Noteworthy Clusters of Insider Buying Witnessed at XL Group plc (XL) and 2 Other Companies

Intersil Registered Massive Cluster of Insider Buying This Week

Intersil Corp (NASDAQ:ISIL) has also registered a cluster of insider buying this week, which involved three different executives. Roger Wendelken, Senior Vice President of Worldwide Sales, purchased 10,000 shares on Tuesday at $11.70 apiece, lifting his holding to 66,575 shares. President and Chief Executive Officer Necip Sayiner bought 22,000 shares according to a Wednesday filing, at a cost of $11.61 per share. Mr. Sayiner currently owns a stake of 593,331 shares. Last but not least, Richard D. Crowley Jr., Chief Financial Officer and Senior Vice President, purchased 700 shares on Monday, 2,800 shares on Tuesday, and 1,500 shares on Wednesday at a weighted average price of $11.68, boosting his ownership to 65,463 shares.

The provider of innovative power management and precision analog integrated circuits (ICs) has seen its market value decline by 9% this year, after it delivered a somewhat disappointing earnings report for the fiscal 2016 first quarter that ended April 1. The company’s revenue for the quarter was $129.3 million, 3.7% lower than the revenue generated for the same quarter of the previous fiscal year. The top-line figure decline was mainly driven by weakness in the demand environment from the industrial and infrastructure end market, as well as lower sales of certain low-margin consumer products. Nonetheless, Intersil’s management anticipates revenue from its industrial and infrastructure end market to increase sequentially, whereas revenue from the consumer and computing end market is anticipated to decline slightly in the fiscal second quarter.

Intersil shares are currently changing hands at around 15.5-times expected earnings, slightly above the forward P/E ratio of 14.2 for the semiconductors industry. There were 16 hedge funds tracked by Insider Monkey that were invested in Intersil Corp (NASDAQ:ISIL) at the end of 2015, with Royce & Associates, founded by Chuck Royce, owning 1.27 million shares as of December 31.

Disclosure: None