At Insider Monkey, we track insider trading and hedge fund activity to uncover actionable patterns and profit from them. Large-scale studies of insider buying data have showed that stocks with noteworthy insider purchases outperform the market by as much as 11% annually on average, making insider buying a highly useful measure of a stock’s value (and more importantly, its future performance) for investors.
Among the recently uncovered insider buying of note were purchases made by insiders at Worthington Industries, Inc. (NYSE:WOR), Knowles Corp (NYSE:KN), and Churchill Downs, Inc. (NASDAQ:CHDN). We’ll look at those moves and what likely spurred them below.
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Worthington Industries, Inc. (NYSE:WOR)
Who Bought Shares: Director Michael Endres
How Many Shares Were Bought: 3,000 @ $39.78
Date of the Transaction(s): April 4
The director’s purchase was the first by a Worthington Industries, Inc. (NYSE:WOR) insider in over three years and followed a steep decline in shares in late-March/early-April following the company’s fiscal third-quarter results being released. Those results of $841 million in revenue (up by nearly 20% year-over-year) and EPS of $0.61 (when not including a $0.66 per share tax cuts benefit) missed estimates of $861 million and $0.72 per share respectively.
Worthington Industries, Inc. (NYSE:WOR)’s Integration of Amtrol Proving Successful: During the company’s fiscal third-quarter conference call, EVP and CFO Andy Rose declared that Worthington’s integration of Amtrol has “gone well”, improving Worthington’s consumer and industrial products divisions. A manufacturer of water system tanks and pressure cylinders, Amtrol was acquired last June for $283 million.
On the next page we’ll look at the recent insider trading activity at Churchill Downs, Inc. (NASDAQ:CHDN) and Knowles Corp (NYSE:KN).