Four Stocks the Insiders Are Buying: WPO, PVR, CAKE, DIS
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A measure to ban insider trading by members of Congress gained support this week following a damaging report from 60 Minutes that was critical of the practice. Passage of any such legislation still looks like it will be a long shot. In the meantime, officers and directors of publicly traded companies who engage in legal insider trading may be tipping their company’s hand to traders outside of the company. Here are four stocks the insiders are buying right now.
Posting Up
On Tuesday, a director for The Washington Post Company (NYSE: WPO) purchased more than $1 million worth of the media company’s stock. The buy was transacted at a price of $345.27 per share. WPO shares have retreated 19.2% since the beginning of the year.
Washington Post recently reported its Q3 results which included a net loss of $0.82 per share and a 13% year-over-year drop in revenue when compared to the prior year quarter. The company has been hurt by a decline in revenue from its Kaplan education business as well as lower advertising sales.
Earlier this week two directors for Penn Virginia Resource Partners LP (NYSE: PVR) combined to purchase more than $370,000 worth of PVR shares. The purchases occurred at prices ranging from $23.87 to $24.11 per share. The stock is down 14.8% so far this year.
Setting the Table
On Tuesday, a director for The Cheesecake Factory (Nasdaq: CAKE) executed an indirect purchase of more than $680,000 worth of the company’s stock. The buy occurred at a price of $27.54 per share. Year-to-date shares of CAKE have fallen 11.9%.
Last month, the casual dining company reported Q3 results which showed net income of $20.6 million and a 2.9% uptick in revenue versus the year-ago quarter. Cheesecake Factory has benefitted from above average sales volumes at newly opened restaurants as well as slight improvements in comparable store sales for existing restaurants. The company has opened six new restaurants this year and has one more planned for next month.
One other stock that has seen insider buying activity this week is Walt Disney (NYSE: DIS). On Monday, a director purchased $36,000 worth of Disney common stock at a purchase price of $36.00 per share. DIS shares are down 5.4% on the year.
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