Insider Trading 13 September 2013: Bill Gates Again a Big Seller of Microsoft

September 17th, 2013
in contributors

by Asif Suria

Insider buying more than doubled with insiders purchasing $54.86 million of their stock last week compared to $25.89 million in the week prior. Selling also increased with insiders selling $2.85 billion of stock last week compared to $1.44 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 decreased to 52.02. In other words, insiders sold about 52 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 58.28.

Follow up:

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 13, 2013

Insider Sell Buy Ratio September 13, 2013

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. Kinder Morgan, Inc. (KMI): $35.08

Chairman and CEO Richard D. Kinder acquired 500,000 shares of this oil & gas pipelines company, paying $35.74 per share for a total amount of $17.87 million. Mr. Kinder increased his stake by 0.22% to 230,759,786 shares with this purchase.

This purchase followed a sudden 6% drop in the price of the stock in the first week of September after an investment advisory service mentioned that it was going to lay out the short case for the company.

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

P/E: 36.81 Forward P/E: 22.34 Industry P/E: N/A
P/S: 2.98 Price/Book: 2.7 EV/EBITDA: 13.4
Market Cap: $36.34B Avg. Daily Volume: 5,046,980 52 Week Range: $31.93 – $41.49

2. Navistar International Corporation (NAV): $36.52

Director Mark H. Rachesky acquired 415,101 shares of this truck and diesel engine manufacturer, paying $34.03 per share for a total amount of $14.13 million. These shares were purchased indirectly by MHR Capital Partners.

We normally skip fund related purchases but decided to highlight this one as we have done in the past after both Mr. Rachesky and Carl Icahn purchased shares of Navistar.

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

P/E: N/A Forward P/E: 77.7 Industry P/E: N/A
P/S: 0.25 Price/Book: N/A EV/EBITDA: -10.95
Market Cap: $2.94B Avg. Daily Volume: 1,133,830 52 Week Range: $18.17 – $38.81

3. AXIS Capital Holdings Limited (AXS): $43.07

CEO, AXIS Insurance John Gressier acquired 176,000 shares of this insurance company, paying $42.47 per share for a total amount of $7.47 million. Mr. Gressier increased his stake by 88.28% to 375,375 shares with this purchase.

You can view the list of recent insider transactions for AXIS Capital Holdings Limited here.

P/E: 8.89 Forward P/E: 9.22 Industry P/E: N/A
P/S: 1.21 Price/Book: 0.98 EV/EBITDA: 7.45
Market Cap: $4.92B Avg. Daily Volume: 839,562 52 Week Range: $33.65 – $48.39

4. Energy Transfer Partners, L.P. (ETP): $50.87

Director Jamie Welch acquired 20,000 shares of this oil & gas pipelines company, paying $51.82 per share for a total amount of $1.04 million.

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

P/E: 32.82 Forward P/E: 20.76 Industry P/E: N/A
P/S: 0.55 Price/Book: 1.62 EV/EBITDA: 12.3
Market Cap: $19.14B Avg. Daily Volume: 1,173,910 52 Week Range: $40.19 – $54.85

5. El Paso Pipeline Partners, L.P. (EPB): $40.82

President and COO Steven J. Kean acquired 18,000 shares of this oil & gas pipelines company, paying $42.08 per share for a total amount of $757,510.

You can view the list of recent insider transactions for El Paso Pipeline Partners, L.P. here.

P/E: 14.81 Forward P/E: 18.3 Industry P/E: N/A
P/S: 5.99 Price/Book: 2.1 EV/EBITDA: 12.08
Market Cap: $8.89B Avg. Daily Volume: 449,473 52 Week Range: $33.64 – $44.99

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

Notable Insider Sales:

1. Microsoft Corporation (MSFT): $33.03

Shares of Microsoft were sold by 2 insiders:

  • Founder Bill Gates sold 15,000,000 shares for $31.34, generating $470.08 million from the sale.
  • Senior Vice President Lisa E. Brummel sold 64,238 shares for $32.32, generating $2.08 million from the sale.

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

P/E: 12.8 Forward P/E: 10.94 Industry P/E: N/A
P/S: 3.5 Price/Book: 3.45 EV/EBITDA: 6.63
Market Cap: $275.14B Avg. Daily Volume: 52,674,600 52 Week Range: $26.26 – $36.43

2. Web.com Group, Inc. (WWWW): $30.17

Director Anton J. Levy sold 1,250,000 shares of this internet services provider for $30.00, generating $37.5 million from the sale. These shares were sold indirectly by General Atlantic Partners.

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

P/E: N/A Forward P/E: 12.21 Industry P/E: N/A
P/S: 3.23 Price/Book: 12.63 EV/EBITDA: 26.21
Market Cap: $1.47B Avg. Daily Volume: 749,530 52 Week Range: $13.25 – $31.7

3. Liquidity Services, Inc. (LQDT): $36.02

Shares of this online auction company were sold by 3 insiders:

  • Chairman of the Board and CEO William P. Angrick III sold 600,000 shares for $35.46, generating $21.28 million from the sale. These shares were sold indirectly through a trust.
  • CFO, Treasurer James M. Rallo sold 8,541 shares for $35.77, generating $305,512 from the sale.These shares were sold as a result of exercising options immediately prior to the sale.
  • VP, General Counsel & Secretary James Edwin Williams sold 4,290 shares for $35.91, generating $154,054 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 Liquidity Services, Inc. here.

P/E: 32.45 Forward P/E: 18.66 Industry P/E: N/A
P/S: 2.3 Price/Book: 3.89 EV/EBITDA: 9.96
Market Cap: $1.14B Avg. Daily Volume: 414,144 52 Week Range: $27.26 – $57.42

4. Jarden Corp. (JAH): $47.61

Shares of this consumer products company were sold by 4 insiders:

  • Executive Chairman Martin E. Franklin sold 250,000 shares for $47.66, generating $11.92 million from the sale.
  • Vice Chairman and CFO Ian G. Ashken sold 37,500 shares for $47.66, generating $1.79 million from the sale.
  • Chief Executive Officer James E. Lillie sold 30,000 shares for $47.66, generating $1.43 million from the sale.
  • EVP, General Counsel and Secretary John Edward Capps sold 10,000 shares for $47.41, generating $474,100 from the sale.

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

P/E: 27.05 Forward P/E: 11.87 Industry P/E: N/A
P/S: 0.78 Price/Book: 3.32 EV/EBITDA: 10.92
Market Cap: $5.36B Avg. Daily Volume: 1,177,460 52 Week Range: $32.4267 – $49.28

5. Middleby Corp. (MIDD): $205.57

Shares of this commercial food equipment company were sold by 2 insiders:

  • Chief Financial Officer Timothy John Fitzgerald sold 61,399 shares for $193.52, generating $11.88 million from the sale. These shares were sold indirectly through a trust.
  • Chief Operating Officer David Brewer sold 3,000 shares for $204.25, generating $612,760 from the sale.

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

P/E: 29.34 Forward P/E: 22.2 Industry P/E: N/A
P/S: 3.19 Price/Book: 5.46 EV/EBITDA: 16.99
Market Cap: $3.93B Avg. Daily Volume: 89,638 52 Week Range: $113.95 – $213.5

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









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