Insider Buying Heating Up At Worthington (WOR), Knowles (KN), and Churchill Downs (CHDN)

Churchill Downs, Inc. (NASDAQ:CHDN)

Who Bought Shares: Director Richard Duchossois

How Many Shares Were Bought: 8,125 @ $246.42 per share

Date of the Transaction(s): March 23 to April 3

The director has long been one of the most active insiders at Churchill Downs, Inc. (NASDAQ:CHDN),with his clusters of purchases often preceding sharp rises in the stock. Previously, that included three purchases last May ahead of the gaming company stock’s massive rally that would see it gain close to 40% throughout the remainder of 2017. The four recent purchases are owned indirectly through RLD Revocable Trust. In addition, the director made a purchase of 3,680 shares on March 7 that are owned directly.

Historical Racing Machine Parlor Slated to Open This Year: Churchill Downs, Inc. (NASDAQ:CHDN) is scheduled to open an 85,000-square-foot parlor at its Trackside training center in Louisville later this year. The machines are expected to generate enough revenue to increase purses for the track’s horse races, as they have at Kentucky Downs. Parlors located at three other tracks in the state generated over $2 billion in wagering in 2017.

Knowles Corp (NYSE:KN)

Who Bought Shares: Intelligent Audio President Michael Polacek

How Many Shares Were Bought: 1,178 @ $12.36

Date of the Transaction(s): April 2

Polacek and fellow insider Didier Hirsch have been actively buying shares of Knowles Corp (NYSE:KN) over the past six months, amounting to more than 10,000 shares in total. Shares have yet to experience the turnaround likely envisioned by those insiders, as they’ve fallen by over 13% in 2018.

Knowles Corp (NYSE:KN) Continues Transition Towards Audio Solutions: Knowles, which manufactures a wide range of audio products and components, suffered from weaker demand for its components from Chinese handset makers in 2017. On the other hand, headset sales more than doubled, and the company expects that market, as well as the IoT market (smart speakers), to be strong drivers of growth this year. Towards the end of 2017, Knowles unloaded its low-margin timing device business for $130 million, allowing it to pay its debt down to its lowest levels since the company went public.

Disclosure: None