Investing

Insider Selling Heats Up as Market Drives Higher

With the earnings season for the most part over, we have witnessed increased insider selling over the past three weeks. And why not? With every dip in the market seemingly being bought by investors with an unquenchable thirst for equities, it makes total sense that insiders are taking advantage of the opportunity to sell shares.

We cover insider selling each week at 24/7 Wall St., and we like to remind our readers that if you see a stock you own on our lists, it is not cause for any immediate concern. Many high-level employees are paid and bonused with stock and stock options. Selling is a way to diversify and often to invest in other assets. When we see suspicious selling, we point it out.

Here are the companies that reported notable insider selling this past week.

Public Storage (NYSE: PSA) is a real estate investment trust that saw a big trade last week. A director at the self-storage giant sold 159,570 shares of the stock at prices that ranged from $198.14 to $200.14. The total for this big sale was a handsome $31.8 million. The shares were trading on Friday at $194.41, so timed just right.

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GoPro Inc. (NASDAQ: GPRO) hit our screens again this past week, and again the sell is a large one. A director at the specialty mobile camera company sold a giant block of 374,650 shares at prices between $50.17 and $50.40. The total for the sale came to a huge $18.8 million. Shares were trading on Friday at $54.87, so some serious money was left on the table.

Antero Resources Corp. (NYSE: AR) is an energy stock that saw some heavy selling. A director hit the bid with a block of 312,783 shares of the stock at prices between $42.67 and $43.29 apiece. The total for the sale came to $13.5 million. Antero is an independent oil and natural gas company that acquires, explores and develops natural gas, natural gas liquids and oil properties in the United States. Shares were trading on Friday at $41.62, so a well-timed sale.

Inogen Inc. (NASDAQ: INGN) keeps the director procession moving along. A director of this company sold a 115,700 share block of the stock at prices between $37.14 and $37.35 per share. The total for the sale came to $4.3 million. Inogen is a medical technology company that primarily develops, manufactures and markets portable oxygen concentrators for patients, physicians and other clinicians, and third-party payors in the United States and internationally. The stock was trading Friday at $37.51.

Western Refining Inc. (NYSE: WNR) had a C suite executive step up to the selling window last week. CEO Jeff Stevens sold stock this week, and who can blame him as the refiners have been on a roll. He sold a block of 100,000 shares at prices between $45.88 and $46.02. The total for the trade came to $4.6 million. The stock was trading on Friday at $45.89.

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These companies also reported insider selling this week: Air Methods Corp. (NASDAQ: AIRM), O’Reilly Automotive (NASDAQ: ORLY), Rockwell Automation Inc. (NYSE: ROK), Rubicon Project Inc. (NASDAQ: RUBI) and UGI Corp. (NYSE: UGI).

While the selling was solid, there was no stampeding to the door. It should be expected that insiders will take some money off the table, especially with the market hitting or close to all-time highs.