Welcome to our daily roundup of top insider trades. Here's a look at the most significant inside sales and purchases filed with the SEC on Friday, May 31, 2013.
Purchases: Elon Musk, a Co-Founder and the CEO of Tesla Motors ( TSLA ), bought 1,084,129 shares of company stock for $100,000,056. Tesla manufactures and sells its own electric cars, and also markets power-train components like lithium-ion battery packs, to other car makers Daimler (OTCMKTS:DDAIF) and Toyota ( TM ). Musk is also known for founding space transport company SpaceX and co-founding PayPal ( EBAY ); he is also the Chairman of solar energy company SolarCity, and is credited as devising the concept for the company. Tesla's stock price has seen very substantial gains in the last year, with the price up 170.53% YTD, with a peak of $114.90 on May 29; the stock currently trades at $92.23. With the company's growth, and with exciting steps forward for clean technology (last Thursday, for example, Musk announced at the All Things Digital conference that the company has plans to triple the area covered by Tesla charging stations), investors and automakers have taken notice. Illustrating this influence, last Friday, China's Minister of Science and Technology Wan Gang said that the country will significantly increase spending on R&D for electric vehicles.
Christopher Seams, a Director of the tech holding company Tessera Technologies ( TSRA ), bought 20,000 shares of company stock for $422,228. The company operates through subsidiaries in two segments: DigitalOptics and Intellectual Property. The former is focused on developing three-dimensional packaging solutions while the latter generates revenue from patented semiconductor innovations through license agreements with other companies that use semiconductors in their products, including Intel ( INTC ) and Samsung (OTCMKTS:SSNLF). Seams also serves as an Executive Vice President of Cypress Semiconductor Corporation (CY). On May 30, the company announced that Thomas Lacey, one of the company's directors, would become the company's second interim CEO, with Richard S. Hill stepping down as the last interim executive. Hill took the position in April 2013 when Robert Young stepped down as CEO with pressure from Starboard Value LP, one of the company's largest shareholders. Tessera's stock price has increased 27.66% YTD and 64.45% since this time last year.
Leonard Tannenbaum, the CEO and Chairman of specialty finance company Fifth Street Finance Corp. (FSC), bought 25,000 shares of company stock for $259,138. With the objective of maximizing returns by generating incomes from debt investments and capital appreciation, the company lends to and invests in small to mid-sized companies alongside investments by private equity sponsors. On May 8, the company announced the acquisition of Healthcare Finance Group, which provides asset-based lending and loan products to clients in the health-care industry. Since being founded in New York in 2000, Healthcare Finance Group has financed over $21 billion in receivables. In the last month, Fifth Street Finance's stock price has dropped 4.28% but is up 0.86% YTD and 11.45% since this time last year.
Sales: The private asset management firm Bain Capital, which manages nearly $65 billion in assets, sold 15,065,110 shares of casual dining holding company Bloomin' Brands (BLMN) for $310,134,880. Bloomin' Brands' portfolio of restaurants includes Outback Steakhouse, Carrabba's Italian Grill, and Bonefish Grill. On May 23, the company announced the pricing of a secondary public offering of 19,000,000 shares of common stock, at the price of $21.50 per share. The company's stock currently trades at $23.30, up 9.38% in the last month, 49.1% up YTD, and 87.91% since this time last year.
Seams Christopher A
Fifth Street Finance
Gavin John A
Tcw Str Inc Fd
Frost Phillip Md
Goodwin Daniel L
Inland Real Estate
Schwartz Jonathan I
Silver Spring Nwk
Haden Patrick C
Tcw Str Inc Fd
Epl Oil & Gas
Alon Israel Oil
Alon Usa Energy
Fuller Mortimer B Iii
Genesee & Wyoming
Ryder Robert P
Weglicki Timothy T
Amer Pub Ed
Tredwell Daniel P
An important note from Jonathan Moreland, founder of Insider Insights :
In a victory for common sense, it has been proven profitable -- by both academic studies and (more importantly) the experience of your fellow professional investors -- to monitor the trading behavior of company executives, directors, and large shareholders in the stocks of firms of which they're registered as "insiders."
Please note, however, that the lists above are strictly factual; they are not buy and sell recommendations. Dollar value is only one metric to assess the importance of an insider transaction, and, frankly, often not even the most important metric that determines if an insider transaction is significant.
At InsiderInsights.com, we find new investment ideas just about every day using these and more intricate insider screens to determine where we should focus our subsequent fundamental and technical analysis. And while stocks don't (or shouldn't) move up or down based on insider activity alone, insiders tend to be good indicators of when real stock-moving events like earnings surprises, corporate actions, and new products may be in the offing.
Jonathan Moreland is also the author of " Profit From Legal Insider Trading."
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.