Benzinga - US crude oil futures traded lower this morning on Thursday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out Benzinga's insider transactions platform.
Cummins
- The Trade: Cummins Inc . (NYSE: NYSE:CMI) Director Franklin Changdiaz sold a total of 3,200 shares at an average price of $249.34. The insider received around $797.89 thousand from selling those shares.
- What’s Happening: Cummins recently reported third-quarter sales growth of 23% year-over-year to $7.33 billion, beating the consensus of $6.80 billion.
- What Cummins Does: Cummins is the top manufacturer of diesel engines used in commercial trucks, off-highway equipment, and railroad locomotives, in addition to standby and prime power generators.
MGM Resorts
- The Trade: MGM Resorts International (NYSE: MGM) Director Rose McKinneyjames sold a total of 5,741 shares at an average price of $37.50. The insider received around $215.29 thousand as a result of the transaction.
- What’s Happening: MGM Resorts recently reported third-quarter FY22 sales growth of 26% year-on-year to $3.42 billion, beating the consensus of $3.24 billion.
- What MGM Resorts Does: MGM Resorts is the largest resort operator on the Las Vegas Strip with 35,000 guest rooms and suites, representing about one fourth of all units in the market.
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TD SYNNEX
- The Trade: TD SYNNEX Corporation (NYSE: SNX) President, EU & APJ Patrick Zammit sold a total of 10,000 shares at an average price of $93.50. The insider received around $935 thousand from selling those shares.
- What’s Happening: Yeyian Gaming recently signed distribution agreement with TD SYNNEX.
- What TD SYNNEX Does: TD Synnex is a global distributor and solutions aggregator for the IT ecosystem.