As Q4 earnings announcements start to wind down, we would expect to see a pickup in insider activity. We are seeing that, particularly in sectors that have sold off in anticipation of possible Trump regulatory changes that would make business more challenging and potentially less profitable. Of course, no one really knows for certain about any of this as Trump has shown a great propensity to say one thing and actually do another. He may be bluffing, posturing or may change his mind. It’s very unpredictable but you have to assume when insiders buy into this, they are considering this, and their perceived business opportunity transcends the uncertainty. If anything, this adds to the utility of watching what insiders are doing with their own money.
It would not be appropriate to start the blog without saying, Thank You Grail. If you’ve been a reader or a follower our blog or the posts on Twitter and other social media accounts, you got the tip of a lifetime a few months ago. It’s funny that this blog has always been a personal filing system for me. One thing I’ve learned is that you could be offering the cure for cancer on a street corner, and no one would listen to you even if you had THE secret treasure map. GRAL may still be a twenty bagger but we’ve derisked it- new buyers may not be so lucky. We’re playing with the house’s money as we sold enough to cover our costs but still have a large position. Insider buying with biotech’s are particularly helpful when trying to figure out the investment equation. There haven’t been buyers in Gral. Insiders do own a lot of the company, 20-25% based on RSU’s and stock options.
Also, a big call out to Fly on the Wall, ChatGPT, and my loyal assistant Ambreen. They all aid in our research as speed is of the essence with insider buys in a hot market. They move on the announcement and the margin of error gets traded away quickly.
Name: Jeffrey William Henderson
Position: Director
Transaction Date: 02-10-2025 Bought: 1,500 shares an Average Price Paid of $233.62 for Cost: $350,430
Company: Becton Dickinson & Co (BDX)
Becton, Dickinson, and Company was founded in 1897 in New York and incorporated under the statutes of the State of New Jersey in November 1906. BD is an international medical technology company that develops, manufactures, and markets a wide range of medical devices, supplies, lab equipment, and diagnostic products for use by healthcare facilities, doctors, life science researchers, clinical laboratories, the pharmaceutical industry, and the general public. The company’s current customer solutions include improving medication management and patient safety, promoting infection prevention practices, preparing surgical and interventional procedures, improving drug delivery, assisting anesthesiologists, improving the diagnosis of infectious diseases and cancers, and advancing cellular research and applications.
Jeffrey W. Henderson has been a director of BD since 2018, a worldwide medical technology company based in Franklin Lakes, New Jersey. Henderson previously served on the board. Henderson is the president of JWH Consulting LLC, a business and investment consulting firm focused on the healthcare industry. He formerly served as an advisory director for Berkshire Partners LLC, a private equity firm, from September 2015 until December 2019. Henderson is a successful healthcare executive with broad industry understanding, strong financial, strategic, and operational skills, and significant international experience. He has extensive corporate governance experience from his stint as a director at various public companies.
Opinion: Becton reported Q1 earning. Becton Dickinson reports Q1 adjusted EPS $3.43, consensus $2.99.
Q1 revenue $5.2B, consensus $5.11B. “We delivered strong operational performance in Q1, with revenue growth, margin expansion and earnings per share all ahead of our expectations,” said Tom Polen, chairman, CEO and president of BD. …”we continue to transform our company through BD 2025, and our intention to separate Biosciences and Diagnostic Solutions builds on the strong foundation and momentum of our strategy. This separation is designed to unlock significant value for both ‘New BD’ and Biosciences and Diagnostic Solutions as each focuses on maximizing growth, delivering leading innovation and operational excellence in their respective markets. Our talented teams continue to drive solid execution of BD 2025 and meaningful innovation in these businesses and across BD.”
Fly on the Wall reported the day before the activist fund manager, Starboard Value announced it had taken a stake in Becton Dickinson and is pushing the medical technology company to sell its life sciences division. According to people familiar with the matter, the activist investor has met the company’s management team and sent a letter to the board urging Becton Dickinson to sell or spin off the unit. The size of Starboard’s stake is unclear.
The market reaction was really surprising to me. It sold off $15 the first day and continued to go down through Friday closing $224.80
I didn’t see problem. In fact, I was enthused by the spinoff. We should do more research on it. You know who loved spinoffs? Peter Lynch, the best mutual fund manager of all time. I pasted this from their website. Bottom line this spinoff is supposed to happen in 2026 so it’s not something that’s much of a catalyst now. Here is the presentation the Company provided
Name: Charles W Moorman
Position: Director
Transaction Date: 02-12-2025 Bought: 5,500 shares an Average Price Paid of $172.35 for Cost: $947,913
Company: Oracle Corp (ORCL)
Oracle Corporation, founded in 1977 by Larry Ellison, Bob Miner, and Ed Oates, is a major American multinational computer technology business based in Austin, Texas. The company focuses on the development and sale of database software and technology, cloud-engineered systems, and enterprise software solutions, particularly its database management systems. Oracle’s product offerings include Oracle Applications, Oracle Database, Oracle ERP, and Oracle Cloud, among others. Oracle has recently expanded its cloud computing services, with an emphasis on AI-driven applications and infrastructure, as well as strategic collaborations to strengthen its cloud capabilities. The company’s stock is publicly traded on the New York Stock Exchange with the ticker symbol ORCL.
Charles W. Moorman IV is a member of Oracle Corporation’s Board of Directors since May 9, 2018. He holds a Bachelor of Science degree in Civil Engineering from Georgia Institute of Technology and a Master of Science degree in Civil Engineering from Harvard University. Moorman started his career with Norfolk Southern Corporation in 1970, working in operations, information technology, and human resources before becoming Chairman and CEO in 2006. He retired in 2015. He later served as Amtrak’s President and CEO from September 2016 to December 2017, after which he remained a Senior Advisor until 2023.
Opinion: ORCL. ORCL, ORCL- did I ever tell you my Oracle story about why you buy and hold forever? Oracle seems to have caught the tiger by the tail and turned into a hot data center software AI play. If the insiders would quit hitting the bid every time the stock moves, I’d be a bigger buyer. Even that wouldn’t be enough because they just seem to award themselves more stock. It’s a great thing to be in control of a public company that’s stock is acting well. You basically have a license to print money.
Name: Thomas C Schievelbein
Position: Director
Transaction Date: 02-13-2025 Bought: 2,120 shares an Average Price Paid of $164.82 for Cost: $349,426
Company: Huntington Ingalls Industries Inc. (HII)
Huntington Ingalls Industries, Inc. is a global, all-domain defense partner that designs and manufactures the world’s most powerful and survivable naval ships and technologies to defend America’s seas, skies, land, space, and cyberspace. For almost a century, the Ingalls Shipbuilding segment in Mississippi and the Newport News Shipbuilding part in Virginia have built more ships in more ship classes than any other US Navy contractor, making America’s largest shipbuilder. The company’s Mission Technologies segment develops integrated technological solutions and technologies that enable today’s networked, all-domain force.
Thomas C. Schievelbein joined Huntington Ingalls Industries, Inc.’s Board of Directors in March 2011. He holds a Bachelor of Science in Marine Engineering from the U.S. Naval Academy and a Master’s Degree in Nuclear Engineering from the University of Virginia. Schievelbein’s career includes serving as Chairman, President, and CEO of The Brink’s Company from June 2012 to May 2016, and as President of Northrop Grumman Newport News from November 2001 to November 2004. He has been a member of New York Life Insurance Company’s Board since 2006 and was appointed Lead Director in July 2022. Additionally, Schievelbein has been involved with the Secretary of the Navy’s Advisory Panel and the U.S. Naval Academy Foundation.
Opinion: Trump and DOGE are now talking about cutting the military and defense stocks are getting hammered. HII has its own unique problems but i have to think a blue water navy is here to say and no company has more ship building prowess than HII. How do you buy into a bad neighborhood or do you at all? You know the U.S. Navy will need more ships.
Compounding the problem, Huntington Ingalls has unique challenges. Goldman Sachs lowered the firm’s price target on HII to $145 from $188 and keeps a Sell rating on the shares after its below-consensus Q4 results and outlook. The company continues to work through supply chain and labor challenges, which pose headwinds to revenue and margins, the analyst tells investors in a research note. Shipbuilding is a cost-intensive business, with somewhat limited top-line growth, and HII is likely working its way through older contract pricing for a period of time, which risks limiting upside to earnings estimates and valuation, the firm adds.
Name: Philip Guido
Position: EVP & Chief Commercial Officer
Transaction Date: 02-07-2025 Bought: 4,645 shares an Average Price Paid of $107.56 for Cost: $499,616
Company: Advanced Micro Devices Inc (AMD)
AMD is the industry leader in high-performance and adaptive computing, enabling products and services that address the world’s most pressing challenges. The corporation fosters innovation through high-performance and adaptable computer technology, software, and product leadership. They develop world-class software stacks used to power high-performance products. They work together with customers to identify and create tailored solutions that match their specific requirements.
Phil Guido has served as AMD’s chief commercial officer and executive vice president since July 2023. He is in charge of strategically penetrating AMD’s most significant corporate opportunities. Phil was previously the general manager and global managing partner of strategic sales at IBM Consulting, where he was responsible for expanding IBM’s strong partnerships with commercial clients. Phil has a Magna Cum Laude and Phi Kappa Phi degree in economics from Montclair State University, as well as an International Business certificate from the University of Copenhagen.
Opinion: There’s a big push to move critical semiconductor technology back to these shores largely because of domestic security and hostility between China and the U.S. AMD is the main competitor to Intel but unlike Intel, they have no domestic chip production to speak of. I don’t know what they offer in this inevitable onshoring but it’s always good to pay attention to a major company’s stock that has sold off when there is a knowledgeable insider taking a bite out of the apple.
Name: Steven J Hilton
Position: Executive Chairman
Transaction Date: 02-10-2025 Bought: 11,000 shares an Average Price Paid of $74.51 for Cost: $819,610
Company: Meritage Homes Corp (MTH)
Meritage Homes Corporation, founded in 1985 and located in Scottsdale, Arizona, is a well-known American homebuilder that specializes in energy-efficient and low-cost single-family homes for first-time and move-up buyers. As of 2023, it is the fifth-largest public homebuilder in the country, having operations in 12 states: Arizona, California, Colorado, Utah, Texas, Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, and Tennessee. Meritage Homes also provides financial services to its homebuyers, including title and escrow, mortgage, insurance, and closing/settlement. The company’s stock trades on the New York Stock Exchange under the ticker symbol MTH.
Mr. Hilton is Meritage Homes’ Executive Chairman and has been a director since 1996. Mr. Hilton served as Chairman and CEO of Meritage Homes for 35 years, until his retirement on January 1, 2021. Mr. Hilton co-founded Arizona-based Monterey Homes, Meritage Homes’ predecessor firm, in 1985. Monterey became publicly traded in 1997, under the guidance of Mr. Hilton. Mr. Hilton earned a bachelor’s degree in accounting from the University of Arizona. He is a board member of the Translational Genomics Research Institute Foundation and the Boys & Girls Clubs of Greater Scottsdale Foundation. He has previously served as Chairman of the Board of Banner Health Foundation from 2021 to 2023, and as a board member for Western Alliance Bancorporation until June 2022.
Opinion: Homebuilder stocks have traded really poorly since the start of the year. There seems to be a consensus that interest rates are not coming down anytime soon and with them the 30-year mortgage. Also, there could be some fear that Fannie and Freddie are going to go public again, though, this time without the massive 30 mortgage support the U.S Government has been providing. The former would only prove to be a bump in the road as short term rates could come down with some weaker employment numbers. The former, though, could be a systemic risk to housing if we lose the 30 year mortgage as we know it.
Name: Ken Rizvi
Position: See Remarks
Transaction Date: 02-10-2025 Bought: 3,600 shares an Average Price Paid of $69.15 for Cost: $248,940
Company: Synaptics Inc (SYNA):
Synaptics Incorporated, founded in 1986 by Federico Faggin and Carver Mead, is an American firm that focuses on human interface solutions and semiconductor technologies. Synaptics, based in San Jose, California, creates technologies that enable touch, display, fingerprint, video, audio, speech, AI, and networking functionalities on a variety of devices, including smartphones, PCs, and Internet of Things goods. The company’s ideas have contributed significantly to the development of touchpads, touchscreens, and fingerprint sensors, which improve user interactions across a wide range of electronic devices. Synaptics’ products are used all around the world, and China accounts for a large amount of its income.
Ken Rizvi became the Chief Financial Officer and Senior Vice President of Synaptics Incorporated on July 15, 2024. He was named Interim Chief Executive Officer in February 2025 after the former CEO left. Rizvi was the Chief Financial Officer and Senior Vice President of SMART Global Holdings from February 2021 until June 2024 before joining Synaptics. Additionally, UTAC Holdings, Isola Group, Micron Technology, and ON Semiconductor have all employed him in senior finance positions. Rizvi graduated with an Executive Master of Business Administration from Arizona State University’s W.P. Carey School of Business and a Bachelor of Arts in Economics from Yale University.
Opinion: There is a thesis that I’m working on that U.S. based chip production is going to skyrocket. It’s already started under Biden and will accelerate under Trump. This should be good for all foundry and enabling technologies. I’m early on this but Synaptics is an important part of the semi conductor food chain. I’d be careful though as they have a lot of revenue in China for products sold around the world. Synaptics might have a target on their back with the reciprocal tariffs and push to detach our semiconductor supply chain from China.
Name: Hathaway Berkshire , Buffett Warren
Position: 10% Owner
Transaction Date: 02-072025 Bought: 763,017 shares an Average Price Paid of $46.82 for Cost: $35,724,074
Company: Occidental Petroleum Corp (OXY)
Occidental Petroleum Corporation, formed in 1920 and headquartered in Houston, Texas, is a major energy firm that operates in the United States, the Middle East, and North Africa. The corporation is divided into three primary segments: oil and gas, chemical, midstream, and marketing. The Oil and Gas segment is responsible for hydrocarbon exploration and production; the Chemical segment, often known as OxyChem, manufactures basic chemicals and vinyls; and the Midstream and Marketing segment transports and markets oil, gas, and other commodities. Oxy is dedicated to supplying dependable energy and critical products while actively reducing greenhouse gas emissions and addressing environmental concerns.
Opinion: Glad to see Uncle Warren back in the game. When most investors cut and run when a trade goes against them, Buffett doubles down. That takes balls and perhaps why he is such a successful investor through the years. If you like a company and its stock goes down, you should like it even more. While most commonsense investors wholeheartedly agree with this, very few investors actually buy more when the stock is down. That takes nerve and conviction and seeing insiders buying, strengthens both.
Name: Glenn Schiffman
Position: Director
Transaction Date: 02-06-2025 Bought: 3,000 shares an Average Price Paid of $34.47 for Cost: $103,410
Name: Spencer M Rascoff
Position: Chief Executive Officer
Transaction Date: 02-06-2025 Bought: 59,560 shares an Average Price Paid of $34.41 for Cost: $2,049,704
Company: Match Group Inc. (MTCH)
Match Group, Inc., founded in 2009 and located in Dallas, Texas, is a prominent provider of online dating goods. The company’s diversified portfolio includes popular platforms including Tinder, Match.com, Meetic, OkCupid, Hinge, Plenty of Fish, and OurTime, among others. These services are offered in more than 40 languages, making them accessible to users all over the world. Match Group, formerly part of IAC/InterActiveCorp, became a standalone public corporation in July 2020. The company’s objective is to facilitate meaningful relationships for people of all ages, genders, and dating interests.
Glenn H. Schiffman has been a member of the Match Group Inc. Board of Directors since September 2016. He has been the Executive Vice President and Chief Financial Officer of Fanatics, a worldwide digital sports company, since August 2021. In addition to his job at Match Group, Mr. Schiffman is a member of Angi Inc.’s Board of Directors and the Chairman of Vimeo. He received a Bachelor of Arts in Economics and History from Duke University.
Spencer M. Rascoff joined Match Group Inc.’s Board of Directors in March 2024 and was appointed CEO in February 2025. He got his start in investment banking at Goldman Sachs and private equity at TPG Capital. Rascoff earned a Bachelor of Arts in Government from Harvard University and worked as a Visiting Professor at Harvard Business School. He also serves on the Board of Trustees of Harvard-Westlake School.
Opinion: Match has slowly been recovering from its Q4 guide in November of last year. T
On December 11th Match Group provided update on its financial outlook for Q4 as part of Investor Day. Excluding impact from foreign exchange rates, the company expects to be within the Q4 Total Revenue range and the Tinder Direct Revenue range communicated on its Q3 earnings conference call. When the impact of FX rates is included, the company expects Q4 Total Revenue and Tinder Direct Revenue to be below the outlook previously provided due to FX impacts that were approximately $15M larger than anticipated at the time of our last earnings call, roughly two-thirds of which is attributable to Tinder. Match Group still expects to achieve an Adjusted Operating Income margin of 36% for the full year 2024. Consistent with what the company assumed in the Q4 outlook provided on its Q3 earnings call, Tinder’s new user declines on Apple iOS remain stable at lower levels but have not fully recovered to the early September trend line.
The Company provides a lot of guidance but I haven’t seen any comments about the disturbing report that from the Markup that Match has buried info about abusive and violent users on its platform. If true or substantiated this could bring forth a waterfall of damage and liability lawsuits so I’d say this is one I’d watch but buy very little of. It could be a short if this Markup article gets traction.
Name: John W Lindsay
Position: President And Ceo
Transaction Date: 02-10-2025 Bought: 20,000 shares an Average Price Paid of $27.55 for Cost: $551,000
Name: Belgacem Chariag
Position: Director
Transaction Date: 02-10=2025 Shares Bought: 37,356 shares an Average Price Paid of $27.08 for Cost: $1,011,600
Company: Helmerich & Payne Inc. (HP)
Helmerich & Payne, Inc. is an American firm that offers drilling services to the oil and gas industries. H&P, founded in 1920 and headquartered in Tulsa, Oklahoma, specializes in contract drilling and provides innovative, high-performance rigs and automation technology to improve productivity and safety. The corporation operates in several countries, with a substantial presence in the United States and the Middle East. H&P is well-known for its innovative drilling technologies, including automated and directional drilling, which enable energy firms to extract oil and gas more efficiently.
John Lindsay has been H&P’s president and CEO since 2014. Lindsay joined H&P in 1987 as a drilling engineer, and he was part of the team that created and manufactured the first commercial AC drive land rig, as well as the FlexRig 3 drilling rig, which transformed the market. Lindsay serves on the boards of Arcosa Inc., the University of Tulsa Petroleum Engineering Advisory Board, the Girl Scouts of Eastern Oklahoma, the Tulsa Regional Chamber Board of Directors, and the Nature Conservancy Oklahoma Chapter Board. He holds a Bachelor of Science degree in Petroleum Engineering from the University of Tulsa.
Belgacem Chariag joined Helmerich & Payne, Inc. Board of Directors in August 2021. He earned a Bachelor of Science in Petroleum Engineering from the University of Texas at Austin and an MBA from the University of Calgary. Chariag has spent over three decades in the oil industry, including a 20-year stint with Schlumberger, where he held different top roles. He eventually joined Baker Hughes, where he worked in a variety of roles for nine years before becoming Chief Global Operations Officer. Chariag also served as the Chairman, President, and CEO of PQ Group Holdings. In addition to his position at Helmerich & Payne, he has been an Independent Non-Executive Director of Harbour Energy plc since May 2023.
Opinion: Really poor performing sector in the market but these are large informed likely opportunistic buys. Patience will be required but I think these are two solid investors.
Name: Ronald E. Blaylock
Position: Director
Transaction Date: 02-13-2025 Bought: 19,457 shares an Average Price Paid of $25.65 for Cost: $499,072
Company: Pfizer Inc (PFE
Charles Pfizer and Charles F. Erhart formed Pfizer Inc. in 1849, and it is an American global pharmaceutical and biotechnology firm based in New York City. The company focuses on discovering and manufacturing medications and vaccines for a variety of therapeutic areas, including immunology, cancer, cardiology, endocrinology, and neurology. Notable products include the Pfizer-BioNTech COVID-19 vaccine, apixaban, a pneumococcal conjugate vaccine, palbociclib, and tafamidis. Pfizer is committed to advancing wellness, prevention, treatments, and cures for the most feared diseases of our time.
Ronald E. Blaylock has been a member of the Pfizer Inc. Board of Directors since 2017. He is the founder and managing partner of GenNx360 Capital Partners, a private equity firm founded in 2006. Prior to this, he founded and ran Blaylock & Company, an investment banking firm, and had top executive positions at UBS, PaineWebber Group, and Citicorp. Blaylock holds a Bachelor of Science degree from Georgetown University and a Master of Business Administration from New York University’s Stern School of Business.
Opinion: Pfizer has been in the doldrums since the high-flying days of Covid. They’ve put a lot of those profits to work reinvesting and buying strategic assets. Perhaps it’s time to play again. I think healthcare and AI is one of the great investment themes of the next few years or months.
Name: Danny R. Shepherd
Position: Director
Transaction Date: 02-13-2025 Bought: 4,125 shares an Average Price Paid of $24.29 for Cost: $100,195
Name: Norma Ann Provencio
Position: Director
Transaction Date: 02-10-2025 Bought: 5,000 shares an Average Price Paid of $21.93 for Cost: $109,650
Name: Allan P Merrill
Position: Chairman, President and CEO
Transaction Date: 2-07-2025 Bought: 5,000 shares an Average Price Paid of $21.83 for Cost: $109,150
Name: Lloyd Emerson Johnson
Position: Director
Transaction Date: 02-07-2025 Bought: 22,500 shares an Average Price Paid of $22.68 for Cost: $510,379
Transaction Date: 02-10=2025 Bought: 22,500 shares an Average Price Paid of $22.23 for Cost: $500,236
Company: Beazer Homes USA Inc (BZH):
Beazer Homes USA, Inc. was incorporated in Delaware in 1993. Beazer Homes USA Inc. (BZH) is a geographically diverse homebuilder that operates in 13 states throughout three regions of the United States: the West, East, and Southeast. The corporate homes are designed to appeal to homeowners of various price points and demographics, and they are often listed for sale before completion. The company’s mission is to provide consumers with houses that are of excellent value and quality at reasonable prices while maximizing investor returns throughout the housing cycle.
Mr. Shepherd retired in 2015 after serving as Vice Chairman (2014-2015), Senior Vice President, Executive Vice President, and Chief Operating Officer of Vulcan Materials Company, a construction aggregates company, from 2001 to 2014. From 2016 until 2021, Mr. Shepherd served on the board of directors of GCP Applied Technologies. Mr. Shepherd has over 40 years of expertise in the building materials industry, having worked for publicly traded corporations. He held a variety of management jobs during his career, including 13 years as an executive for a major producer of construction aggregates. Mr. Shepherd received a Bachelor of Science from the Georgia Institute of Technology.
Ms. Provencio was hired as Lead Director in November 2019. Ms. Provencio is the president and owner of Provencio Advisory Services Inc., a healthcare financial and operational consulting firm. Before starting Provencio Advisory Services in October 2003, she was the Partner-in-Charge of KPMG’s Pacific Southwest Healthcare Practice from May 2002. From 1979 to 2002, she served as Partner-in-Charge of Arthur Andersen’s Pharmaceutical, Biomedical, and Healthcare Practice in the Pacific Southwest. Ms. Provencio received a Bachelor of Science in Accounting from Loyola Marymount University. She is a qualified public accountant and sat on Loyola Marymount University’s Board of Trustees until May 2023.
Mr. Merrill joined the company in May 2007 as Executive Vice President and Chief Financial Officer. He was named President and CEO in June 2011 and elected Chairman in November 2019. Mr. Merrill’s previous experience included investment banking and Internet real estate marketing. Mr. Merrill is also involved in other housing-related groups. In September 2020, he was elected to the Board of Directors of Freddie Mac, and he recently completed a four-year term as Chairman of Major Builders of America, a trade association that represents the country’s major public and private house builders.
Lloyd E. Johnson joined Beazer Homes USA, Inc.’s Board of Directors in June 2021, bringing more than 40 years of leadership experience. Johnson’s previous jobs include Global Managing Director of Finance and Internal Audit at Accenture, Executive Director of Mergers and Acquisitions and General Auditor at Delphi Automotive, and Corporate Vice President of Finance and Chief Audit Executive at Emerson Electric. He began his professional career at Coopers & Lybrand, which is now part of PwC. Johnson also serves on the boards of Apogee Enterprises, Haemonetics Corporation, VSE Corporation, and AARP. He earned a Bachelor’s and Master’s degree in accounting from the University of South Carolina, as well as an MBA from Duke University’s Fuqua School of Business.
Opinion: Beazer insiders are really showing up for this sell off. I’m buying as I think Trump will lower rates either by jawboning or buy slowing up the economy, with tariffs and uncertainty about layoffs and changing rules and regulations. One way or another Powell will drop rates and homebuilder stocks can ignite.
Name: Peter Konieczny
Position: Chief Executive Officer
Transaction Date: 02-10-2025 Bought: 100,000 shares an Average Price Paid of $10.05 for Cost: $1,004,780
Name: Arun Nayar
Position: Director
Transaction Date: 02-12-2025 Bought: 100,000 shares an Average Price Paid of $9.95 for Cost: $995,000
Company: Amcor plc (AMCR)
Amcor plc is a public limited company founded under Jersey’s bailiwick statutes. They are now a global pioneer in the development and production of ethical packaging solutions for a wide range of products, including food, beverages, pharmaceuticals, medical devices, home and personal care items, and more. The company’s global product innovation and sustainability skills enable it to handle packaging difficulties daily. This leads to a wider range of flexible packaging, rigid packaging, cartons, and closures that are more cost-effective, appealing, and practical for companies and their customers, as well as more eco-friendly.
Mr. Konieczny has been a member of Amcor’s Global Management Team since 2010 and was appointed Interim CEO in April 2024. Mr. Konieczny was Amcor Flexibles Latin America’s Chief Commercial Officer from September 2020 until April 2024, where he oversaw global category and product management, sustainability, R&D, and procurement. He formerly served as Managing Director and Chief Finance Officer of a business group in the heavy industrial equipment industry, as well as a management consultant for McKinsey and Company.
Mr. Arun Nayar has been the director of Amcor Plc since June 2019. Mr. Nayar is currently a senior advisor with McKinsey & Company, where he has worked since 2016. My Nayar has also been an advisor on the Global Advisory Council of ServiceNow, a software startup, since 2022. Mr. Nayar has over 40 years of finance experience and formerly served as a Director of Bemis Company, Inc. He is based in the United States.
Opinion: Large insider buys like this are rarely losers. I just don’t see the sizzle, though.
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This blog is solely for educational purposes and the author’s own amusement. IT IS NOT INVESTMENT ADVICE. Think of the blog as part of my personal investment journal that I am willing to share with the DIY investor. There are also many parts that I am not willing to share if I think it could influence trading action or be detrimental to the Fund’s partners. We could be long, short, or have no position at all in any of the stocks mentioned and express no written or implied obligation to disclose any of that.
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 with any stock market experience 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 of 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, we analyze unusual patterns with selling, 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 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 as soon as practically possible. 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. When I have time, over the weekend, I’ll add some preliminary analysis to the Opinion at the end. Sometimes I won’t update this for a couple of weeks or more. A good way to use this blog is as I do, it’s a reference point and filing cabinet for various stocks with notable insider buying. It’s one of many tools I use. I regularly live on Chat GPT and Microsoft Copilot now. I find the footnotes research very helpful in eliminating errors from AI hallucinations.
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.
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Prosperous Trading,
