Using our screener, I came across several important insider transactions that took place over the past week. In this article, I would like to look into three of them, which involve small-cap companies: J C Penney Company Inc (NYSE:JCP), Mack Cali Realty Corp (NYSE:CLI) and Second Sight Medical Products Inc (NASDAQ:EYES).
Mack Cali Realty Corp (NYSE:CLI) witnessed one of the largest insider purchases last week. This $1.71 billion market cap self-administered, self-managed real estate investment trust (REIT) saw Board Director Jonathan Litt buy 187,400 shares of Common Stock, for an average weighted price of $19.15 per share (close to the low end of the 52-week price range). After more than one year without insider purchases in the company, this one was a big one: Mr. Litt spent more than $3.5 million in stock.
Other relevant investors that recently boosted their wages on Mack Cali Realty Corp (NYSE:CLI) are J. Alan Reid, Jr.’s Forward Management and Israel Englander’s Millennium Management. Both these funds augmented their stakes in the company over the third quarter, and now own 1.62 million shares and 1.04 million shares, respectively.
J C Penney Company Inc (NYSE:JCP) is a $2.27 billion market cap holding company that operates the famed J C Penney department stores. Although some analysts believe that the company’s future looks bleak, one Board Director seems to disagree. After one year without any insiders purchasing its stock, J C Penney saw Javier Teruel acquire 100,000 shares of Common Stock, for $7.28 per share. After spending $728,000 in stock, the insider owns 293,405 shares of the company.
Also betting on J C Penney Company Inc (NYSE:JCP) are some major institutional investors, like D.E. Shaw, which enormously boosted its exposure to the company during the third quarter and now owns 2.41 million shares, and Daniel S. Och’s OZ Management, which increased its stake by 17%, to 1.93 million shares.
Last in this list is Second Sight Medical Products Inc (NASDAQ:EYES), a $722.74 million market cap medical devices company that went public on November 19. In the context of the IPO, priced at $9.00 per share, two Board Directors acquired the company’s stock: Gregg Williams purchased 111,111 shares for a total price of $999,999, while Aaron Mendelsohn spent $270,000 on 30,000 shares of Second Sight Medical Products Inc (NASDAQ:EYES).
Disclosure: Javier Hasse holds no positions in any stocks or funds mentioned
Let Warren Buffett, David Einhorn, George Soros, and David Tepper WORK FOR YOU. If you want to beat the low cost index funds by an average of 6 percentage points per year look no further than Warren Buffett’s stock picks. That’s the margin Buffett’s stock picks outperformed the market since 2008. In this free report, Insider Monkey’s market beating research team identified 7 stocks Warren Buffett and 12 other billionaires are crazy about. CLICK HERE NOW for all the details.