Gold futures traded higher this morning on Tuesday. 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.
Allstate
- The Trade: The Allstate Corporation (NYSE: NYSE:ALL) Director, Chairman, President & CEO Thomas J Wilson sold a total of 241,828 shares at an average price of $133.07. The insider received around $32.18 million from selling those shares.
- What’s Happening: The company, last month, posted downbeat quarterly earnings.
- What Allstate Does: On the basis of premium sales, Allstate is one of the largest U.S. property and casualty insurers. Personal auto represents the largest percentage of revenue, but the company offers homeowners insurance and other insurance products.
Carlyle Group (NASDAQ:CG)
- The Trade: The Carlyle Group Inc. (NASDAQ: CG) Director David M Rubenstein sold a total of 2,000,000 shares at an average price of $38.67. The insider received around $77.34 million as a result of the transaction.
- What’s Happening: Carlyle Group entered into exclusive negotiations to sell a controlling stake in Euro Techno Com Group.
- What Carlyle Group Does: Carlyle is one of the world's largest alternative asset managers, with $301.0 billion in total assets under management, including $193.4 billion in fee-earning AUM, at the end of 2021.
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PTC
- The Trade: PTC Inc. (NASDAQ: PTC) Director Blake Moret sold a total of 200,000 shares at an average price of $118.22. The insider received around $23.64 million from selling those shares.
- What’s Happening: The company, during April, reported upbeat quarterly earnings.
- What PTC Does: PTC offers high-end computer-assisted design (Creo) and product lifecycle management (Windchill) software as well as Internet of Things and AR industrial solutions.
- The Trade: PBF Energy Inc. (NYSE: PBF) 10% owner Control Empresarial de Capitales S.A. de C.V. sold a total of 1,783,683 shares at an average price of $35.84. The insider received around $63.93 million from selling those shares.
- What’s Happening: The company posted upbeat quarterly results in April.
- What PBF Energy Does: PBF Energy Inc is an independent petroleum refiner and supplier of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States.
- The Trade: Viper Energy Partners LP (NASDAQ: VNOM) 10% owner Stephen Schwarzman sold a total of 84,550 shares at an average price of $34.36. The insider received around $2.91 million from selling those shares.
- What’s Happening: Raymond James recently maintained Viper Energy Partners with an Outperform and raised the price target from $40 to $41.
- What Viper Energy Partners Does: Viper Energy Partners was formed by Diamondback Energy in 2014 to own mineral royalty interests in the Permian Basin.
Read at Benzinga