Top insider trades (Fri, Mar 13)

Connor’s Commentary

There were 232 new insider trades filed.

1 insider trade was flagged as a High Signal. CEO Watcher Premium subs can see those in the Trade Notes section of this email or the CEO Watcher Premium Dashboard that is linked in the Data Dump section.

As a reminder, if you upgrade to CEO Watcher Premium (link) and find that it isn’t for you, I’ll give you a refund.

• Director (Ogunlesi Adebayo O.) at Kosmos Energy Ltd. $KOS purchased $6.00M (largest purchase ever, out of 4). This increased their listed holdings by 173%. Dip Buy: the stock was down -23% in the previous week. 3 other insiders also purchased the stock in the last 30 days.

• Director (KLINSKY STEVEN B) at New Mountain Finance Corp $NMFC purchased $4.03M (5th largest purchase, out of 45). 3 other insiders also purchased the stock in the last 30 days.

• Director (MALAFRONTE MICHAEL W) at Covista Inc. $CVSA purchased $3.64M (largest purchase ever, out of 10). This increased their listed holdings by 35%. This insider has purchased the stock 2 times in the last 30 days.

• See Remarks at Loar Holdings Inc. $LOAR purchased $2.97M (largest purchase ever, out of 2). Reversal: they made 2 straight sales before this purchase.

• Director (Courtis Kenneth S.) at Alpha Metallurgical Resources, Inc. $AMR purchased $2.73M (4th largest purchase, out of 8). This insider has purchased the stock 2 times in the last 30 days.

• Director (WELCH M SCOTT) at PATRICK INDUSTRIES INC $PATK purchased $1.14M (2nd largest purchase, out of 58). Dip Buy: the stock was down -22% in the previous month. This insider has purchased the stock 3 times in the last 30 days.

• Director (GUSTAFSSON ANDERS) at INTERNATIONAL PAPER CO $IP purchased $1.00M (3rd largest purchase, out of 4).

• Director (Ragatz Erik D.) at Grocery Outlet Holding Corp. $GO purchased $750.00K (7th largest purchase, out of 9). This increased their listed holdings by 14%. Dip Buy: the stock was down -35% in the previous month. 4 other insiders also purchased the stock in the last 30 days. Appears to be regularly scheduled yearly transaction.

• Chairman and CEO at Kosmos Energy Ltd. $KOS purchased $600.00K (largest purchase ever, out of 2). Dip Buy: the stock was down -23% in the previous week. Their last purchase was 2192 days ago. 3 other insiders also purchased the stock in the last 30 days.

• Director (WELCH M SCOTT) at LAKELAND FINANCIAL CORP $LKFN purchased $562.31K (7th largest purchase, out of 57). This insider has purchased the stock 3 times in the last 30 days.

• Director (METCALF JAMES S) at GIBRALTAR INDUSTRIES, INC. $ROCK purchased $502.17K (4th largest purchase, out of 11). This increased their listed holdings by 407%. Dip Buy: the stock was down -23% in the previous month. 1 other insider also purchased the stock in the last 30 days.

• Director (Quinn William J) at Permian Resources Corp $PR sold $15.32M (first-ever sale). Rip Sell: the stock was up 32% in the previous 3 months. Reversal: they made 3 straight purchases before this sale. 3 other insiders also sold the stock in the last 30 days.

• Director (Jaitly Sachin Chand) at Figure Technology Solutions, Inc. $FIGR sold $7.29M (first-ever sale). This decreased their listed holdings by -100%. Rip Sell: the stock was up 27% in the previous week. 1 other insider also sold the stock in the last 30 days.

• Director (Chu Steven) at Amprius Technologies, Inc. $AMPX sold $5.86M (first-ever sale). This decreased their listed holdings by -50%. Rip Sell: the stock was up 64% in the previous month. 2 other insiders also sold the stock in the last 30 days.

• Chief Executive Officer at IMAX CORP $IMAX sold $4.86M (3rd largest sale, out of 47).

• Senior Vice President at Archer-Daniels-Midland Co $ADM sold $3.42M (2nd largest sale, out of 8). This decreased their listed holdings by -14%. Their last sale was 1308 days ago. 1 other insider also sold the stock in the last 30 days.

• Executive Vice President at STATE STREET CORP $STT sold $2.00M (largest sale ever, out of 5). This decreased their listed holdings by -22%. 4 other insiders also sold the stock in the last 30 days.

• COO, CFO at PEGASYSTEMS INC $PEGA sold $1.97M (largest sale ever, out of 98). This decreased their listed holdings by -28%. 3 other insiders also sold the stock in the last 30 days. Appears to be regularly scheduled yearly transaction.

• Director (Rubenstein Gordon) at Accel Entertainment, Inc. $ACEL sold $1.83M (4th largest sale, out of 19). This decreased their listed holdings by -39%. 2 other insiders also sold the stock in the last 30 days.

• COO & GM Edge Technology Group at AKAMAI TECHNOLOGIES INC $AKAM sold $1.83M (2nd largest sale, out of 24). This decreased their listed holdings by -44%. 8 other insiders also sold the stock in the last 30 days. Appears to be regularly scheduled yearly transaction.

• Senior Vice President at MURPHY OIL CORP $MUR sold $1.60M (largest sale ever, out of 2). This decreased their listed holdings by -56%. Their last sale was 740 days ago. 1 other insider also sold the stock in the last 30 days.

• Chief Transformation Officer at CME GROUP INC. $CME sold $1.59M (largest sale ever, out of 6). This decreased their listed holdings by -25%. Their last sale was 391 days ago. 3 other insiders also sold the stock in the last 30 days.

• EVP & Chief Sustainability Off at California Resources Corp $CRC sold $1.51M (first-ever sale). This decreased their listed holdings by -15%. 3 other insiders also sold the stock in the last 30 days.

• CEO at AXT INC $AXTI sold $1.41M (3rd largest sale, out of 29). Rip Sell: the stock was up 62% in the previous month. 3 other insiders also sold the stock in the last 30 days.

• Director (BALDRIDGE RICHARD A) at DUCOMMUN INC /DE/ $DCO sold $1.37M (12th largest sale, out of 24). This decreased their listed holdings by -34%. Rip Sell: the stock was up 33% in the previous 3 months. 1 other insider also sold the stock in the last 30 days.

• and more…

Commentary

Another rough week in the market (unless you own oil or are short the market).

The CEO Watcher Portfolio had a rough week and underperformed the market for the second week in a row.

We are still massively outperforming the S&P since inception at the end of October (+9.3% v -3.16%).

Hopefully, the widespread bleeding in the market will stop soon. Because the CEO Watcher portfolio (and the High Signal List) is long-only, fully invested, and has basically no exposure to oil/commodities, it’s going to continue to underperform if the Iran war keeps causing widespread bleeding in the markets.

The High Signal List (which contains all of the stocks we’ve ever marked as high signal) also continues to outperform the S&P since inception on September 25th.

The one bright spot is that insiders continue to buy the dip in many stocks that have sold off significantly, which is why our Insider Sentiment chart has inflected sharply upward.

However, the S&P continues to roll over and is now closing in on the 200d.

Overall, not much has changed since last week. It’s been tough sledding for nearly all industries, the S&P continues to look weak, and insiders continue to buy the dip. Not sure that will change until the Iran war is resolved (or it becomes clear that it’ll be a very long-term engagement).

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