US crude oil futures traded higher this morning on Monday. 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.
United Parcel Service (NYSE:UPS)
- The Trade: United Parcel Service, Inc. (NYSE: UPS) President, US Operations Nando Cesarone sold a total of 19,292.1723 shares at an average price of $179.23. The insider received around $3.46 million from selling those shares.
- What’s Happening: JP Morgan recently downgraded UPS from Overweight to Neutral and lowered the price target from $229 to $202.
- What United Parcel Service Does: As the world's largest parcel delivery company, UPS manages a massive fleet of more than 500 planes and 100,000 vehicles, along with many hundreds of sorting facilities, to deliver an average of about 25 million packages per day to residences and businesses across the globe.
- The Trade: Kellogg Company (NYSE: NYSE:K) 10% owner Kellogg W K Foundation sold a total of 146,153 shares at an average price of $66.92. The insider received around $9.78 million from selling those shares.
- What’s Happening: Kellogg recently reported better-than-expected Q1 adjusted EPS and sales results and raised guidance.
- What Kellogg Does: Founded in 1906, Kellogg is a leading global manufacturer and marketer of cereal, cookies, crackers, and other packaged foods.
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TJX (NYSE:TJX) Companies
- The Trade: The TJX Companies, Inc. (NYSE: TJX) SEVP - Group President Kenneth Canestrari sold a total of 35,827 shares at an average price of $61.04. The insider received around $2.19 million as a result of the transaction.
- What’s Happening: TJX recently reported a first-quarter FY23 sales growth of 13% year-on-year, to $11.41 billion, missing the consensus of $11.61 billion.
- What TJX Does: TJX is a leading off-price retailer of apparel, home fashions, and other merchandise. It sells a variety of branded goods, opportunistically buying inventory from a network of over 21,000 vendors worldwide.
Robinhood Markets
- The Trade: Robinhood Markets, Inc. (NASDAQ: HOOD) Chief Legal Officer Daniel M. Gallagher, Jr. sold a total of 27,181 shares at an average price of $9.93. The insider received around $269.96 thousand from selling those shares.
- What’s Happening: Robinhood Markets recently said it will venture into the world of Web3 with new wallet features and a launch of non-fungible token trading.
- What Robinhood Does: Robinhood Markets Inc (NASDAQ:HOOD) is creating a modern financial services platform. It designs its own products and services and delivers them through a single, app-based cloud platform supported by proprietary technology.
Read at Benzinga