Gigantic REIT Buy Highlights Insider Buying With Market Near Highs

We cover insider buying each week here at 24/7 Wall St., and the number of high level executives and 10% institutional owners adding to positions is in line with recent weeks. Insiders buy stock for many different reasons, but obviously the main one is they work there or close to the company and like what they see.

Here are the companies that reported notable insider buying this past week.

Macerich Co. (NYSE: MAC) had a 10% owner come in and make a couple of gigantic purchases of stock. The Ontario Teachers Pension Plan Board really went to school and bought a block of 1.19 million shares at prices between $83.05 and $83.45. The total for that buy came to whopping $98.7 million. They bought an additional 1.5 million shares of the stock on Monday at prices that ranged from $82.30 to $83.50, for another $120.7 million. The company recently got a sizable offer from Simon Property, which was withdrawn. The shares were trading on Friday at $82.89.

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Virgin America Inc. (NASDAQ: VA) had a director at the airline buying stock this past week. The director bought a block of 70,500 shares of the company at prices that ranged from $28.03 to $28.47. The total came to a very tidy $2 million. The stock has been in a bad downward trend, and this may be reassuring to shareholders. The stock was trading Friday at $28.25.

Keurig Green Mountain Inc. (NASDAQ: GMCR) had two directors of the coffee specialty company buying stock. The directors bought a combined 17,500 shares at prices between $88.76 and $90.61. The stock was trading on Friday at $90.99, so a well-timed purchase.

General Motors Co. (NYSE: GM) also had a director make a purchase last week. The car company giant’s director acquired a block of 28,343 shares of the stock at $35.28 apiece. The total for the buy came to an even $1 million. On Friday, GM shares were trading in line with the buy at $35.28.

E.I. du Pont de Nemours and Co. (NYSE: DD), better known to most as just DuPont, also had two directors buying company shares last week. The pair bought a total of 15,520 shares of the stock at prices that ranged from $70.11 to $70.13. The total buy came to $1.1 million. DuPont has been the target of activist investors lately, and this sends a good sign to shareholders. The stock was trading on Friday at $70.98.

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These companies also reported insider buying this past week: Avid Technology Inc. (NASDAQ: AVID), Cumulus Media Inc. (NASDAQ: CMLS), Dillard’s Inc. (NYSE: DDS), Sears Holdings Corp. (NASDAQ: SHLD) and 3D Systems Corp. (NYSE: DDD).

Despite higher pricing, the buyers remain out in full force, and that bodes well for the overall market as we get in to the summer months.