"In the past week or so, beneficial owners Carl Icahn made a big bet on Centuri Holdings Inc. ( NYSE: CTRI), his second significant purchase this month. Meanwhile, tumbling share prices at Biohaven Ltd. ( NYSE: BHVN) and Resideo Technologies Inc. ( NYSE: REZI) tempted some insiders to boost their stakes significantly. These were the most prominent insider purchases in that time, but there were a number of other notable ones as well."
"A well-known adage reminds us that corporate insiders and 10% owners really only buy shares of a company because they believe the stock price will rise and they want to profit from it. Thus, insider buying can be an encouraging signal for potential investors. This is all the more so during times of uncertainty in the markets, and even when markets are near all-time highs."
"Buyer(s): 10% owner Carl Icahn Total shares: almost 3.5 million Price per share: $21.50 Total cost: about $75.0 million While Centuri just had a public offering of stock, Icahn's transaction was a private placement. These offerings followed a third-quarter report that included record revenue and a record backlog, but also disappointing earnings and negative free cash flow. Shares of the Arizona-based utility infrastructure services company are up 3.4% since the earnings report, outperforming the S&P 500."
Recent insider activity included Carl Icahn’s almost 3.5 million-share, roughly $75 million private purchase of Centuri Holdings at $21.50 per share. Centuri reported record revenue and a record backlog but posted disappointing earnings and negative free cash flow. Shares have risen about 3.4% since the quarter but trade below Icahn’s purchase price. Falling shares at Biohaven and Resideo prompted substantial insider increases there. Insider buying typically slows near market highs and during earnings seasons, but meaningful purchases continue, and many insiders remain restricted from trading while third-quarter reporting is still underway.
Read at 24/7 Wall St.
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