.94
    Market Cap: $833.47M Avg. Daily Volume: 465,668 52 Week Range: $15.74 – $27.53

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

    Notable Insider Sales:

    1. Nuance Communications, Inc. (NUAN): $16.83

    Chief Executive Officer Paul Ricci sold 800,000 shares of this software company for $16.75, generating $13.4 million from the sale. 300,000 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 Nuance Communications, Inc. here.

    Voluntary Disclosure: I hold a long position in Nuance.

    P/E: N/A Forward P/E: 13.05 Industry P/E: 43.26
    P/S: 2.74 Price/Book: 2.2 EV/EBITDA: 33.15
    Market Cap: $5.28B Avg. Daily Volume: 2,304,370 52 Week Range: $13.2 – $18.66

    2. Twitter, Inc. (TWTR): $34.91

    Shares of Twitter were sold by 2 insiders:

    • Director Evan Clark Williams sold 372,000 shares for $34.97, generating $13 million from the sale. 349,680 of these shares were sold indirectly through various trusts.
    • Senior VP, Engineering Alexander Roetter sold 7,013 shares for $35.50, generating $248,957 from the sale.

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

    Voluntary Disclosure: I hold a long position in Twitter.

    P/E: N/A Forward P/E: 52.1 Industry P/E: 42.98
    P/S: 14.01 Price/Book: 6.04 EV/EBITDA: -61.62
    Market Cap: $23.45B Avg. Daily Volume: 21,747,900 52 Week Range: $33.51 – $55.99

    3. HFF, Inc. (HF): $44.51

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

    • Chief Executive Officer Mark Gibson sold 91,550 shares for $42.88, generating $3.93 million from the sale.
    • President Joe Thornton Jr. sold 79,700 shares for $42.90, generating $3.42 million from the sale.

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

    P/E: 25.35 Forward P/E: 20.32 Industry P/E: 13.21
    P/S: 3.65 Price/Book: 12.15 EV/EBITDA: 20.72
    Market Cap: $1.68B Avg. Daily Volume: 225,483 52 Week Range: $25.78 – $44.56

    4. Calavo Growers Inc. (CVGW): $52.05

    Shares of this avocado and food products company were sold by 2 insiders:

    • Chairman and CEO Lecil E. Cole sold 100,064 shares for $53.00, generating $5.3 million from the sale.
    • Director Marc Laurence Brown sold 1,000 shares for $51.85, generating $51,850 from the sale.

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

    P/E: 66.82 Forward P/E: 23.34 Industry P/E: 21.95
    P/S: 1.06 Price/Book: 4.65 EV/EBITDA: 18.61
    Market Cap: $904.79M Avg. Daily Volume: 106,930 52 Week Range: $33.7 – $57.58

    5. Palo Alto Networks, Inc. (PANW): $180.8

    CTO Nir Zuk sold 30,000 shares of this network security company for $170.66, generating $5.12 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: 112.3 Industry P/E: 19.55
    P/S: 17.78 Price/Book: 32.17 EV/EBITDA: -148.43
    Market Cap: $15.13B Avg. Daily Volume: 1,364,530 52 Week Range: $75.03 – $185

    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 – July 3, 2015

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

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

    Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week dropped to 2.53. In other words, insiders sold almost 3 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 15.07. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

    Insider Sell Buy Ratio July 3, 2015

    Insider Sell Buy Ratio July 3, 2015

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

    Notable Insider Buys:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Shares of this apartment REIT were acquired by 4 insiders:

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

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

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

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

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

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

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

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

    Notable Insider Sales:

    1. Accenture plc (ACN): $97.33

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    • Chief Executive Officer Carl Bass sold 50,177 shares for $51.04, generating $2.56 million from the sale.
    • Director Kris Halvorsen sold 5,000 shares for $52.30, generating $261,500 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.

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

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

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

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

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

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

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

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

    Insider Weekends – June 26, 2015

    Welcome to edition 262 of Insider Weekends. Insider buying increased last week with insiders buying $57.81 million of stock compared to $43.68 million in the week prior. Selling on the other hand declined with insiders selling $870.92 million of stock last week compared to $953.04 million in the week prior.

    Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week dropped to 15.07. In other words, insiders sold more than 15 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 21.82. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

    Insider Sell Buy Ratio June 26, 2015

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

    Notable Insider Buys:

    1. DDR Corp. (DDR): $15.85

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

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

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

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

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

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

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

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

    CEO & Chairman Phillip Frost M.D. acquired 104,000 shares of this medical devices and drug development company, paying $15.40 per share for a total amount of $1.6 million. These shares were acquired indirectly by Frost Gamma Investments Trust.

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

    P/E: N/A Forward P/E: 199.62 Industry P/E: 31.05
    P/S: 71.4 Price/Book: 8.61 EV/EBITDA: -74.29
    Market Cap: $7.40B Avg. Daily Volume: 3,835,140 52 Week Range: $8.02 – $19.2

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

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

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

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

    5. MBIA Inc. (MBI): $8.32

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

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

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

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

    Notable Insider Sales:

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

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

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

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

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

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

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

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

    3. Cubic Corporation (CUB): $49.57

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

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

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

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

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

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

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

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

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

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

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

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

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