Top insider trades (Mon, Mar 9)

Connor’s Commentary

There were 279 new insider trades filed.

One insider trade was flagged as 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.

I also discuss our Companies Ranked By Insider Selling list below.

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 (KLINSKY STEVEN B) at New Mountain Finance Corp $NMFC purchased $1.93M (20th largest purchase, out of 44). 3 other insiders also purchased the stock in the last 30 days.

• Director (ARKLEY PETER) at TUTOR PERINI CORP $TPC purchased $1.82M (2nd largest purchase, out of 3). This increased their listed holdings by 13%. Rip Buy: the stock was up 167% in the previous year. 1 other insider also purchased the stock in the last 30 days.

• President & CEO at CSX CORP $CSX purchased $1.01M (2nd largest purchase, out of 5). This increased their listed holdings by 20%.

• Director (COLLIS STEVEN H) at Elevance Health, Inc. $ELV purchased $869.52K (largest purchase ever, out of 2). This increased their listed holdings by 469%. Dip Buy: the stock was down -12% in the previous month.

• Chairman and CEO at Biglari Holdings Inc. $BH purchased $749.88K (102nd largest purchase, out of 203). This insider has purchased the stock 2 times in the last 30 days.

• Director (STAHL MURRAY) at MIAMI INTERNATIONAL HOLDINGS, INC. $MIAX purchased $310.18K (2nd largest purchase, out of 713). This insider has purchased the stock 2 times in the last 30 days.

• Director (Gruber David L) at LTC PROPERTIES INC $LTC purchased $266.00K (first purchase of LTC). This increased their listed holdings by 23%. Is part of a dividend reinvestment.

• Director (FREEDMAN ERNEST MICHAEL) at Walker & Dunlop, Inc. $WD purchased $246.04K (first-ever purchase). This increased their listed holdings by 455%. Dip Buy: the stock was down -21% in the previous month. 2 other insiders also purchased the stock in the last 30 days.

• Chief Executive Officer at Generate Biomedicines, Inc. $GENB purchased $240.00K (first-ever purchase). Dip Buy: the stock was down -24% in the previous week. 4 other insiders also purchased the stock in the last 30 days.

• President and CEO at Four Corners Property Trust, Inc. $FCPT purchased $200.49K (4th largest purchase, out of 19). This insider has purchased the stock 2 times in the last 30 days.

• Director (Thorndike William N Jr) at Perimeter Solutions, Inc. $PRM sold $7.80M (largest sale ever, out of 5). Rip Sell: the stock was up 152% in the previous year.

• Chief Commercial Officer at Targa Resources Corp. $TRGP sold $5.93M (largest sale ever, out of 17). This decreased their listed holdings by -11%. Rip Sell: the stock was up 16% in the previous month. Their last sale was 458 days ago. 6 other insiders also sold the stock in the last 30 days.

• PRES, TECH & COO at EchoStar CORP $SATS sold $5.69M (2nd largest sale, out of 4). This decreased their listed holdings by -12%. Rip Sell: the stock was up 46% in the previous 3 months.

• Co-President at BANK OF AMERICA CORP /DE/ $BAC sold $4.19M (2nd largest sale, out of 3). This decreased their listed holdings by -21%. Dip Sell: the stock was down -10% in the previous month. 3 other insiders also sold the stock in the last 30 days.

• Chief People Officer at BANK OF AMERICA CORP /DE/ $BAC sold $2.99M (first-ever sale). This decreased their listed holdings by -15%. Dip Sell: the stock was down -10% in the previous month. 3 other insiders also sold the stock in the last 30 days.

• Chief Operations Executive at BANK OF AMERICA CORP /DE/ $BAC sold $2.49M (first-ever sale). This decreased their listed holdings by -17%. Dip Sell: the stock was down -10% in the previous month. 3 other insiders also sold the stock in the last 30 days.

• EVP, CFO & CAO at TIDEWATER INC $TDW sold $1.80M (2nd largest sale, out of 7). This decreased their listed holdings by -27%. Rip Sell: the stock was up 34% in the previous month. Their last sale was 665 days ago. 1 other insider also sold the stock in the last 30 days.

• EVP at Delek US Holdings, Inc. $DK sold $1.54M (largest sale ever, out of 6). This decreased their listed holdings by -40%. Rip Sell: the stock was up 30% in the previous month. 5 other insiders also sold the stock in the last 30 days.

• SVP, Controller at AbbVie Inc. $ABBV sold $1.22M (first-ever sale). This decreased their listed holdings by -66%. 1 other insider also sold the stock in the last 30 days.

• CLO & Secretary at CAVA GROUP, INC. $CAVA sold $1.20M (2nd largest sale, out of 27). This decreased their listed holdings by -27%. Rip Sell: the stock was up 22% in the previous month. 1 other insider also sold the stock in the last 30 days.

• CEO, International Beverages at PEPSICO INC $PEP sold $1.07M (3rd largest sale, out of 5). Their last sale was 367 days ago. 1 other insider also sold the stock in the last 30 days. Appears to be regularly scheduled yearly transaction.

• EVP and CFO at PEABODY ENERGY CORP $BTU sold $1.07M (largest sale ever, out of 15). This decreased their listed holdings by -30%. Rip Sell: the stock was up 105% in the previous 6 months. Their last sale was 482 days ago. 1 other insider also sold the stock in the last 30 days.

• Vice President of Operations at COMSTOCK RESOURCES INC $CRK sold $1.04M (first-ever sale). This decreased their listed holdings by -20%. Reversal: they made 2 straight purchases before this sale.

• and more…

Commentary

This table is one reason that I’m digging deeper into our insider selling data to identify High Signal Insider Sales.

This table shows the companies with the most insider selling over the last three months (measured as the percentage of the company’s market cap insiders sold).

The average return for these stocks is -5.95% v -1.59% for the S&P.

The two main reasons that finding High Signal Insider sales is difficult are:

1. The stock market tends to go up

2. A lot of insider selling is not unscheduled/unusual because it is for taxes, 10b51 plan, selling vested stock options, etc (and it can be hard to properly identify these types of trades and filter them out)

We’ve just completed upgrades to our insider selling data that improves our ability to filter out the low signal sales (particularly around identifying when an insider is only selling shares from options/RSUs that vested).

I’ll be diving back into our historical data to see if we can identify High Signal Insider Sales that correlate with negative forward returns.

CEO Watcher Premium subscribers can access our Companies Ranked by Insider Selling/Buying tables in the CEO Watcher Premium dashboard, which is linked at the top of the Data Dump section further down in this email.

The rest of this email is for premium subscribers only.

CEO Watcher Premium

The rest of this email (including today’s top insider trades + all the charts and data) is for CEO Watcher Premium subscribers only. To see an example of the Premium email, click here.

Upgrade to CEO Watcher Premium at ceowatcher.com to unlock:

• The Premium daily emails

• Full access to the website, which has all insider trades back to 2009. It includes search/filters and the returns of every trade and every insider to help you find the top insider trades

• Full access to the CEO Watcher Premium Discord where I share my notes and holdings in the CEO Watcher Portfolio

• The Premium Dashboard, which has a bunch of charts/tables with insider trading data that is updated each day

If CEO Watcher Premium is not for you, I give full refunds with no questions asked.