- Insider buying can be an encouraging signal for potential investors when markets are near all-time highs.
- Several insiders made return trips to purchase additional shares last week.
- An activist investor also came back to the buy window as well.
Conventional wisdom says that insiders and 10% owners really only buy shares of a company for one reason: they believe the stock price will rise and they want to profit from it. So insider buying can be an encouraging signal for potential investors, particularly when markets are near all-time highs.
Insiders continued to add shares despite market volatility and economic uncertainty. Here are some of the most noteworthy insider purchases reported in the past week.
Avis Budget Group Inc. CAR saw a 10% owner increase its stake once more. The more than 279,200 additional shares were indirectly acquired for $33.28 to $34.49 each. That totaled over $9.49 million. This same beneficial owner bought more than $10.01 million worth of the stock the previous week.
Kodiak Sciences Inc. KOD saw a beneficial owner indirectly add almost 116,300 shares of this biopharmaceutical company last week. At prices ranging from $45.87 to $48.15 per share, these latest transactions totaled more than $5.50 million. This same 10% owner bought over $9.81 million worth of shares in the prior week.
The Golub Capital BDC Inc. GBDC board chair, Lawrence Golub, and CEO David Golub together indirectly picked up over 319,700 more shares of this business development company last week. At prices ranging from $12.81 to $13.08 per share, that came to around $4.15 million. They began buying shares in mid-August.
A 10% owner of IGM Biosciences Inc. IGMS indirectly purchased over 70,300 shares of this biotechnology company for $49.87 to $52.96 apiece. That totaled more than $3.57 million. Note that the chief medical officer sold around 600 shares last week too.
Carl Icahn, a 10% owner of Xerox Holdings Corp XRX, added to his stake again. He indirectly acquired more than 134,300 more shares for $18.38 to $18.73 each. That totaled almost $2.50 million. Note that Icahn has been buying shares periodically since early August.
A Keurig Dr Pepper Inc. KDP director added to his stake last week. The 20,000 shares of this beverage company were priced at $29.03 to $29.07 each. That cost that director more than $581,200 and raised his share count to 60,000. Beneficial owner Mondelez sold 12.50 million shares last week as well.
Note that some smaller amount of insider buying at Archer-Daniels-Midland Co ADM, Enterprise Products Partners LP EPD, Public Storage PSA and Whiting Petroleum Corp WLL was posted last week as well.
At the time of this writing, the author had no position in the mentioned equities.
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Image courtesy Keurig.com
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