Insider Buying Stays Steady as Market Pushes Higher
More and more we are noticing buyers of some energy and industrial names that have lagged the overall market gains. That is a good sign for investors.
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In what is becoming a consistent pattern this year, despite the stock market steadily moving higher after a rough January, insiders continue to buy stock. More and more we are noticing buyers of some energy and industrial names that have lagged the overall market gains. That is a good sign for investors, not only in those sectors, but overall. It indicates that the troubles could be more of a secular nature and can be overcome, rather than a general negative view and a willingness to sell to get out.
We cover insider buying each week here at 24/7 Wall St., and the number of high level executives and 10% institutional owners adding to positions is in line with recent weeks. With earnings season windows opening up after first-quarter reports, we could see an increase in some sectors.
Here are the companies that saw insider buying this past week.
General Electric Co. (NYSE: GE) is a New York Stock Exchange stalwart that has struggled over the past year to move meaningfully higher. A director at the blue chip giant took advantage this week of the weakness and bought a large block of 400,000 shares at $25.24 apiece. The total for the purchase came to $10.1 million. The stock was trading at Friday’s close at $25.21.
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Learning Tree International Inc. (NASDAQ: LTRE) saw a C-suite executive make a meaningful purchase. The chief executive officer, who is also a 10% owner of the company, bought 3.3 million shares at $1.85. The total buy came to a tidy $6.1 million. The company develops, markets and delivers a library or instructor-led classroom courses for professional development needs of information technology (IT) professionals and managers worldwide. The stock ended trading Friday at $1.75.
Spectrum Brands Holdings Inc. (NYSE: SPB) had a 10% owner of the company buy stock this past week. Harbinger Group purchased 17,067 shares of the stock at $94.10 each. The total for the buy came to $1.6 million. Spectrum Brands sells consumer products worldwide. Shares were trading at $93.86 at Friday’s close.
CARBO Ceramics Inc. (NYSE: CRR) is a top oil field services stock that has been tagged brutally hard over the past six months. In a good sign for shareholders, a director at the company bought 19,861 shares of the stock at prices between $38.29 and $39.26. The total buy came to $770,000. The stock ended the week at $36.95 a share.
Lowes Corp. (NYSE: L) is another blue chip name that saw buying this past week. One director picked up 10,000 shares of the stock at $42.38 apiece. The total buy came to about $424,000. Lowes operates primarily as a commercial property and casualty insurance company, but it also owns and operates approximately 14,195 miles of interconnected natural gas pipelines. Shares were trading at $42.35 at the end of Friday’s session.
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These stocks also saw some insider buying this week: Alico Inc. (NASDAQ: ALCO), Datawatch Corp. (NASDAQ: DWCH), MDU Resources Group Inc. (NYSE: MDU), PennantPark Investment Corp. (NASDAQ: PNNT) and Tuesday Morning Corp. (NASDAQ: TUES).
With insiders of quality companies scooping up shares at bargain levels, the overall outlook for the market seems good, at least for now. While we may have bumps in the road in the year ahead, the overall outlook is still positive for equities.
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Lee Jackson has covered Wall Street analysts' equity and debt research and equity strategy daily for 24/7 Wall St. since 2012. His broad, diverse career, including a stint as creative services director at an NBC affiliate in Austin, Texas, gives him unique insight into the financial industry.
Lee Jackson's journey in the financial industry spans more than 30 years, including nearly two decades as an institutional equity salesperson at Bear Stearns, Lehman Brothers, and Morgan Stanley. His career spanned pivotal sell-side Wall Street events, from the dot-com rise and bubble to the Long-Term Capital Management debacle, 9/11, and the Great Recession of 2008. This reflects his resilience and adaptability amid market volatility.
Lee Jackson’s practical financial industry experience, gained through a career at some of the biggest banks and brokerage firms, is complemented by a lifetime of writing across various platforms. This unique combination allows him to shed light on the intricacies of Wall Street in a way only someone with deep insider experience and knowledge can. Moreover, his extensive network across Wall Street continues to provide direct access for him and 24/7 Wall St., a privilege few firms enjoy.
Since 2012, Jackson’s work for 24/7 Wall St. has been featured in Barron’s, Yahoo Finance, MarketWatch, Business Insider, TradingView, Real Money, The Street, Seeking Alpha, Benzinga, and other media outlets. He attended the prestigious Cranbrook Schools in Bloomfield Hills, Michigan, and has a degree in broadcasting from the Specs Howard School of Media Arts.
