While the natural inclination is to think that corporate executives and institutions would like to sell stock into a big market rally like the one this past week, the data that hit our 24/7 Wall St. screens sure didn’t confirm that. In fact, insider selling was the lowest since the big-sell off that hit Wall Street back in August and September.
We cover insider selling every week at 24/7 Wall St., and we like to always remind our readers that just because an individual or 10% institutional owner is selling stock, that is no cause for immediate alarm. Many top executives and even director are compensated with stock, and often sell just to diversify or purchase other assets.
Here are companies that reported insider selling this past week.
Hawaiian Holdings Inc. (NASDAQ: HA) had a director at the firm unload a big pile of stock last week. That director sold a total of 302,690 shares at prices that ranged from $35.78 to $36.20 apiece. The total for the trade came to a sizable $10.9 million. The company, through its subsidiary Hawaiian Airlines, engages in the scheduled air transportation of passengers and cargo. The stock closed trading on Friday at $37.73, so some money was left on the table.
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Invensense Inc. (NASDAQ: INVN) hit our screens again this past week when a director shed a total of 344,485 shares of the stock at prices between $11.00 and $11.91. The total for the sale came to an even $4 million. The company designs, develops, markets and sells micro-electro-mechanical system gyroscopes for motion tracking devices in consumer electronics. The stock ended the week at $10.94.
Boston Scientific Corp. (NYSE: BSX) saw a director at the medical devices company selling stock last week. That director sold a block of 125,000 shares of the stock at prices that ranged from $17.55 to $17.70 per share. The total for the sale came to right at $2.2 million. Shares were changing hands at $17.87 as Friday’s trading concluded.
Greenbrier Companies Inc. (NYSE: GBX) had the man at the top selling stock this past week. The CEO William Furman sold a total of 336,083 shares at prices that fell between $31.60 and $34.19 apiece. That netted him some $10.8 million. The company designs, manufactures and markets railroad freight car equipment in North America and Europe. The stock was trading on Friday at $33.59.
ServiceNow Inc. (NYSE: NOW) had a director selling shares last week. That director parted with a block of 100,000 shares at that ranged in price from $82.70 to $84.88. The total for the sale came to $8.4 million. The company provides cloud-based solutions that define, structure, manage and automate services to enterprise operations in North America, Europe, the Middle East, Africa and the Asia-Pacific. The shares were trading on Friday at $86.19, so again a seemingly large pile of cash left on the table.
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These companies also reported insider selling this week: Cvent Inc. (NYSE: CVT), East West Bancorp Inc. (NASDAQ: EWBC), On Assignment Inc. (NYSE: ASGN) and White Mountain Insurance Group Ltd. (NYSE: WTM).
This very low volume insider selling is incredible bullish after a huge rally in the markets. If insiders don’t want to sell near 52-week highs, they clearly think the market can push even higher toward the end of the year.
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