Sonic Corporation (SONC) and PHI Inc. (PHII) Register Some Insider Buying, Plus Three Other Companies with Insider Selling

The Man in Charge of This Provider of Helicopter Transport Services Snapped Up Shares Last Week

PHI Inc. (NASDAQ:PHII) had its most influential executive purchase two classes of stock last week. Chairman and Chief Executive Officer Alton A. Gonsoulin Jr. snapped up two blocks of 1,000 voting shares each on Wednesday and Thursday at prices that ranged from $15.28 to $15.71 per share, lifting his “voting” stake to 2.05 million shares. Moreover, Mr. Gonsoulin purchased 18,000 and 13,000 units of non-voting common stock on Wednesday and Thursday at prices that fell in the range of $15.27 to $15.75 per share, which boosted his “non-voting” ownership stake to 1.09 million shares.

The provider of helicopter transport services has seen its market value plummet by 19% in the past month, mainly owing to a disappointing first-quarter earnings report. PHI Inc. (NASDAQ:PHII) primarily provides transportation services for major oil and gas production companies, but also offers air medical transportation for hospital and emergency services agencies. The company’s operating revenues for the first quarter of 2016 were $164.0 million, down from $204.2 million recorded a year ago due to weaker performance of the oil and gas segment. Greg Boland’s West Face Capital cut its stake in PHI Inc. (NASDAQ:PHII) by 12% during the March quarter to 3.22 million shares.

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This Metal Distributor Witnesses Increased Insider Selling Near 52-Week Highs

Reliance Steel & Aluminum Co (NYSE:RS) registered a mini cluster of insider selling last week. To start with, Douglas M. Hayes, a Director of Reliance since September 1997, discarded 5,000 shares on Wednesday at a price of $73.78 per share, which were held by the Douglas and Connie Hayes Living Trust that currently owns 11,898 shares. Mr. Hayes also holds a direct ownership stake of 4,709 shares. Moreover, Executive Chairman David H. Hannah sold 30,000 shares on the same day at prices that ranged from $73.60 to $74.05 per share, all of which were held by the David H. and Joan B. Hannah Family Trust. After the recent sale, the trust fund continues to own 168,000 shares of Reliance Steel & Aluminum.

The shares of the metals service center company reached a new 52-week high of $75.46 last week, so the recent insider selling should not come as a surprise for the investment community. Reliance Steel & Aluminum Co (NYSE:RS)’s shares are up 27% since the beginning of the year. Meanwhile, the company’s sales for the first quarter of 2016 were $2.16 billion, which decreased from $2.61 billion reported a year ago. Adage Capital Management, founded by Phillip Gross and Robert Atchinson, had 1.91 million shares of Reliance Steel & Aluminum Co (NYSE:RS) in its equity portfolio at the end of the first quarter.

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