Insider Buying Jumps During Holiday Shortened Week
Despite a short week for trading, and the kind of volatility that is akin to riding on a roller coaster, insiders continued to lay down the capital required to buy stocks. With second-quarter earnings just around the corner, many windows for insiders to make transactions in company stock may be starting to close.
We cover insider buying each week here at 24/7 Wall St., and the numbers of high level executives and 10% institutional owners adding to positions is in line with recent weeks, but executives looking for big discounts seems to be the rule. Insiders buy stock for many different reasons, but obviously the main one is they work at or closely with the company and like what they see.
Tenet Healthcare Corp. (NYSE: THC) had a big 10% owner come in and add to its position. Glenview Capital Management bought a huge block of 979,482 shares of the stock. The prices paid ranged from $54.30 to $55.92 per share. The total for the buy was right at $5.4 million. Tenet Healthcare is a health care services company that primarily operates acute care hospitals and related health care facilities in the United States. Shares ended trading on Thursday at $59.42, so a well-timed buy.
Oaktree Capital Group LLC (NYSE: OAK) also had a 10% owner increasing its stake last week. OCM Marine Holdings bought 386,368 shares of the stock at prices that ranged from $13.09 to $13.44. The total for the purchase came to $5.1 million. OCM Marine also bought a smaller block in the same price ranges of 36,594 shares for a total of $485,000. The company operates as a global investment management firm that focuses on alternative markets. Shares closed trading on Friday at $53.24, so one would assume that the company exercised options to buy the stock at the much lower level.
Lawson Products Inc. (NASDAQ: LAWS) had a well-known 10% owner buying stock. Luther Kent Capital Management purchased 76,793 shares at prices that ranged from $22.85 to $23.49. The total for the buy came to $1.8 million. Lawson Products distributes various products and services for the industrial, commercial, institutional and government maintenance, repair and operations marketplace in the United States and Canada. Shares closed on Thursday at $23.49.
Walter Investment Management Corp. (NYSE: WAC) had yet another 10% owner buying share this past week. Baker Street Capital bought a total of 47,200 shares of the stock at $22.82 apiece. The total for the buy came to $1.1 million. Walter Investment Management is a diversified mortgage banking firm that focuses primarily on the servicing and origination of residential loans in the United States. Shares ended the week at $22.75.
Impac Mortgage Holdings Inc. (NYSE: IMH) kept the 10% owner party rolling. Todd Pickup bought 37,719 shares at prices that fell between $18.01 and $18.96. The total for the buy came to $701,000. The company operates as an independent residential mortgage lender in the United States. Shares closed trading on Thursday at $20.28, so a solid buy.
These companies also reported insider buying this past week: Abercrombie & Fitch Co. (NYSE: ANF), Agree Realty Corp. (NYSE: ADC), FuelCell Energy Inc. (NASDAQ: FCEL), Greif Inc. (NYSE: GEF) and Martha Stewart Living Omnimedia Inc. (NYSE: MSO).
Steady insider buying remains a good sign for equity investors, especially with the markets acting very nervous. Things should start to quiet down as earnings season opens up.