As we noted last week insider buying has jumped in recent weeks as stocks have swooned and insider’s have taken advantage of the downturn. The recent spat of buying was the largest weekly buying since the depths of credit crisis near the market lows in 2008. Insiders bought $31MM worth of stock last week while selling over $588MM. Selling remains staggeringly high when compared to buying, but the buying data remains the far more useful indicator in terms of market direction.
Among the notable buying was Nelson Peltz who continues to see value in Legg Mason (LM). Francis Saul, CEO of Saul Centers (BFS) also bought over $1MM of his own stock.