When markets are making new all-time highs, any insider buying is always noteworthy. This week was no exception as some new people stepped up to the plate and other long-time insider buyers returned to the trough to add even more stock.
At 24/7 Wall Street we keep a close eye on all insider transactions because many times they are buying or selling stocks that our readers either own or are considering a position in. Insider trading is one of the most accurate barometers for investors to track the potential health of a company.
Here are some of the top insider buying disclosed this week. Obviously, the dollar amounts in most insider buying will not come close to the amounts we saw in the insider selling cases in this past week.
Republic Services Inc. (NYSE: RSG) hit the tape for the second week running, and it did so twice! The private investment arm for Microsoft founder Bill Gates bought an additional 350,000 shares of the stock at $37.24 to $37.56 for a total of $13.1 million. Then later in the week was a filing for 668,998 more shares at $37.35 per share (another $24.985 million). Cascade is the largest holder of the stock with 92.53 million reported shares, which represents about 25% of the entire float of the stock.
T. Rowe Price Group Inc. (NASDAQ: TROW) is a top money management firm, with a host of successful mutual fund offerings. A director was a buyer recently, picking up 4,500 shares at $83.32, worth right at $400,000. That is a very solid buy for an individual.
Hercules Offshore Inc. (NASDAQ: HERO) is a small cap offshore driller that has traded to a level where it seems like insiders feel comfortable buying stock. One of the company’s directors had a reported purchase of 50,000 shares, bought at the $4.06 level. That represents a purchase slightly in excess of $200,000.
Merrimack Pharmaceuticals Inc. (NASDAQ: MACK) recently announced very encouraging detailed results from NAPOLI-1, a large, randomized, three-arm Phase 3 study of MM-398, a nanoliposomal encapsulation of irinotecan, in patients with metastatic pancreatic cancer previously treated with gemcitabine-based therapy. Two directors bought a combined 68,690 shares of stock at the $6.80 to the $6.87 level, worth $500,000.
Phillips 66 (NYSE: PSX) is a big cap energy name that caught some insider buying. One of the company’s directors purchased 3,485 shares at $86.04, a buy that totaled right at $300,000. Another solid purchase from a single individual, especially considering the stock is trading right near a 52-week high.
When any top management or board of directors members show up purchasing shares, that can be a good window into positive things happening at a company. This week was no exception.