Stock markets don’t go up every day, or do they? Friday might have been the crack in the armor as the generals sold off a bit. It’s hard to imagine what will bring the market down in the near term other than a bout of profit-taking in the big tech stocks that have run on AI mania. Of course, there are always black swans landing in unanticipated places, but a market being overvalued has never been a reliable case for a sell-off.
That’s always a dicey proposition, thinking like that, but the bull is out in the pasture- there’s no denying that.
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Name: K. Michelle Borninkhof
Position: Senior Vice President & CIO
Transaction Date: 2023-06-12 Shares Bought: 476 Average Price Paid: $2,406.65 Cost: $1,145,566
Company: Autozone Inc (AZO)
AutoZone, Inc. is the Americas’ premier retailer and automotive replacement parts and accessories distributor. The firm started operations in 1979 and has 6,168 locations in the United States, 703 stores in Mexico, and 72 stores in Brazil as of August 27, 2022. Each location has a diverse selection of new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive supplies for cars, SUVs, vans, and light trucks. On August 27, 2022, the company had a commercial sales program in 5,342 domestic shops that offered commercial finance and rapid delivery of parts and other items to local, regional, and national repair garages, dealers, service stations, and public sector accounts. In addition, the corporation has promotional programs in all its locations in Mexico and Brazil.
Michelle Borninfhof was appointed Senior Vice President and Chief Information Officer in May 2021. Ms. Borninkhof came to AutoZone from McDonald’s Corporation, where she most recently served as Chief Information Officer and Vice President for U.S. Technology. Michelle worked at Walmart Stores for 11 years, holding numerous leadership positions, including Vice President, International Technology Delivery. Michelle has worked in-store retail, distribution center operations, and process improvement.
Opinion: CIO Borinkof purchased $1.1 Million dollars worth of stock just days before the Company announced a $2 Billion share repurchase plan.
Name: Michael M Calbert
Position: Director
Transaction Date: 2023-06-08 Shares Bought: 8,500 Average Price Paid: $155.38 Cost: $1,320,763
Company: Dollar General Corp (DG)
Dollar General Corp is the biggest discount retailer in the United States by store count, with 19,147 locations as of March 3, 2023, situated in 47 U.S. states and Mexico, with the highest concentration of shops in the southern, southwestern, midwestern, and eastern United States. The first shop in Mexico is scheduled to open in February 2023. The company has a wide range of items, including consumables, seasonal items, household goods, and clothing. The company’s products comprise national brands from top manufacturers and private brand options at far lower pricing than national brands. These national and private brand items are available to corporate customers at cheap daily costs in handy small-box locations.
Mr. Calbert has served as the Chairman of the Board since January 2016. He joined the private equity company KKR & Co. L.P. in January 2000. He worked directly with many KKR portfolio businesses until his retirement in January 2014, after which he remained a consultant to KKR until June 2015. Before his retirement, Mr. Calbert was the head of KKR’s Retail sector unit. He was also the Chief Financial Officer of Randall’s Food Markets from 1997 until it was sold in September 1999, and he worked as a certified public accountant and consultant with Arthur Andersen Worldwide from 1985 to 1994, where his major emphasis was the retail and consumer market. Mr. Calbert has been an executive director of Executive Network Partnering Corporation since September 2020.
Opinion: The Fed’s obsession with rising wages doesn’t seem to have registered with Dollar General’s customer base who have been particularly hard pressed by inflation and rising interest rates.
Name: Michael Mark Manley
Position: CEO & Director
Transaction Date: 2023-06-08 Shares Bought: 7,000 Average Price Paid: $144.89 Cost: $1,014,238
Company: Autonation Inc. (AN)
AutoNation, Inc. is a major automobile store in the United States. The corporation owned and operated 343 new car franchises from 247 locations in the United States as of December 31, 2022, mostly in large urban regions in the Sunbelt region. The company’s shops, among the most recognizable and well-known in the primary markets, offer 33 new car brands. Toyota, Honda, BMW, Ford, Mercedes-Benz, General Motors, Stellantis, and Volkswagen make the key brands of new automobiles that sell, accounting for around 89% of new vehicle sales in 2022. The firm also owned and operated 55 AutoNation-branded collision centers, 13 AutoNation USA used car shops, four AutoNation-branded automotive auction operations, three parts distribution centers, and an auto financing company as of December 31, 2022.
Michael Manley has been Chief Executive Officer and Board of Directors member since November 2021. From July 2018 until January 2021, he was Chief Executive Officer of Fiat Chrysler Automobiles N.V., Stellantis N.V.’s predecessor. Mr. Manley joined DaimlerChrysler in 2000 and, before becoming FCA’s Chief Executive Officer, held several management-level roles with increasing responsibility overseeing various aspects of FCA’s operations, including Executive Vice President – International Sales & Marketing, Business Development, and Global Product Planning Operations, Chief Executive Officer of Jeep, Chief Executive Officer of Ram, Chief Operating Officer for the Asia Pacific region, and Chief Operating Officer for the Americas. Mr. Manley has a Master of Business Administration from Ashridge Management College and a Bachelor of Science in Engineering from South Bank University.
Opinion: Insiders buying at the top is unusual and, from my perspective, unusually profitable to follow. Business is good and going to get better.
Name: John W Ketchum
Position: Chairman, President & CEO
Transaction Date: 2023-06-14 Shares Bought: 13,600 Average Price Paid: $74.26 Cost: $1,009,987
Company: Nextera Energy Inc (NEE)
Nextera Energy is one of North America’s leading electric power and energy infrastructure corporations and a pioneer in the renewable energy market. FPL and NEER are NEE’s two main companies. FPL is the biggest electric utility in Florida and one of the largest in the United States. FPL’s strategy emphasizes investing in a generation, transmission, and distribution infrastructure to deliver on its value promise of cheap customer bills, high dependability, exceptional customer service, and sustainable energy solutions. NEER is the world’s biggest producer of wind and solar energy and a global pioneer in battery storage. NEER’s strategic emphasis is on developing, building, and managing long-term contracted assets in the United States and Canada, particularly sustainable energy solutions such as renewable generating facilities, battery storage projects, and electric transmission lines.
Mr. Ketchum has served as NextEra Energy’s president, chief executive officer, and director since March 2022 and as chairman since July 2022. Since February 2023, he has been chairman of NextEra Energy subsidiary Florida Power & Light Company. Before being appointed CEO, he was president and CEO of NextEra Energy Resources, LLC, the Company’s competitive energy supplier subsidiary and the world’s largest generator of renewable energy from wind and sun, as well as a global leader in battery storage. Mr. Ketchum joined NextEra Energy in 2002 and has a diversified business, financial, and legal background. He has held significant executive positions at NextEra Energy, NextEra Energy Resources, and NextEra Energy Partners, LP.
Opinion: Insiders continue to buy this utility, maybe more than any other, but I fail to see the appeal of a 2.5% dividend payer with the Fed destabilizing the market with artificially inflated short-term yields. Their investments in renewables and battery storage must be the piece the market, and I am missing.
Name: Randall A Lipps
Position: President And CEO
Transaction Date: 2023-06-08 Shares Bought: 4,000 Average Price Paid: $73.76 Cost: $295,040
Company: Omnicell Inc. (OMCL)
Omnicell, a pioneer in redefining the pharmacy care delivery paradigm, is dedicated to addressing the major difficulties inherent in drug management and elevating professionals’ roles within healthcare as an integral component of care delivery. Omnicell is committed to assisting customers in optimizing medication management in each location of care, putting the patient first, and assisting customers in optimizing medication management across all care settings, from inpatient to outpatient. The business uses an industry-leading intelligent drug management infrastructure, allowing chemists and chemists to concentrate on clinical care rather than administrative responsibilities. This intelligent infrastructure lays the groundwork for clients to realize the industry ambition of the Autonomous Pharmacy, characterized by pharmacy professionals as enhancing operational efficiency and eventually aiming for zero-error drug management.
Randall Lipps is the Chairman, President, Chief Executive Officer, and Founder of Omnicell, a pioneer in transforming the pharmaceutical care delivery paradigm. Omnicell has expanded from a single product offering to a complete portfolio of drug management solutions throughout the continuum of care under his guidance. Mr. Lipps developed Omnicell in 1992 after seeing the inefficiency with which medical supplies were handled during his daughter’s hospitalization at delivery. Inspired by his experience in airline operations and logistics, he intended to enhance patient care by enabling better management of supplies and drugs. Mr. Lipps formerly worked as an American Airlines business’s Assistant Vice President of Sales and Operations. He graduated from Southern Methodist University with bachelor’s degrees in economics and business administration.
Opinion: I’d like to see a more full-throated purchase considering the dismal performance, and Lipps is the CEO and founder.
Name: Douglas A Pertz
Position: Director
Transaction Date: 2023-06-09 Shares Bought: 6,145 Average Price Paid: $65.44 Cost: $402,145
Company: Advance Auto Parts Inc (AAP)
Advance Auto Parts Inc is a significant automobile aftermarket parts seller in North America, supplying professional installers, clients, and independently owned businesses. The shops and locations provide a wide range of brand names, original equipment manufacturers, and owned automobile replacement parts, accessories, batteries, and maintenance products for domestic and foreign cars, vans, sport utility vehicles, and light and heavy-duty trucks. The Advance Stores Company, Incorporated, was formed in 1929 and operated as a general goods store until the 1980s. During the 1980s, the firm focused on selling automobile parts and accessories to do-it-yourself clients. The firm launched the professional delivery program in 1996 and has gradually boosted sales to professional clients since 2000.
Mr. Pertz joined the Board of Directors in May 2018. Since May 2022, Mr. Pertz has served as Executive Chairman of The Brink’s organization, the world’s biggest cash management organization, which includes cash-in-transit, ATM services, international transportation of valuables, cash management, and payment services. Mr. Pertz formerly served as Brink’s President and Chief Executive Officer from June 2016 until May 2022. From 2013 through 2016, Mr. Pertz served as President and Chief Executive Officer of Recall Holdings Limited, a worldwide supplier of digital and physical information management and security services. Before joining Recall, Mr. Pertz was a partner at Bolder Capital, LLC, a private equity company specializing in acquisitions and investments in middle market firms, and a partner at One Equity Partners, JPMorgan Chase & Co.’s private equity arm.
Opinion: JP Morgan analyst says Advance Auto’s continued underperformance and slashing of its long-term forecasts raises credibility concerns. In addition, the company’s strategy is at risk under a pending new CEO, and there “remains a potential asset problem,” writes JPMorgan. It sees better options in shares of AutoZone (AZO) and O’Reilly Automotive (ORLY).
Name: Steven D Black
Position: Director
Transaction Date: 2023-06-13 Shares Bought: 4,000 Average Price Paid: $51.46 Cost: $205,840
Company: Nasdaq Inc.
Nasdaq is a multinational technology firm that serves the financial markets and other sectors. The company’s broad offers of data, analytics, software, and services allow customers to confidently optimize and execute their business strategy. Market Platforms, Capital Access Platforms, and Anti-Financial Crime are the three business sectors through which we manage, operate, and supply goods and services. Nasdaq was established as a fully owned subsidiary of FINRA in 1971. 2000 FINRA reorganized and increased its ownership of Nasdaq by selling shares to FINRA members, investment firms, and Nasdaq-listed issuers. FINRA sold its entire stake in Nasdaq in 2006 as part of the reorganization, and The Nasdaq Stock Market became an independent registered national securities exchange in 2007.
Mr. Black was Co-CEO of Bregal Investments, a private equity firm, from September 2012 to December 2021. From March 2010 until February 2011, he was the Vice Chairman of JP Morgan Chase & Co. and a member of the firm’s Operating and Executive Committees. Mr. Black formerly served as Executive Chairman of JP Morgan Investment Bank from October 2009 until March 2010. Mr. Black was the Co-CEO of JP Morgan Investment Bank from 2004 until 2009. From 2003 to 2004, Mr. Black served as JP Morgan Investment Bank’s Deputy Co-CEO. He was also the CEO of JP Morgan Investment Bank’s Global Equities unit from 2000 to 2003, after a career at Citigroup and its predecessor businesses. Mr. Black is now the Board Chair of Wells Fargo & Company.
Opinion: Nasdaq announced the acquisition of Adenza from Thoma Bravo for $10.5B in cash and common stock. Following the news, the stock sold off 12%. The selloff presents a buying opportunity for long-term investors. We like to invest in monopolies and the selloff and weak tape presents a buying opportunity for patient investors.
Name: Thomas Reeg
Position: Chief Executive Officer
Transaction Date: 2023-06-14 Shares Bought: 7,500 Average Price Paid: $49.43 Cost: $370,725
Company: Caesars Entertainment Inc. (CZR)
Caesars Entertainment Inc. was founded in 1973 by the Carano family, who opened the Eldorado Hotel Casino in Reno, Nevada. Beginning in 2005, the company grew via a series of acquisitions, including Tropicana Entertainment, Inc. in 2018, Isle of Capri Casinos, Inc. in 2017, and MTR Gaming Group, Inc. in 2014. On April 22, 2021, the company finalized the purchase of William Hill PLC. The major source of revenue comes from casino gaming operations, retail and online sports betting, and internet gaming. The corporation also employs hotels, restaurants, bars, entertainment, horse racing, retail outlets, and other activities to attract people.
Thomas R. Reeg is the Chief Executive Officer of Caesars Entertainment. He was formerly the Chief Executive Officer of Eldorado Resorts, Inc., where he was key in purchasing Caesars Entertainment Corporation in 2020. Mr. Reeg has been President of Eldorado Resorts, Inc. since September 2014, when he was named to the Board of Directors. From 2002 until 2005, Mr. Reeg was a Managing Director and portfolio manager at AIG Global Investment Group, responsible for co-managing the high-yield mutual fund portfolios. Before joining AIG, Mr. Reeg worked at Bank One Capital Markets as a senior high-yield research analyst covering a variety of industries, including the casino, hotel, and leisure sectors. Mr. Reeg graduated with a Bachelor of Business Administration in Finance from the University of Notre Dame.
Opinion: Last month, Caesar’s director Pefrngram purchased 25,000 shares at $45.06. That’s looking like a good trade, but insiders profiting from selling in less than 6 months have to disgorge any profits back to the company.
Name: Howard Amster
Position: Director/10% Owner
Transaction Date: 2023-06-14 Shares Bought: 16,604 Average Price Paid: $36.65 Cost: $608,577
Company: PhenixFIN Corp (PFX)
PhenixFIN Corporation is a corporation that specializes in business development. The business attempts to invest in small and middle-market firms’ privately negotiated debt and equity instruments. PhenixFIN Corporation was established in 2010 and is based in New York, New York. The investing goal of the Company is to provide current income and capital appreciation. The management team intends to accomplish this goal largely via loans, private equity, or other privately-owned enterprise investments. The Company may also invest in publicly listed enterprises via debt, stock, or other means. The organization believes that fundamental changes in the private loan market provide numerous possibilities for non-bank lenders and investors.
Howard M. Amster serves on the boards of many companies, including NewAx, Inc., Novation Cos., Inc., Horizon Group Properties, Inc., and PhenixFIN Corp. He was formerly the President of Pleasant Lake Apartments Corp., a Principal at Ramat Securities Ltd., and the General Partner of Pleasant Lake Apartments LP.
Opinion: Business development companies are way too opaque to evaluate, and we try to avoid difficult things.
Name: Mark Newman
Position: President and CEO
Transaction Date: 2023-06-09 Shares Bought: 7,661 Average Price Paid: $32.63 Cost: $249,978
Company: Chemours Co (CC)
The Chemours Company is a prominent worldwide producer of performance chemicals critical inputs in various end-products and processes. The firm provides customized solutions via a diverse variety of industrial and specialty chemicals products for industries such as coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, and general industrial, oil, and gas. The company’s main products include titanium dioxide (“TiO2”) pigment, refrigerants, industrial fluoropolymer resins, and performance chemicals and intermediates. The firm has 29 main manufacturing sites in nine countries and serves over 2,900 clients in 120 countries across a broad spectrum of end markets. Many business and industrial partnerships date back decades. The company’s client base is diversified, with many of them being leaders in their respective sectors.
Mark Newman was appointed Senior Vice President and Chief Financial Officer of Chemours in 2014. He was essential in forming Chemours as a separate, publicly listed corporation, and he assisted in the transformation of a portfolio of companies into a focused and successful organization. Mark is a member of the American Chemistry Council’s board of directors, the United States Council for International Business’s board of trustees, and the Ivey Society, founded on Richard Ivey’s alumni involvement. He has served on the Altria Group, Inc. board of directors. Mark acquired his Bachelor of Applied Science in Mechanical Engineering from the University of Waterloo in Waterloo, Ontario, Canada, and his Master of Business Administration from the University of Western Ontario’s Richard Ivey Business School.
Opinion: Chemours popped nearly 23% on June 2nd on the heels of the PFAS settlement with U.S. water systems. On June 6th, the CFO resigned, but that did little to dampen the enthusiasm of several analysts upgrading their price targets for Chemours.
Name: Gregory A Sandfort
Position: Director
Transaction Date: 2023-06-09 Shares Bought: 11,500 Average Price Paid: $22.05 Cost: $253,519
Company: Genesco Inc (GCO)
Name: Matthew C Diamond
Position: Director
Transaction Date: 2023-06-05 Shares Bought: 17,500 Average Price Paid: $17.85 Cost: $312,375
Company: Genesco Inc (GCO)
Genesco Inc. is a footwear, clothing, and accessory retailer and distributor in the United States, Puerto Rico, Canada, the United Kingdom, and the Republic of Ireland. The company’s four segments are Journeys Group, Schuh Group, Johnston & Murphy Group, and Licenced Brands. The Journeys Group business sells footwear and accessories to young men, women, and children via the Journeys, Journeys Kidz, and Little Burgundy store chains and through e-commerce and catalogs. Its Schuh Group section runs Schuh retail footwear locations that sell casual and athletic footwear and e-commerce footwear sales. Its Genesco Brands Group sector promotes footwear for men, women, and children under the Levi’s, Dockers, and G.H. Bass brands and designing and manufacturing footwear under the STARTER trademarks.
Gregory A. Sandfort was Tractor Supply Company’s chief executive officer from May 2016 to January 2020 and a Tractor Supply’s board of directors member from February 2013 to May 2020. From January to August 2020, he worked as a strategic adviser and consultant for Tractor Supply after retiring. Mr. Sandfort was Tractor Supply’s president and chief executive officer from December 2012 until May 2016 and its president and chief operating officer from February 2012. Mr. Sandfort formerly held the positions of Tractor Supply’s president and chief merchandising officer, as well as executive vice president and chief merchandising officer. From March 2006 until August 2007, Mr. Sandfort was president and chief operating officer at Michaels Stores, Inc., and from January 2004 to February 2006, he was executive vice president – general merchandising manager at Michaels Stores, Inc.
Mr. Diamond has been a digital commerce and media pioneer for over 25 years as an operator, investor, and entrepreneur in digital media and retail. In 1996, he co-founded Alloy, Inc., a privately owned marketing and media firm focused on the young audience through television, cinema, and digital media, which merged with Break Media in October 2013 to establish Defy Media. From 2010 to 2013, he successfully sold eight Alloy companies to a mix of strategic and private equity purchasers. Mr. Diamond has been a director of Alloy since its inception and was appointed chairman and CEO in 1999. Mr. Diamond was involved in forming Alloy’s multi-discipline marketing arm, Alloy Media + Marketing, and managed significant expansions, including the sale of Alloy Entertainment to Warner Bros.
Opinion: GCO fell 32% on May 25th after announcing disastrous Q1 earnings and a poor FY24 revenue forecast.
Name: Dylan Lissette
Position: Director
Transaction Date: 2023-06-09 Shares Bought: 15,873 Average Price Paid: $15.75 Cost: $250,000
Company: Utz Brands Inc. (UTZ)
Utz Brands Inc. is a prominent maker of branded salty snacks in the United States. The company makes various salty snacks, such as potatoes, tortillas, pretzels, cheese, pig skins, vegetarian, pub/party mixes, and other snacks. The iconic portfolio of authentic, craft, and “better-for-you” brands, which includes Utz, Zapp’s, On The Border, Golden Flake, Good Health, and Boulder Canyon, among others, has strong household penetration in the United States, with the products being found in approximately half of U.S. households by January 1, 2023. The company is the world’s second-largest manufacturer of branded salty snacks. The firm was formed in Hanover, Pennsylvania, in 1921 and has over 100 years of brand recognition and tradition in the salty snacks sector.
Dylan B. Lissette was named Chairman of Utz in May 2023, having served as the Company’s Executive Chairman since December 2022 and Chief Executive Officer since January 2013. Mr. Lissette has also served as a Utz Members’ Board of Managers member since June 2004. Mr. Lissette is the son-in-law of Michael W. Rice, who serves as Director, Chairman Emeritus, and Special Advisor to Utz. The Company believes that Mr. Lissette’s considerable institutional knowledge and management experience as the former Vice Chairman, President, and Chief Management Officer of Utz qualifies him to serve as a director of the Company. Mr. Lissette graduated from George Washington University with a Bachelor of Science in Business Economics and Public Policy.
Opinion: UTZ reported sluggish growth in Q1. This looks like opportunistic buying but not anything that can light my fire.
Name: John Ho
Position: Chief Executive Officer
Transaction Date: 2023-06-12 Shares Bought: 40,000 Average Price Paid: $7.50 Cost: $300,000
Company: Landsea Homes Corp (LSEA)
Name: Michael Forsum
Position: President and COO
Transaction Date: 2023-06-12 Shares Bought: 13,333 Average Price Paid: $7.50 Cost: $99,998
Company: Landsea Homes Corp (LSEA)
Landsea Homes is a fast-developing homebuilder specializing in High-Performance Homes that provide energy-efficient living in desirable locations. The company mainly design, build, market, and sell suburban and urban single-family detached and attached houses throughout California, Arizona, Florida, Texas, and Metro New York from the Newport Beach, California headquarters. While the firm provides a variety of housing alternatives, the company generally concentrates on entry-level and first-time move-up houses since the markets have excellent long-term housing fundamentals. The business designs and builds houses and communities around the country, representing contemporary living spaces. It includes dynamic, prime sites where the homes link seamlessly with their surroundings and enrich the local lifestyle for living, working, and playing.
John Ho has been the Chief Executive Officer and Director of Landsea Homes since 2013. Before founding Landsea Homes, Ho worked in real estate investing and development with Colliers International and Jones Lang LaSalle for ten years. From 2011 until 2013, he was a Director at Jones Lang LaSalle, where he led the firm’s cross-border business growth and provided transactional, advisory, and other integrated real estate services to outbound Chinese enterprises investing abroad. He graduated with honors from the University of Southern California and the UCLA Anderson School of Management.
Michael Forsum is the President and Chief Operating Officer of Landsea Homes. Forsum spent seven years in private equity as a partner specializing in residential real estate investment before joining Landsea Homes in 2016. He also co-founded Starwood Land Ventures in 2008, an associated Starwood Capital Group Global firm. He has over 30 years of experience in the homebuilding sector as a senior executive, overseeing homebuilding operations at KB Homes, Division President of Ryland Homes, and West Region President and part of the North American leadership team at Taylor Woodrow/Morrison. Forsum has a bachelor’s degree from Arizona State University and serves on the HomeAid America National Board of Directors.
Opinion: Homebuilders have been on fire. Low inventory has helped builders stock prices in spite of high mortgage interest rates. Both officers bought stock on the 2.96M spot secondary on June 13th.
Name: William F Concannon
Position: Director
Transaction Date: 2023-06-09 Shares Bought: 60,000 Average Price Paid: $5.49 Cost: $329,367
Company: Altus Power Inc. (AMPS)
Altus Power Inc is a developer, owner, and operator of large-scale photovoltaic and energy storage systems on roofs, ground, and carports, serving commercial and industrial, public sector, and community solar clients. The company’s purpose is to build a clean electrification ecosystem and accelerate clients’ clean energy transitions throughout the United States, all while facilitating the adoption of corporate environmental, social, and governance, or ESG, goals. The business will build, own, and manage solar power and energy storage facilities to accomplish this purpose. The firm believes it has the in-house ability to design, construct, operate, and maintain the assets and offer customer service. The Blackstone Group’s premium sponsorship supports the platform’s strength, which offers an efficient financing source and access to a network of portfolio firms.
Mr. Concannon was chosen as the Company’s Class B Director upon its first listing in December 2021. Mr. Concannon serves as the Global Group President, Client, and Business Partner at CBRE. He is responsible for CBRE’s engagement strategy with the firm’s major occupier and investor customers and important strategic partners. He has been with CBRE since the 2006 purchase of Trammell Crow Company. He was formerly the worldwide CEO of CBRE’s GWS business division, an integrated, full-service real estate outsourcing company servicing the world’s top real estate occupiers. He is a member of the Charles Rivers Associates board of directors. Mr. Concannon graduated from Providence College with a B.S.
Opinion: Show me the money.o
Name: Matthew W Foehr
Position: Chief Executive Officer
Transaction Date: 2023-06-09 Shares Bought: 115,000 Average Price Paid: $4.52 Cost: $519,800
Company: OmniAb Inc. (OABI)
The OmniAb technology platform generates and tests various antibody repertoires to identify ideal antibodies for the partners’ drug development activities. The firm uses the power of Biological IntelligenceTM, which the company created into the patented transgenic animals, in conjunction with high-throughput screening technology to uncover high-quality, fully-human antibody therapy candidates. By pushing the boundaries of drug discovery technology, the company aims to allow the fast development of new treatments. The company aspires to accomplish this by identifying high-quality treatment candidates and serving as the preferred partner for pharmaceutical and biotechnology firms. The business believes combining the enormous and varied antibody repertoires created by proprietary transgenic animals with cutting-edge and high-throughput verified screening technologies will provide high-quality treatment candidates for various ailments.
Matthew W. Foehr, President and Chief Executive Officer of OmniAb and a member of the Board of Directors, has over 25 years of pharmaceutical industry expertise overseeing operations, technological development, and worldwide research and development programs. Mr. Foehr formerly served as Ligand Pharmaceuticals’ President and Chief Operating Officer from 2015 to 2022, and before that, as Ligand’s Executive Vice President and Chief Operating Officer since 2011. Mr. Foehr is on the Board of Directors of Viking Therapeutics, Inc., a publicly traded biotechnology firm, and was a director of Ritter Pharmaceuticals, Inc. from 2015 until its merger with Qualigen Therapeutics, Inc. in 2020. Mr. Foehr earned his bachelor’s degree in biology from Santa Clara University.
Opinion: It’s been a painful experience for SPAC shareholders of this promising spin-off from Ligand Pharmaceuticals. According to its CEO on the 1st quarter earnings call-“Our first quarter performance is a strong start to the year. We reached 301 active programs, with 27 in clinical development or approved for commercialization as our growing portfolio of partner programs continued to advance”. Perhaps this CEO buy leads to better times for shareholders.
As of March 31, 2023, OmniAb had cash, cash equivalents, and short-term investments of $113.6 million. The Company expects its year-end 2023 cash, cash equivalents and short-term investments balance to be slightly higher than year-end 2022. Current cash, cash equivalents and short-term investments, along with the cash the Company generates from operations, are expected to be sufficient to fund operations for the foreseeable future.
Name: John A. Bartholdson
Position: Director/10% Owner
Transaction Date: 2023-06-12 Shares Bought: 292,126 Average Price Paid: $3.38 Cost:$987,185
Transaction Date: 2023-06-12 Shares Bought: 455,725 Average Price Paid: $2.94 Cost: $1,338,164
Company: Bioventus Inc. (BVS)
Bioventus Inc., a medical device firm, focuses in the United States and globally on creating and commercializing therapies that activate and augment the body’s natural healing process. The firm’s product line comprises pain treatments, including non-surgical joint pain injection therapies and peripheral nerve stimulation items. Its surgical solutions include bone graft replacements used to fuse and grow bones, as well as to improve outcomes after spinal and other orthopedic surgery, and ultrasonic medical devices used for precise bone sculpting, tumor removal, and tissue debridement. Restorative treatments offered by the firm include a bone healing system, skin allografts, wound healing products, and devices meant to assist patients in restoring limb or hand function after a stroke, multiple sclerosis, or other central nervous system problems.
John Bartholdson is a co-founder and partner of Juniper Investment Company, LLC, a private investment management business that invests in public and private firms via concentrated ownership holdings. He serves on numerous additional boards and committees due to his extensive governance, financial, and transactional expertise with public and private organizations. Mr. Bartholdson is now the Chairman of the Board of Directors of Theragenics Corporation, a medical device firm focused on surgical devices and prostate cancer therapy. He has been on the board of directors of Lincoln Educational Services Corporation, a public corporation and a prominent supplier of career education and training services, since 2019 and now serves on its Compensation, Audit, Nominating, and Corporate Governance Committees. He graduated from Duke University with a B.A. and the Stanford Graduate School of Business with an M.B.A.
Opinion: Bioventus Inc completed the divestiture of its Wound business, including the skin substitutes TheraSkin and TheraGenesis, to LifeNet Health. The transaction, $30 million of net closing proceeds, will be used for debt repayment. Perhaps that’s part of the motivation behind the purchase.
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You can be an insider, too– by clicking here
Insiders sell the stock for many reasons, but they generally buy for just one – to make money. You’ve always heard the best information is inside information. Everyone who has any experience at in the stock market pays close attention to what insiders are doing. After all, who knows a business better than the people running it? Officers, directors, and 10% owners are required to inform the public through a Form 4 Filing any transaction, buy, sell, exercise, or any other within 48 hours of doing so. This info is available for free from the SEC’s Web site, Edgar, although we subscribe to SECForm4 as they provide a way to manage and make sense of the vast realms of data. I’ve tried a lot of vendors. SECForm4 is one of the smaller ones, but I like supporting Frank. He is not arrogant. He’s helpful and has great prices. He also trades on his own data, so I like people that eat what they kill.
The bar is different from selling because the natural state of management is to be a seller. This is because most companies provide significant amounts of management compensation packages as stock and options. Therefore, with selling, we analyze unusual patterns, such as insiders selling 25 percent or more of their holdings or multiple insiders selling near 52-week lows. Another red flag is large planned sale programs that start without warning. Unfortunately, the public information disclosure requirements about these programs, referred to as Rule 10b5-1, are horrendously poor. Also, planned sales that pop up out of nowhere are basically sales and are seeking cover under this corporate welfare loophole. I also generally ignore 10 percent shareholders as they tend to be OPM (other people’s money) and perhaps not the smart money on which we are trying to read the tea leaves. I say generally because some 10% shareholders are great investors. Think Warren Buffett, Icahn, and others
Of course, insiders can also be wrong about their Company’s prospects. Don’t let anyone fool you into believing they never make mistakes. Do your own analysis. They can easily be wrong, and in many cases, maybe most cases have no more idea what the future may hold than you or me. In short, you can lose money following them. We have, and we curse aloud; what were they thinking!
We like Fly on the Wall for keeping up with what events might be happening, analysts’ comments, and whatever else could be moving the stock. Dow Jones news service is an essential tool but many services pick up their feed like they do Bloomberg. For quick financial analysis, it’s hard to beat Old School Value.
A big callout to my assistant Ambreen who sets up this conversation by listing the notable buys that I’ve identified. She probes the 10k for a reasonable description of the business. I’ve found that to be the most accurate and succinct place to find out what a business actually does. The websites and marketing material are just that, poorly disguised marketing material for many. I should know that better than most if you at my past involvement in building the 1st websites for many Fortune 500 companies.
No one tracks and understands insider behavior better than us. We’ve been doing it religiously since 2001 when I quit being an insider myself and devoted myself full-time to managing my personal investments. Needless to say, past good fortune is no guarantee of future success. We may own positions, long or short, in any of these names and are under no obligation to disclose that.
This blog is solely for educational purposes and the author’s own amusement. Don’t rely on this blog. Think of the blog as part of my personal investment journal that I am willing to share with the DIY investor. We welcome your comments on our analysis, but please do your own research. Investing with The Insiders Fund is for qualified investors and by Prospectus only. Nothing herein should be construed otherwise. THE INSIDERS FUND prefers to invest in companies at or near prices that management has been willing to invest significant amounts of their own money in, but we have no requirement to do so. We also invest in many companies in anticipation of future insider buying or with the expectation that there is none at all.
You can be an insider, too– by clicking here
Prosperous Trading,
