Insider Buying Consistent This Week, Despite Volatile Market
In a week that saw multiple moves of over a percentage point up and down, insiders looking to buy stock still were very busy adding to or initiating positions. Many insiders and 10% owners looking to add stock simply buy shares on a regular basis to scale in, as well as to dollar cost average the additions to the portfolio.
We cover insider buying each week at 24/7 Wall Street, as it is often a solid indicator for investors looking to participate. This past week was no exception, as some of the usual suspects showed up, along with some new buyers.
Republic Services Inc. (NYSE: RSG), as usual, leads off our insider buying this week, and the buyers were very busy. Cascade Investments, which is the private investment company for Microsoft founder Bill Gates, continues to acquire shares of the waste management company on a massive scale. This week Cascade made three gigantic purchases. On Monday it bought 1.3 million shares at $39.30, for a huge $50.1 million. Later in the week, the company bought 2 million shares at $39.25, for a staggering $78.5 million. They topped it off Thursday with a buy of 302,200 shares, for a purchase of $11.8 million. The stock was trading on Friday at $39.07.
Continental Resources Inc. (NYSE: CLR) is a Top 10 independent oil producer in the United States, and it is the largest leaseholder and producer in one the nation’s premier oil fields, the Bakken play of North Dakota and Montana. Continental saw a very strong purchase from the top of the company this week. The CEO bought 71,999 shares of the company’s stock at $67.50, for a total purchase of $4.9 million. Shares were trading up nicely Friday at $68.04.
American Eagle Outfitters Inc. (NYSE: AEO) is a retail stock that is struggled over the past couple of years. Shareholders should be encouraged to know that the interim CEO of the company bought 148,942 shares of the stock at $14.10, for a total purchase of $2.1 million. The stock was trading Friday at $14.48.
Restoration Hardware Holdings Inc. (NYSE: RH) has been absolutely on fire the past year, and a drop in the share price may have been what got the CEO to buy shares. He bought 25,974 shares at $76.80 apiece. The company hit a 52-week high in late June at $94.50. This may be an excellent sign for current shareholders and investors considering a purchase of the stock. Shares were trading Friday at $80.13.
Ulta Salon, Cosmetics and Fragrances Inc. (NASDAQ: ULTA) is another stock that returns to our screens. The head of HR at the company bought 2,700 shares of the stock at $120.20, for a total of $324,000. While not a gigantic dollar amount, this buy comes on the heels of the CEO buying stock last week. With Ulta trading right near 52-week highs, this could be a bullish sign for shareholders. The shares were trading Friday at $118.91.
Other notable companies seeing insider buying this week include: Fiserv Inc. (NASDAQ: FISV), Violin Memory Inc. (NYSE: VMEM), SIGA Technologies Inc. (NASDAQ: SIGA), Cousins Properties Inc. (NYSE: CUZ) and Watsco Inc. (NYSE: WSO).