Nothing like the biggest market sell-off in years to get insiders’ taste buds warmed up to do some buying. With the market within one more bad day or so of a full-fledged correction, many insiders took the opportunity to initiate positions or add to existing holdings. If Friday’s rally is a glimpse of possible things to come, they may have picked the best time to buy in years.
We cover insider buying activity each week at 24/7, and while just because insiders are buying stock doesn’t mean immediate good things are set to happen at a company, it does show conviction. In a rocky, volatile market, that can be comforting to existing shareholders.
Walgreen Co. (NYSE: WAG) saw a gigantic purchase this week. A director at the company bought a staggering 1.25 million shares of the stock at prices that ranged from $60.68 to $62.80. The total tab for the huge purchase came to $77.3 million. Now that is very bullish for current shareholders of the giant pharmacy company. Shares closed trading Friday at $60.27.
Energy Transfer Equity L.P. (NYSE: ETE) is another company that had a director step up to the plate and make a gigantic insider purchase this week. Kelcy Warren bought a total of 1,178,567 shares of the stock at prices ranging from $49.01 to $53.55. The final ticket for the huge buy was $60.5 million. The stock was trading at Friday’s close at $57.65, so the purchase at least for now, looks very timely indeed.
Altisource Asset Management Corp. (NYSE: AAMC) continues to hit our insider buying screens. For the third time in the past six weeks, 10% owner Luxor Capital Management bought stock this week. The company picked up 22,842 shares at $625 to $659 a piece. The cost for the purchase was a tidy $14.9 million. The stock was traded Friday as high as $710.89, looking like another very timely trade, but they ended the week at $665.01.
Allison Transmission Holdings Inc. (NYSE: ALSN) is another company returning to our insider screens. A 10% owner, ValueAct, added 200,000 shares of the stock at prices from $27.07 to $27.60. The final tab for the buy came to $5.5 million. The shares were changing hands at $28.64 on Friday’s close, yet another seemingly very well-timed buy.
Entegris Inc. (NASDAQ: ENTG) is another company that returns to the insider screens this week. A 10% owner, GMT Capital, added to its holdings when it bought 313,000 shares at prices that ranged from $11.00 to $11.70. The total purchase came to $3.5 million. The stock ended trading at $11.38 on Friday.
Other companies that saw significant insider buying this past week include Sears Holdings Corp. (NASDAQ: SHLD), ProPhase Labs Inc. (NASDAQ: PRPH) and Interface Inc. (NASDAQ: TILE).
We encourage our readers to check in every weekend, to see if a stock they own or are looking at for their portfolio makes our insider buying report.
Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.