With the US elections over, the markets around the world plunged being “stunned” by the victory of Donald Trump, who defied all odds. Nevertheless, the US stock futures managed to pare losses. Despite the uncertainty surrounding the Trump presidency and the disappointment felt by many, the life moves on.
Having said that, let’s focus on the main purpose of this article, which is to discuss fresh noteworthy insider transactions reported with the SEC. Though the prospects do not look so bright at the moment, investors would still be wise to pay close attention to insider buying. After all, there appears to be only one reason corporate insiders use their hard-earned money to purchase shares. And that reason stems from insiders’ desire to make money on those purchases. Without further ado, let’s discuss some fresh insider buying and selling reported with the SEC on Tuesday.
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Cluster of Insider Buying at Telecommunication Company After Earnings Release
Three different insiders at Liberty Global plc (NASDAQ:LBTYA) purchased shares earlier this week. To start with, Board member J. David Wargo bought 25,297 Class C shares on Tuesday at prices that fell between $19.86 and $20.42 per share. Mr. Wargo reported the purchase of an additional 1,000 Class C shares, which are owned by his spouse. Following the recent purchase, the Board member currently owns a direct ownership stake of 38,288 Class C shares. Paul A. Gould, another member of the company’s boardroom, snapped up 30,000 Class A shares on the same day at prices varying from $20.15 to $20.30 per share. Mr. Gould currently owns an aggregate of 67,021 Class A shares following the purchase. More importantly, President and CEO Michael T. Fries snatched up 50,000 Class A shares on Tuesday at prices ranging from $19.98 to $20.34 per share, lifting his ownership of Class A shares to 144,713 units. Mr. Fries also bought 1,100 Class B shares on the same day for $22.27 each, a purchase that increased his holding of Class B shares to 34,432 units.
The shares of the international provider of video, broadband internet, fixed-line telephony, mobile and other communications services are down 21% this year. The insider buying comes shortly after the telecommunications company reported a loss of $249.5 million for the third quarter, which was driven by more than $436 million in losses on derivatives. This compares with a year-earlier bottom-line of $133.3 million. Liberty Global plc (NASDAQ:LBTYA)’s revenue jumped by 13% year-over-year to $5.21 billion, beating analysts’ expectations. Bernard Selz’s Selz Capital LLC added a new stake of 50,000 Class A shares in Liberty Global plc (NASDAQ:LBTYA) to its portfolio of holdings during the September quarter.
The next two pages of this article will discuss more insider buying and selling recently witnessed at other companies.