We cover insider buying every week at 24/7 Wall St., and we like to remind our readers that while insider buying is usually a very positive sign, it is not in of itself a reason to run out and buy a stock. Sometimes insiders and 10% owners have stock purchase plans set up at intervals to add to their holdings. That aside, it still remains a very positive indicator.
Energy Transfer Equity
Energy Transfer Equity L.P. (NYSE: ETE) last week saw an incredible buy in the company’s shares. Kelsey Warren, the chairman of the board, through his investment vehicle Seven Bridges Holdings, which is a 10% owner of the stock, bought a gigantic 1 million shares that ranged in price from $62.95 to $63.10. The total price tag for the enormous purchase was $63 million. And it brings his total ownership stake in the company to 80,703,000 shares (according to data provided by Nasdaq.com).
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Energy Transfer Equity, through its subsidiaries, provides diversified energy-related services in the Unites States. It owns and operates approximately 7,700 miles of natural gas transportation pipelines and three natural gas storage facilities located in the state of Texas, as well as approximately 12,800 miles of interstate natural gas pipeline.
Warren’s huge buy is extremely bullish, and it makes investors wonder just what value may be lurking under the surface. The shares were trading on Friday’s close at $65.40, so the timing looks impeccable indeed.
New Media Investment
New Media Investment Group Inc. (NYSE: NEWM) had a very well-known Wall Street figure buying stock this week. Legendary hedge fund manager and 10% owner Leon Cooperman from Omega Advisers bought shares this week. He scooped up 120,623 shares of the stock at prices that ranged from $17.01 to $17.10. The total for the buy came to $2.1 million, and this is not the first time the iconic manager has hit the 24/7 Wall St. screens buying this stock.
New Media is focused primarily on investing in a high-quality, diversified portfolio of local media assets, and on growing existing advertising and digital marketing businesses. The company is one of the largest publishers of locally based print and online media in the United States, as measured by our 127 daily publications. As of April 30, 2015, the company operates in over 460 markets across 32 states. Its portfolio of products, as of April 30, 2015, include over 550 community publications and more than 460 related websites, serving more than 200,000 business advertising accounts and reaching over 19 million people on a weekly basis. Shares closed trading on Friday at $17.48.
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Lawson Products
Lawson Products Inc. (NASDAQ: LAWS) hits our screens for the second time in a month, and the same 10% owner is adding shares. Luther King Capital Management from Texas bought an additional 41,672 shares of the stock at prices that ranged from $23.45 to $23.48. The total for the purchase came to $978,000. The company also bought 22,600 shares of the stock earlier in the week at prices between $23.40 and $23.50, for a total of $530,000. Lawson Products distributes various products and services for the industrial, commercial, institutional and government maintenance, repair and operations marketplace in the United States and Canada. The stock ended the week at $23.88.
International Speedway
International Speedway Corp. (NASDAQ: ISCA) had two directors of the company picking up stock this past week. The pair bought a total of 17,100 shares at prices that ranged from $34.80 to $34.90. The total for the buys came to $595,000. International Speedway, together with its subsidiaries, promotes motorsports themed entertainment activities in the United States. Shares were at $35.50 as Friday’s trading session ended.
Devon Energy
Devon Energy Inc. (NYSE: DVN) is another top energy company that had an insider buying shares this week. A director acquired 4,500 shares of the stock at $56.58 apiece. The total for the buy came to $255,000. Devon Energy was recently featured as a top defensive energy play for investors to buy now. Shares closed trading on Friday at $55.85.
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And Others
These companies also reported insider buying this past week: Ambac Financial Group Inc. (NASDAQ: AMBC), Layne Christensen Co. (NASDAQ: LAYN) and Xerium Technology Inc. (NYSE: XRM).
Steady, but slowing buying into a volatile market is a bullish note for the markets. Again, with earnings season in full swing starting next week, we may see buying volumes continue to dwindle.
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