Canada’s industrial product price rose 0.7% in December following a revised 0.1% increase in the previous month. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out Benzinga's insider transactions platform.
- The Trade: Walmart Inc. WMT President and CEO Douglas McMillon disposed a total of 9,708 shares at an average price of $137.07. The insider received $1.33 million as a result of the transaction.
- What’s Happening: RBC Capital, on Friday, initiated coverage on Walmart with an Outperform rating and announced a price target of $160.
- What Walmart Does: America's largest retailer by sales, Walmart operated over 11,400 stores under 54 banners at the end of fiscal 2021, selling a variety of general merchandise and grocery items.
Bank of America
- The Trade: Bank of America Corporation BAC President, Merrill Lynch Wealth Management Andrew M Sieg sold a total of 23,407 shares at an average price of $45.12. The insider received $830.52 thousand from selling those shares.
- What’s Happening: Bank Of America recently reported better-than-expected Q4 EPS results.
- What Bank of America Does: Bank of America is one of the largest financial institutions in the United States, with more than $2.5 trillion in assets. It is organized into four major segments: consumer banking, global wealth and investment management, global banking, and global markets.
- The Trade: Teradyne, Inc. TER President - Industrial Automation Group Stephen Gregory Smith sold a total of 14,155 shares at an average price of $110.51. The insider received $1.56 million as a result of the transaction.
- What’s Happening: Teradyne recently issued Q1 EPS and sales guidance below estimates.
- What Teradyne Does: Teradyne provides testing equipment, including automated test equipment for semiconductors, system testing for hard disk drives, circuit boards, and electronics systems and wireless testing for devices.
- The Trade: Morgan Stanley MS Chief Operating Officer Jonathan Pruzan sold a total of 18,414 shares at an average price of $101.05. The insider received $1.86 million from selling those shares.
- What’s Happening: Morgan Stanley recently reported better-than-expected Q4 EPS results.
- What Morgan Stanley Does: Morgan Stanley is a global investment bank whose history, through its legacy firms, can be traced back to 1924. The company has institutional securities, wealth management, and investment management segments.
- The Trade: Schlumberger Limited SLB Chief Accounting Officer Howard Guild sold a total of 25,500 shares at an average price of $39.02. The insider received around $1 million from selling those shares.
- What’s Happening: Schlumberger recently reported fourth-quarter revenue growth of 13% year-over-year to $6.22 billion, beating the consensus of $5.34 billion.
- What Schlumberger Does: Schlumberger is the world's largest supplier of products and services to the oil and gas industry. The company operates its business via multiple groups: reservoir characterization, drilling, production, and Cameron.
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