Massive Clusters of Insider Buying at Synalloy (SYNL) and Providence Service (PRSC), Plus Insider Transactions at 3 Other Companies

Former CEO of Growing Provider of Shared Wireless Infrastructure Offloads Shares

One member of Crown Castle International Corp (NYSE:CCI)’s executive management team offloaded a sizable chunk of shares this week, the most voluminous insider sale at CCI in 2016. Executive Vice Chairman W. Benjamin Moreland, President and CEO from July 2008 until May 2016, discarded 50,000 shares on Wednesday at prices ranging from $98.00 to $98.68 per share. After the recent sale, Mr. Moreland currently holds an ownership stake of 533,972 shares.

The largest provider of shared wireless infrastructure in the United States has seen the value of its stock spike by 14% since the beginning of 2016. The real estate investment trust owns, operates and leases shared wireless infrastructure that consists of roughly 40,000 towers and small cells supported by 17,000 miles of fiber. Mobile data usage has been doubling every two years, so Crown Castle International Corp (NYSE:CCI), which leases antenna space to carriers, is well-positioned to provide shareholders with hefty dividend checks for the foreseeable future. CCI currently pays out a quarterly cash dividend of $0.885 per share, which yields 3.58% annually. Ken Griffin’s Citadel Advisors owns 1.93 million shares of Crown Castle International Corp (NYSE:CCI) as of June 30.

Board Member at CST Brands Offloads Shares After Acquisition Announcement

One member of CST Brands Inc. (NYSE:CST)’s Board also unloaded two sizable blocks of shares in the past several days. Director Joseph V. Topper Jr. liquidated 57,729 shares on Friday and 42,271 shares on Tuesday at prices that ranged from $47.90 to $48.02 per share, trimming his ownership to 1.13 million shares.

In late-August, the independent retailer of motor fuels and convenience merchandise agreed to be acquired by Quebec-based convenience store operator Alimentation Couche-Tard for $3.67 billion. Under the terms of the freshly-inked agreement, CST Brands shareholders will receive $48.53 per share in cash for each share of CST Brands owned, yielding an enterprise value of around $4.4 billion including the assumption of net debt. CST Brands Inc. (NYSE:CST) has more than 1,000 stores in the southwestern U.S., as well as in New York and Eastern Canada. There were a total of 31 hedge funds followed by Insider Monkey with long positions in CST Brands at the end of the second quarter, hoarding up 28% of the company’s common stock. Alan Fournier’s Pennant Capital Management had 3.43 million shares of CST Brands Inc. (NYSE:CST) in its portfolio at the end of June.

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