A Royal Bank of Canada logo is seen on Bay Street in the heart of the financial district in Toronto.© Mark Blinch / Reuters
Featured below are companies that have experienced recent insider trading activity in the public market through their direct and indirect ownerships.
Keep in mind, when looking at transaction activities by insiders, purchasing activity may reflect perceived value in a security. Selling activity may or may not be related to a stock's valuation; perhaps an insider needs to raise money for personal reasons. An insider's total holdings should be considered because a sale may, in context, be insignificant if this person has a large remaining position in the company. I tend to put great weight on insider transaction activity when I see multiple insiders trading a company's shares or units.
Let's begin the report detailing a company with recent insider buying activity.
Finning International Inc. (FTT-T)
On September 29, the firm's chief information officer Dave Cummings purchased approximately $270,000 worth of stock. He accumulated 9,500 shares at an average cost per share of $28.50, increasing his portfolio's position to 28,673 shares.
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The following four companies have had recent insider selling activity.
Avigilon Corp. (AVO-T)
As the share price continues to recover from a bottom in late 2016, rising 43 per cent year-to-date, several insiders have divested shares in the market.
In a relatively small transaction, on September 22, the company's chief legal officer Joel Schuster exercised his rights, receiving 4,142 shares. The same day, he sold 2,122 shares at an average price per share of $17.39, leaving 40,970 shares in his portfolio.
In early September, we identified two board members as recent sellers.
The lead director Murray Tevlin sold shares for two accounts, a portfolio that he has direct ownership and an account that he has indirect ownership (Murray Tevlin Law Corporation). With respect to his direct ownership account, on August 22, Mr. Tevlin sold 5,000 shares at an average price per share of $16.42. The previous day, he sold 5,000 shares at an average price per share of $16.46. On August 18, he divested 13,200 shares at an average price per share of $16.29, and on August 17, he sold 4,800 shares at an average price per share of $16.25. After these transactions, the portfolio held 48,596 shares. He completed two recent sales in the other account, selling 1,200 shares on August 22 and 15,000 shares on August 21, leaving a remaining account balance of 183,800 shares.
On August 15, director Wan Jung sold 13,000 shares for an account in which he has direction or control (514742 BC Ltd.) at an average price per share of $16.52. The prior day, Mr. Jung divested 10,000 shares for this account at an average price per share of $16.43. After these transactions, the portfolio held 110,000 shares.
Canadian Real Estate Investment Trust (REF.UN-T)
On September 29, John Brough, who sits on the board of trustees, sold 1,410 units at an average price per unit of $46.17, leaving 151 units in the portfolio.
Royal Bank of Canada (RY-T)
On September 22, the president and chief executive officer Dave McKay exercised his options and sold the corresponding number of shares (8,929), leaving a remaining portfolio balance of 5,873 shares. He sold the shares in the market at an average price of just over $94 per share. In previous months, Mr. McKay has taken the same actions, exercising his options and selling the corresponding shares on the same day.
Last week, we reported that Doug McGregor, chairman and chief executive officer of RBC Capital Markets, exercised his options and sold the corresponding number of shares (10,000) at an average price per share of $93.1013 on September 19, leaving a remaining portfolio balance of 75,908 shares.
Trevali Mining Corp. (TV-T)
On October 2, the company's chief financial officer Anna Ladd sold 50,000 shares at an average price per share of $1.50. Days prior, on September 28, she sold 50,000 shares at an average price per share of $1.40. After these transactions, Ms. Ladd held 784,460 shares in this portfolio.
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