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Companies with the Highest Level of Insider Buying
Valence Technology Inc. (VLNC), a leading battery technology developer, topped the list of companies with the largest aggregate insider purchases in 2003. Director Carl Berg accounted for all $21.6 million of the firm's insider buying last year. Second and third on the list were Energizer Holdings (ENR) and Covista Communications (CVST) - with total acquisitions worth $18 million and $17 million, respectively. Rounding out the top five places were natural gas producer Chesapeake Energy Corp. (CHK) with $15 million in purchases and electronic game technology maker WMS Industries Inc. (WMS) at $14 million.
Companies with the Highest Level of Insider Selling
Microsoft Corp. (MSFT) insiders combined to dispose stock worth $3.4 billion during 2003, the highest insider sales volume of any firm in the market. Dell Computer (DELL) ranked second with $1.8 billion sold. Time Warner (TWX) placed third with $995 million in sales. Rounding out the top five places were Adtran (ADTN) and Mandalay Resort Group (MBG) with respective sales of $510 million and $500 million.
Largest Individual Insider Purchases*
Valence Technology Inc. (VLNC) Director Carl Berg had the largest volume of buying ($16.6 million) for a single insider in 2003, followed by Energizer Holdings (ENR) Chairman William Stiritz ($15.1 million) and Time Warner (TWX) Director Reuben Mark ($13.2 million). Rounding out the top five list:
-- Sumner Redstone, Beneficial Owner of More than 10% at WMS Industries Inc. (WMS) - $12.4 million.
-- Isaac Perlmutter, Vice Chairman at Marvel Enterprises Inc. (MVL) - $9.1 million.
Largest Individual Insider Sales*
Topping the sales list were CEOs Steven Ballmer at Microsoft Corp. (MSFT) and Michael Dell at Dell Inc. (DELL) with disposals worth $1.5 billion and $1.2 billion, respectively. Ted Turner, former Vice Chairman at Time Warner (TWX), was the executive with the third-highest volume of selling ($722 million) for a single insider last year. Rounding out the top five list:
-- Bill Gates, Chairman of the Board at Microsoft Corp. (MSFT) - $692 million.
-- Mark Smith, Chief Executive Officer at ADTRAN Inc. (ADTN) - $460 million.
Stocks that Performed Best Following Insider Buying
Last year, 41 companies experienced at least a doubling (100% gain or greater) of their stocks' prices in the months subsequent to their insiders' purchasing activities. Leading the pack was Akamai Technologies (AKAM), which saw its stock surge 662% between the time Chief Scientist Thomas Leighton acquired 400,000 shares in early-February (through a family trust) and year's end. The other noteworthy cases included:
-- Intervoice Inc. (INTV) - soared 298% following Director Gerald Montry's May purchase of 122,000 shares.
-- NII Holdings Inc. (NIHD) - increased 291% after Officer Miguel Rivera's 20,000-share February addition.
-- Pep Boys - Manny Moe & Jack (PBY) - jumped 237% after Chairman Bernard Korman bought 100,000 shares in early-March.
Stocks With Biggest Declines Following Insider Sales
During 2003, only 25 companies with a market capitalization of $500 million or greater (and sales activity by three or more insiders) experienced a decline of at least 25% following insider selling. Topping the list was Ecolab Inc. (ECL), a leading sanitation products and services company that saw seven of its executives disposing shares during May following which the stock's price declined by as much as 75%. The other firms whose stocks suffered last year's most notable losses following executive sales included:
-- UnitedHealth Group Inc. (UNH) - declined as much as 70% following May disposals.
-- SLM Corp. (SLM) - declined 67% following April and May selling.
-- International Game Technology (IGT) - declined 53% - 63% following sales during March, June, and July
* - Only includes "Direct" transactions at companies having a market capitalization greater than $100 million.
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Valence Technology Inc. (VLNC), a leading battery technology developer, topped the list of companies with the largest aggregate insider purchases in 2003. Director Carl Berg accounted for all $21.6 million of the firm's insider buying last year. Second and third on the list were Energizer Holdings (ENR) and Covista Communications (CVST) - with total acquisitions worth $18 million and $17 million, respectively. Rounding out the top five places were natural gas producer Chesapeake Energy Corp. (CHK) with $15 million in purchases and electronic game technology maker WMS Industries Inc. (WMS) at $14 million.
Companies with the Highest Level of Insider Selling
Microsoft Corp. (MSFT) insiders combined to dispose stock worth $3.4 billion during 2003, the highest insider sales volume of any firm in the market. Dell Computer (DELL) ranked second with $1.8 billion sold. Time Warner (TWX) placed third with $995 million in sales. Rounding out the top five places were Adtran (ADTN) and Mandalay Resort Group (MBG) with respective sales of $510 million and $500 million.
Largest Individual Insider Purchases*
Valence Technology Inc. (VLNC) Director Carl Berg had the largest volume of buying ($16.6 million) for a single insider in 2003, followed by Energizer Holdings (ENR) Chairman William Stiritz ($15.1 million) and Time Warner (TWX) Director Reuben Mark ($13.2 million). Rounding out the top five list:
-- Sumner Redstone, Beneficial Owner of More than 10% at WMS Industries Inc. (WMS) - $12.4 million.
-- Isaac Perlmutter, Vice Chairman at Marvel Enterprises Inc. (MVL) - $9.1 million.
Largest Individual Insider Sales*
Topping the sales list were CEOs Steven Ballmer at Microsoft Corp. (MSFT) and Michael Dell at Dell Inc. (DELL) with disposals worth $1.5 billion and $1.2 billion, respectively. Ted Turner, former Vice Chairman at Time Warner (TWX), was the executive with the third-highest volume of selling ($722 million) for a single insider last year. Rounding out the top five list:
-- Bill Gates, Chairman of the Board at Microsoft Corp. (MSFT) - $692 million.
-- Mark Smith, Chief Executive Officer at ADTRAN Inc. (ADTN) - $460 million.
Stocks that Performed Best Following Insider Buying
Last year, 41 companies experienced at least a doubling (100% gain or greater) of their stocks' prices in the months subsequent to their insiders' purchasing activities. Leading the pack was Akamai Technologies (AKAM), which saw its stock surge 662% between the time Chief Scientist Thomas Leighton acquired 400,000 shares in early-February (through a family trust) and year's end. The other noteworthy cases included:
-- Intervoice Inc. (INTV) - soared 298% following Director Gerald Montry's May purchase of 122,000 shares.
-- NII Holdings Inc. (NIHD) - increased 291% after Officer Miguel Rivera's 20,000-share February addition.
-- Pep Boys - Manny Moe & Jack (PBY) - jumped 237% after Chairman Bernard Korman bought 100,000 shares in early-March.
Stocks With Biggest Declines Following Insider Sales
During 2003, only 25 companies with a market capitalization of $500 million or greater (and sales activity by three or more insiders) experienced a decline of at least 25% following insider selling. Topping the list was Ecolab Inc. (ECL), a leading sanitation products and services company that saw seven of its executives disposing shares during May following which the stock's price declined by as much as 75%. The other firms whose stocks suffered last year's most notable losses following executive sales included:
-- UnitedHealth Group Inc. (UNH) - declined as much as 70% following May disposals.
-- SLM Corp. (SLM) - declined 67% following April and May selling.
-- International Game Technology (IGT) - declined 53% - 63% following sales during March, June, and July
* - Only includes "Direct" transactions at companies having a market capitalization greater than $100 million.
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