Insiders Buy Shares of Corrections Corp Amid Drop; Four Other Companies with Noteworthy Insider Trading

Two insiders sold shares of World Wrestling Entertainment, Inc. (NYSE:WWE) last week, including Linda and Vincent McMahon’s GRAT trust, which disposed of some 1.55 million shares, as we reported earlier. In another Form 4 filing with the SEC, WWE’s Chief Revenue and Marketing Officer, Michelle D. Wilson, reported the sale of 27,900 shares on Thursday. The securities were sold in one transaction at an average price of $20.88 per share and following the sale, Wilson directly holds 343,259 shares. So far in August, several other insiders have sold shares of World Wrestling Entertainment, including Kevin Dunn, Executive Vice President, Television Production, who unloaded 56,000 shares on August 12 and currently owns 387,173 shares. Shares of World Wrestling Entertainment, Inc. (NYSE:WWE) have gained over 16% since the beginning of the year, but are trading at over 40-times forward earnings, which might suggest that the stock is overvalued. Just ten funds tracked by Insider Monkey reported stakes in World Wrestling Entertainment, Inc. (NYSE:WWE) as of the end of June, although the largest shareholder among them, David Forster and Peter Wilton‘s IBIS Capital Partners boosted its exposure by 168% on the quarter to 599,477 shares.

Small-cap manufacturer of communication equipment, KVH Industries, Inc. (NASDAQ:KVHI), registered its first insider transaction this year, according to our records. On Friday, John McCarthy, who serves as the interim Chief Financial Officer of KVH Industries, Inc. (NASDAQ:KVHI), reported the acquisition of his first stake, totaling 8,700 shares. The securities were acquired in multiple transactions at an average price of $8.68 per share and are held directly by the insider. McCarthy was appointed as interim CFO in May, having replaced Peter Rendall. KVH Industries’ stock is down by 11% this year, mainly due to a slump following the release of worse-than-expected revenue and EPS for the first quarter in May. Nevertheless, for the second quarter, KVH Industries posted EPS of $0.08 on revenue of $46 million, which topped analysts’ estimates by $0.02 and $1.48 million, respectively. Among the investors we track, six funds held shares of KVH Industries, Inc. (NASDAQ:KVHI) heading into the third quarter.

Corrections Corp Of America (NYSE:CXW) was in the spotlight on Thursday as the stock plunged by 35% after the US Department of Justice said it plans to phase out its use of private prisons. Meanwhile, also on Thursday, three insiders of Corrections Corp of America acquired shares. The largest transaction was reported by independent chairman of the board, Mark A. Emkes, who acquired 10,000 shares at $17.78 per unit and now owns 20,755 shares. President and CEO, Damon T. Hininger, also bought 2,870 shares at $16.60 apiece, raising his stake to 200,331 shares. A much smaller amount was bought by Scott Irwin, Vice President, General Counsel and Secretary of Corrections Corp Of America (NYSE:CXW), who reported the purchase of 300 shares at $17 per unit and owns 400 shares following the transaction. The drop registered last Thursday sent Corrections Corp of America’s stock down by 25% year-to-date. At the end of June, 15 funds tracked by Insider Monkey held shares of Corrections Corp Of America (NYSE:CXW), up from 13 funds a quarter earlier.

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