The S&P 500 rose by 0.6% on Friday. 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: Jabil Inc. JBL EVP, Operations Gerald Creadon sold a total of 14,297 shares at an average price of $70.75. The insider received around $1.01 million from selling those shares.
- What’s Happening: Jabil recently reported first-quarter FY23 revenue growth of 12.5% year-on-year to $9.64 billion, beating the consensus of $9.33 billion.
- What Jabil Does: Jabil Inc is a United States-based company engaged in providing manufacturing services and solutions.
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- The Trade: Schlumberger Limited SLB Chief Legal Officer & Sec Dianne Ralston sold a total of 10,493 shares at an average price of $52.52. The insider received around $551.07 thousand as a result of the transaction.
- What’s Happening: Schlumberger, last month, boosted its dividend from $0.175 to $0.25.
- What Schlumberger Does: SLB, formerly known as Schlumberger, is the largest oilfield service firm in the world, with expertise in myriad disciplines, including reservoir performance, well construction, production enhancement, and more recently, digital solutions.
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- The Trade: AutoNation, Inc. AN 10% owner Edward S Lampert sold a total of 296,547 shares at an average price of $104.81. The insider received around $31.08 million from selling those shares.
- What’s Happening: AutoNation recently agreed to acquire RepairSmith, a Los Angeles-based full-service mobile solution for automotive repair and maintenance company, for $190 million.
- What AutoNation Does: AutoNation is the largest automotive dealer in the United States, with 2021 revenue of $25.8 billion and about 250 dealerships at nearly 350 locations, plus 56 collision centers.
- The Trade: Walmart Inc. WMT President and CEO Douglas McMillon sold a total of 9,708 shares at an average price of $143.82. The insider received around $1.4 million from selling those shares.
- What’s Happening: Walmart recently reached opioid settlement agreements with all 50 states.
- What Walmart Does: America's largest retailer by sales, Walmart operated over 10,500 stores under 46 banners at the end of fiscal 2022, selling a variety of general merchandise and grocery items.
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