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Massive Clusters of Insider Buying at United Continental Holdings Inc. (UAL) and Two Other Companies

CEO and New Director at Acacia Research Purchased Shares This Week

Acacia Research Corp (NASDAQ:ACTG) had two corporate insiders buy shares earlier this week, including its most influential executive. Chief Executive Officer Marvin E. Key purchased 55,000 shares on Monday at a price of $4.15 per share, boosting his ownership to 190,833 shares. Freshly-appointed Director, Frank E. Walsh III, acquired a new stake of 35,000 units of common stock on Monday at a price tag of $4.13 per unit.

In early March of this year, the company received a proposal from ARC Acquisition Company LLC to purchase all Acacia’s outstanding shares for $3.72 per share in cash, but the Board determined that the proposal was inadequate. Shares of Acacia have gained 22% in the past three months and are currently trading notably above the $3.72-offer, but they continue to trade significantly below the 52-week high of $11.34 reached at the end of April 2015. Acacia Research, which invests in, licenses and enforces patented technologies, generated revenue of $24.72 million in the first quarter of 2016, down from $34.21 million in the same period of 2015. First-quarter non-GAAP net income was $2.53 million, as compared to $3.16 million reported for the first quarter of 2015.

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There were 12 hedge funds tracked by Insider Monkey with stakes in Acacia Research at the end of 2015, which amassed nearly 16% of the company’s outstanding shares. John W. Rogers’ Ariel Investments had 3.58 million shares of Acacia Research Corp (NASDAQ:ACTG) in its equity portfolio at the end of December.

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