Massive Consumer Staple Trade Highlights Insider Buying: Campbell Soup, Apollo Global, G-III Apparel and More


Another wild week concluded with volatility jumping as investors considered President Trump’s actions against Syria. Insider trading also did exactly what we expected, as the earnings reports for the first quarter started to hit the tape: volume for both the buyers and the seller’s dropped drastically. While there remains some insider activity, we will see much lower overall volumes for the rest of the month.

We cover insider buying each week at 24/7 Wall St., and we like to remind readers that while insider buying is usually a very positive sign, it is not in of itself a reason to run out and buy a stock. Sometimes insiders and 10% owners have stock purchase plans set up at intervals to add to their holdings. That aside, it remains an
overall positive indicator.

Here are some of the companies that reported notable insider buying last week.

One company that almost everybody has tried their product caught a big buyer last week. Campbell Soup Co. (NYSE: CPB) had a director who is also a 10% owner buying shares. ABD investments bought 915,766 shares of the iconic food company at a share price of $57.43. The total for the purchase was a whopping $53 million. The shares closed last Friday at $56.41. The 52-week trading range for the shares is $52.59 to $77.89. The Wall Street consensus price target is $58.33.

Private equity giant Apollo Global Management LLC (NYSE: APO) had a huge hedge fund buying shares last week. Tiger Global Management picked up 361,800 shares at prices that ranged from $23.65 to $24.57 apiece. The total for the purchase was reported at $9 million. The stock closed on Friday at $25.30. The 52-week range is $14.25 to $25.80, and the consensus price target is $25.81.

The L.B. Foster Co. (NASDAQ: FSTR) had one of its directors adding to a position last week. Legion Partners bought 72,301 shares of the transportation and energy infrastructure company at prices between $12.27 and $13.07. The total for the purchase came in right at $1 million. The shares closed Friday at $13.30, in a 52-week range of $9.25 to $20.77. The consensus price target is $15.00.

Men’s and women’s apparel maker G-III Apparel Group Ltd. (NASDAQ: GIII) had a 10% owner who also serves as the CEO buying stock last week. Morris Goldfarb acquired 32,846 shares at prices that ranged from $22.08 to $22.25. The total for the purchase was $700,000. Shares ended last week at $24.43. The 52-week range is $19.11 to $51.81, and the posted consensus price target is $27.00.

Synalloy Corp. (NASDAQ: SYNL) is another company in which a 10% owner adding to a position last week. Privet Fund management bought a total of 55,735 shares of the metals and chemicals company at prices that ranged from $12.05 to $12.50. The total for the purchase was placed at $700,000. The stock closed last Friday at $12.90, in a 52-week range of $6.56 to $13.35. The consensus price objective is $11.00.

These companies also reported insider buying last week: Cidara Therapeutics Inc. (NASDAQ: CDTX), Ducommun Inc. (NYSE: DCO), HealthEquity Inc. (NASDAQ: HQY), Panhandle Oil and Gas Inc. (NYSE: PHX) and PolarityTE Inc. (NASDAQ: COOL).

A very slow week by normal insider buying standards, and as we always like to remind our readers during earnings season, it is very likely to stay this way. With the market weakening some over the past six weeks, it is likely that insider buying could really pick up next month.

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