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posted on 22 May 2016

Insider Trading 20 May 2016: Insiders Sold Almost 29 Times As Much Stock As They Purchased

by Asif Suria

Insider buying decreased last week with insiders buying $75.93 million of stock compared to $79 million in the week prior. Selling increased with insiders selling $2.17 billion of stock last week compared to $1.84 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 went up to 28.53. In other words, insiders sold almost 29 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 23.26. 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 May 20, 2016

Insider Sell Buy Ratio May 20, 2016

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. Western Refining, Inc. (WNR): $23.23

Chairman of BOD, Executive Chair Paul L. Foster acquired 1,000,000 shares of this oil and gas pipelines company, paying $21.60 per share for a total amount of $21.6 million. 475,000 of these shares were purchased indirectly by Franklin Mountain Investments Limited Partnership.

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

P/E: 6.61Forward P/E: 10.37Industry P/E: 14.04
P/S: 0.23Price/Book: 1.71EV/EBITDA: 3.37
Market Cap: $2.12BAvg. Daily Volume: 2,845,66052 Week Range: $20.64 - $50.71

2. IDI, Inc (IDI): $5.1

Executive Chairman Michael Brauser acquired 419,530 shares of this data and analytical solutions provider, paying $5.25 per share for a total amount of $2.2 million. These shares were purchased indirectly by Birchtree Capital, LLC.

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

P/E: N/AForward P/E: N/AIndustry P/E: 18.55
P/S: 4.51Price/Book: 1.14EV/EBITDA: -6.03
Market Cap: $234.56MAvg. Daily Volume: 94,34852 Week Range: $3.78 - $12.8

3. Sotheby's (BID): $28.65

Shares of this auctioneer were acquired by 3 insiders:

  • EVP, Chief Financial Officer Michael F. Goss acquired 50,000 shares, paying $27.72 per share for a total amount of $1.39 million.

  • Director Olivier Reza acquired 10,000 shares, paying $27.61 per share for a total amount of $276,112. These shares were purchased indirectly through a trust.

  • Director Dennis M. Weibling acquired 10,000 shares, paying $27.94 per share for a total amount of $279,407. Mr. Weibling increased his stake by 14.08% to 81,000 shares with this purchase.

You can view the list of recent insider transactions for Sotheby's here.

P/E: 154.86Forward P/E: 14.18Industry P/E: 17.63
P/S: 1.8Price/Book: 2.7EV/EBITDA: 10.38
Market Cap: $1.68BAvg. Daily Volume: 1,210,71052 Week Range: $18.86 - $47.28

4. Hudson Pacific Properties, Inc. (HPP): $27.62

Shares of this California based office properties REIT, were acquired by 3 insiders:

  • Director Jonathan M. Glaser acquired 53,500 shares, paying $28.49 per share for a total amount of $1.52 million. 3,000 of these shares were purchased through a pension plan and the rest were purchased indirectly through a Limited Liability Company.

  • Chief Executive Officer Victor J. Coleman acquired 10,000 shares, paying $26.86 per share for a total amount of $268,600. These shares were purchased indirectly through a trust.

  • Director Barry Alan Porter acquired 5,000 shares, paying $27.61 per share for a total amount of $138,050. Mr. Porter increased his stake by 7.85% to 68,673 shares with this purchase.

You can view the list of recent insider transactions for Hudson Pacific Properties, Inc. here.

P/E: N/AForward P/E: 14.24Industry P/E: N/A
P/S: 3.96Price/Book: 1.48EV/EBITDA: 26.07
Market Cap: $2.46BAvg. Daily Volume: 895,17052 Week Range: $22.77 - $31.84

5. TICC Capital Corp. (TICC): $5.29

Shares of this business development company were acquired by 4 insiders:

  • President and COO Saul B. Rosenthal acquired 114,371 shares, paying $5.37 per share for a total amount of $613,846. Mr. Rosenthal increased his stake by 57.22% to 314,235 shares with this purchase.

  • Director Charles M. Royce acquired 57,185 shares, paying $5.37 per share for a total amount of $306,920. Mr. Royce increased his stake by 35.36% to 218,906 shares with this purchase.

  • Director Steven P. Novak acquired 3,000 shares, paying $5.29 per share for a total amount of $15,881. These shares were purchased indirectly by Mr. Novak's spouse.

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

P/E: N/AForward P/E: 11.26Industry P/E: N/A
P/S: 3.26Price/Book: 0.87EV/EBITDA: N/A
Market Cap: $272.33MAvg. Daily Volume: 196,56952 Week Range: $4.16 - $7.22

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

Notable Insider Sales:

1. Camden Property Trust (CPT): $84.51

Chairman and CEO Richard J. Campo sold 110,000 shares of this apartment REIT for $85.80, generating $9.44 million from the sale.

You can view the list of recent insider transactions for Camden Property Trust here.

P/E: 43.58Forward P/E: 18.25Industry P/E: N/A
P/S: 7.88Price/Book: 2.92EV/EBITDA: 19.47
Market Cap: $7.35BAvg. Daily Volume: 603,84152 Week Range: $67.27 - $87.19

2. VCA Inc. (WOOF): $64.61

COO & Senior VP Arthur J. Antin sold 200,000 shares of this animal healthcare company for $64.04, generating $12.81 million from the sale. These shares were sold indirectly through a trust.

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

P/E: 24.17Forward P/E: 20.19Industry P/E: 24.57
P/S: 2.36Price/Book: 3.98EV/EBITDA: 14.3
Market Cap: $5.22BAvg. Daily Volume: 691,19452 Week Range: $44 - $65.34

3. Activision Blizzard, Inc. (ATVI): $37.53

Shares of this video game software company were sold by 2 insiders:

  • Chief Operating Officer Thomas Tippl sold 300,000 shares for $39.08, generating $11.72 million from the sale. These shares were sold indirectly through a trust.

  • Director Robert J. Morgado sold 25,000 shares for $38.43, generating $960,720 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 Activision Blizzard, Inc. here.

P/E: 33.69Forward P/E: 17.62Industry P/E: 18.05
P/S: 5.76Price/Book: 3.34EV/EBITDA: 19.26
Market Cap: $27.71BAvg. Daily Volume: 6,870,48052 Week Range: $24.04 - $39.93

4. Electronic Arts Inc. (EA): $73.11

Shares of this video games company were sold by 6 insiders:

  • EVP, EA Studios Patrick Soderlund sold 90,752 shares for $74.87, generating $6.79 million from the sale.

  • EVP & Chief Comp. Officer Peter R. Moore sold 18,475 shares for $75.14, generating $1.39 million from the sale.

  • SVP and General Counsel Jacob J. Schatz sold 10,000 shares for $74.90, generating $749,029 from the sale. 5,026 of these shares were sold as a result of exercising options immediately prior to the sale.

  • SVP, EA Mobile and Maxis Samantha S. Smith sold 4,029 shares for $75.57, generating $304,490 from the sale.

  • Director Denise Warren sold 2,500 shares for $74.85, generating $187,126 from the sale.

  • EVP Global Publishing Laura Miele sold 2,072 shares for $74.14, generating $153,618 from the sale.

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

P/E: 20.89Forward P/E: 17.96Industry P/E: 18.05
P/S: 5.13Price/Book: 6.64EV/EBITDA: 18.05
Market Cap: $22.61BAvg. Daily Volume: 3,651,11052 Week Range: $53.01 - $77.15

5. Markel Corp. (MKL): $982.84

Shares of this insurance company were sold by 4 insiders:

  • Vice Chairman Steven A. Markel sold 5,000 shares for $955.94, generating $4.78 million from the sale.

  • President F. Michael Crowley sold 2,000 shares for $949.93, generating $1.89 million from the sale.

  • Exec Vice President and CFO Anne G. Waleski sold 1,133 shares for $962.27, generating $1.09 million from the sale.

  • Co-Chief Executive Officer Richard R. Whitt sold 200 shares for $962.82, generating $192,564 from the sale.

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

P/E: 24.94Forward P/E: 34.34Industry P/E: 12.5
P/S: 2.47Price/Book: 1.63EV/EBITDA: 11.76
Market Cap: $13.73BAvg. Daily Volume: 41,05352 Week Range: $763 - $986.26

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

Disclaimer Clients of Signal Partners, LLC and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

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

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