CEO of High-End Restaurant Chain Buys Shares, Oil and Gas Company’s Execs Sell Shares After OPEC Deal, Plus Other Insider Trading

Interim CEO of Low-Priced Imation Purchases Shares

The man in charge of low-priced Imation Corp. (NYSE:IMN) purchased a block of shares earlier this week. Interim Chief Executive Officer Robert B. Fernander bought 50,000 shares on Tuesday at prices that fell between $1.06 and $1.15 per share. After the recent purchase, Mr. Fernander currently owns an aggregate of 755,909 shares.

Imation Corp. (NYSE:IMN) operates as a holding company involved in asset management, while the company’s Nexsan subsidiary runs a global enterprise data storage business. Imation’s net revenue from continuing operations (Nexsan) was $11.5 million for the September quarter, which marked a decrease of 20.7% year-over-year. The disturbing decrease in the company’s top-line was driven by the strategic decision to exit underperforming regions and low-margin portions of the business. There were six asset managers tracked by Insider Monkey invested in the company at the end of the third quarter, compared to eight funds recorded at the end of the June quarter. Those six money managers amassed 38% of the company’s outstanding common stock. John W. Rogers’ Ariel Investment had 8.06 million shares of Imation Corp. (NYSE:IMN) in its portfolio on September 30.

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Freshly-Appointed CEO of High-End Restaurant Chain Boosts Stake

The most influential and well-informed executive at Del Frisco’s Restaurant Group Inc. (NASDAQ:DFRG) piled up some shares this week. Norman Abdallah, who took over the reins of leadership from Mark Mednansky in mid-November, snatched up 10,000 shares on Thursday at prices that ranged from $17.35 to $17.70 per share. Mr. Abdallah currently owns an aggregate of 21,768 shares following the recent purchase. Mr. Mednansky had been the CEO of Del Frisco’s Restaurant Group since March 2007 and guided the restaurant chain through its initial public offering in 2012.

Del Frisco’s Restaurant Group Inc. (NASDAQ:DFRG) develops, owns and operates three high-end, complementary restaurants. The chain operated 50 restaurants in 23 states and the District of Columbia at the beginning of September. The shares of Del Frisco’s have surged since the news emerged that Donald Trump was elected the next President of the United States, with analysts claiming that the high-end restaurant chain could be the biggest winner among restaurants should President-elect Trump cut income taxes. Trump proposed a simpler tax code with a 33% ceiling for the highest income bracket throughout the campaign, so upper-income consumers would enjoy the greatest tax benefit under Trump’s proposal. “The upscale nature of DFRG’s customer base (particularly at the Double Eagle) makes DFRG most likely among public chains to see a sales lift from a high-income consumer with significantly more disposable income,” said Credit Suisse analysts in a recent note. The shares of Del Frisco’s are up by 8% thus far in 2016. Steven Cohen’s Point72 Asset Management reported owning 268,000 shares of Del Frisco’s Restaurant Group Inc. (NASDAQ:DFRG) in its 13F filing for the September reporting period.

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The final page of this article will discuss noteworthy insider selling observed at two other companies.