Insider Buying Soars as Q1 Earnings Wind Up: Tempur Sealy, Apollo Global, Revlon, Kite Pharma and More
Windows for corporate executives to sell and buy shares were closed during earnings reporting season, and when they started to open last week, the buyers stormed back into the market in full force.
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We said it for most of April, but this past week really proved the point. Windows for corporate executives to sell and buy shares close during earnings reporting season, and when they started to open last week, the buyers stormed back into the market in full force. Buyers appeared to swamp the sellers, and if last week was any indication, it’s a good bet that we will see continued strength through 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 still remains an overall positive indicator.
Here are some of the companies that reported notable insider buying last week.
Tempur Sealy International Inc. (NYSE: TPX) had a 10% owner of the company making a huge purchase this past week. H Partners bought a massive 610,000 shares of the stock at prices that ranged from $48.09 to $48.41. The total for the trade was posted at a whopping $30 million. The shares closed on Friday at $48.66. The Wall Street consensus price target is $50.67, and the 52-week trading range is $39.52 to $87.37.
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Apollo Global Management LLC (NYSE: APO) had a huge hedge fund once again buying shares last week. Tiger Global Management purchased 431,500 shares of the private equity giant at prices that ranged from $26.48 to $27.31. The total for the purchase was reported at $12 million. Earlier in the week, the company had bought 298,200 shares at prices from $26.04 to $26.49. This trade cost $8 million. The stock close last Friday at $26.98, in a 52-week range of $14.25 to $27.78. The consensus price target is $30.00.
Revlon Inc. (NYSE: REV) had a director who is a 10% owner purchasing share last week. That board member bought a total of 950,000 shares of the personal care products giant at prices that ranged from $20.38 to $20.47. The total for the purchase was posted at $19 million. However, the shares closed Friday at $19.90. The 52-week range is $18.30 to $37.96, and the consensus price target is set at a surprising $42.00.
MINDBODY Inc. (NASDAQ: MB) had 10% institutional owner adding to a position last week. Luxor Capital picked up an additional 469,973 shares of the cloud-based wellness business management software company at $25.46 per share. The total for the purchase was set at $12 million. The shares closed last Friday at $26.55. The consensus price target is $30.75, and the 52-week range is $12.99 to $29.75.
Kite Pharma Inc. (NASDAQ: KITE) saw its CEO, Dr. Arie Belldegrun, and a director at the company buying shares last week. The pair purchased a total of 67,000 shares at prices between $68.57 and $68.94 apiece. The total for the purchases was posted at $5 million. The shares closed last Friday at $75.43, so the timing looks outstanding. The 52-week range is $39.82 to $88.58. The consensus price objective is $86.46.
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These companies also reported insider buying last week: Opko Health Inc. (NASDAQ: OPK), Plains GP Holdings L.P. (NYSE: PAGP), Regis Corp. (NYSE: RGS), Tallgrass Energy Partners L.P. (NYSE: TEP) and Unifi Inc. (NYSE: UFI).
What a difference a couple of weeks can make in the world of insider activity, and given the strength this week, any pullback in the market may bring a torrent of buying as insiders add to their holdings.
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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.
