This article presents an overview of Latest Insider Trading Activity: 5 Stocks Executives and Directors are Buying. For a detailed overview of such stocks read our article, Latest Insider Trading Activity: 11 Stocks Executives and Directors are Buying.
5. Neogen Corp (NASDAQ:NEOG)
Number of Hedge Fund Investors: 17
Michigan-based food safety company Neogen Corp (NASDAQ:NEOG) is one of the stocks with insider buys this year. Neogen Corp’s (NASDAQ:NEOG) COO Douglas Edward Jones on April 17 bought 10,000 Neogen Corp (NASDAQ:NEOG) shares for $12.36 per share. The total worth of this transaction was $123,590. Since then the stock is up 1.4%.
4. Texas Pacific Land Corp (NYSE:TPL)
Number of Hedge Fund Investors: 19
One of the biggest land owners in Texas, Texas Pacific Land Corp (NYSE:TPL) is one of the stocks with recent insider buys this week. Murray Stahl, a director at Texas Pacific Land Corp (NYSE:TPL), bought 12 shares of Texas Pacific Land Corp (NYSE:TPL) worth $583.91 each on April 15. The total value of this transaction was around $7,000. Since then the stock is up 0.6%.
In March, Texas Pacific Land Corp’s (NYSE:TPL) board approved a three-for- one stock split to be distributed to stockholders as a stock dividend.
Horizon Kinetics stated the following regarding Texas Pacific Land Corporation (NYSE:TPL) in its fourth quarter 2023 investor letter:
“An important tipping point was reached in many portfolios last year. It took a half-dozen years and is the result of one of the two greatest positive forces in investing: compounding. We’re not referring to the very visible Texas Pacific Land Corporation (NYSE:TPL) position. That is the product, for older-vintage accounts, of 10 to 15 years of compounding. The greater the weight a successful strategic position like that becomes, the more volatile a portfolio will be, since an individual stock will vary more than a portfolio of stocks.
In 2022, TPL was visibly responsible for such accounts appreciating substantially during a year when the stock market was down substantially. In 2023, TPL was responsible for those accounts declining modestly while the market was up substantially.
What wasn’t very visible is that, after a half-dozen years of compounding, a second strategic position in older-vintage accounts also achieved an important critical mass. Its appreciation in the final quarter of 2023 substantially offset the TPL decline during the period. 10 This is the Grayscale Bitcoin Trust (GBTC). In rough terms, averaged across the group of such accounts, its 80% appreciation offset about three-quarters of the 33% decline in TPL..” (Click here to read the full text)
3. WD-40 Co (NASDAQ:WDFC)
Number of Hedge Fund Investors: 23
Lubricants and penetrating oil company WD-40 Co (NASDAQ:WDFC) is one of the stocks with latest insider purchases. WD-40 Co’s (NASDAQ:WDFC) President and CEO, Steven A. Brass, bought 432 shares of WD-40 Co (NASDAQ:WDFC) at $232.22 per share. Since then the stock is down 2.5%.
Of the 933 hedge funds tracked by Insider Monkey, 23 hedge funds reported owning stakes in WD-40 Co (NASDAQ:WDFC). The biggest hedge fund stakeholder of WD-40 Co (NASDAQ:WDFC) during this period was Paul Marshall and Ian Wace’s Marshall Wace LLP which had a $31 million stake in WD-40 Co (NASDAQ:WDFC).
Diamond Hill Long-Short Fund stated the following regarding WD-40 Company (NASDAQ:WDFC) in its fourth quarter 2023 investor letter:
“Among our bottom individual contributors in Q4 were our short positions in WD-40 Company (NASDAQ:WDFC) and Bank of Hawaii. WD-40 develops and sells homecare, cleaning and maintenance products. We believe investors have unrealistic expectations for the company’s growth trajectory, viewing it as relatively immune to a cyclical economic slowdown — expectations that seemed to remain undented by relatively mediocre earnings during the quarter. However, given how full the valuation is, we maintain our conviction in our short position.”
2. Rocket Companies Inc (NYSE:RKT)
Number of Hedge Fund Investors: 32
Detroit-based fintech company Rocket Companies Inc (NYSE:RKT) is one of the stocks with latest insider buying activity. Matthew Rizik, a director at Rocket Companies Inc (NYSE:RKT), bought 1,116 shares of Rocket Companies Inc (NYSE:RKT) at $11.69 per share. The total worth of this transaction, dated April 15, was $13,050. Since then the stock price is up 8%.
1. Fidelity National Information Servcs Inc (NYSE:FIS)
Number of Hedge Fund Investors: 66
Fidelity National Information Servcs Inc (NYSE:FIS) is one of the stocks with latest insider buys. On April 15, Jeffrey A. Goldstein, a director at Fidelity National Information Servcs Inc’s (NYSE:FIS) board, bought 775 shares at $72.37 per share. The total worth of this insider transaction was $56,087. Since the transaction the stock price is down just 0.5%.
Broyhill Asset Management stated the following regarding Fidelity National Information Services, Inc. (NYSE:FIS) in its fourth quarter 2023 investor letter:
“Recent investments in this bucket include Ball Corp, Fidelity National Information Services, Inc. (NYSE:FIS), and Avantor. Fidelity National Information Services is a payment provider for financial institutions and merchants around the world. We took a hard look at the business around the time we established our investment in Fiserv, discussed in detail here. Thankfully, we decided to pass at the time in favor of what we believed to be a much better competitively positioned business with a much stronger track record of execution. Since then, issues at FIS have gone from bad to worse. The $48 billion acquisition of Worldpay in 2019, which took leverage up to 5.5x on the balance sheet, hasn’t turned out quite as well as Fiserv’s acquisition of First Data. Fast forward to today, and FIS is unwinding prior mistakes, selling off a 55% interest in the recently acquired business (meaning we now have a hard number for the remaining 45% they own), and using proceeds to take leverage back down to 2.5x post close while repurchasing at least $3.5B of stock through next year. As a result, shareholders will be left with a cleaner balance sheet and a simpler organizational structure, consisting primarily of their very defensive, very profitable core banking business, which traded down to a single-digit multiple vs historical averages for the industry closer to 20x.”
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