US crude oil futures traded higher by 2% on Tuesday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out Benzinga’s insider transactions platform.
- The Trade: Designer Brands Inc. DBI Director Joanna Lau sold a total of 10,000 shares at an average price of $15.53. The insider received around $155.3 thousand from selling those shares.
- What’s Happening: Designer Brands, last month, reported second-quarter FY22 sales growth of 5.1% year-on-year to $859.32 million, beating the consensus of $838.69 million.
- What Designer Brands Does: Designer Brands Inc is a designer, producer and retailer of footwear and accessories. The company operates in three reportable segments: the U.S. Retail segment, the Canada Retail segment, and the Brand Portfolio segment.
- The Trade: General Mills, Inc. GIS Group President Shawn P O’Grady sold a total of 15,558 shares at an average price of $80.57. The insider received around $1.25 million as a result of the transaction.
- What’s Happening: General Mills recently reported better-than-expected Q1 EPS results and raised FY23 organic net sales growth guidance.
- What General Mills Does: General Mills is a leading global packaged food company that produces snacks, cereal, convenient meals, yogurt, dough, baking mixes and ingredients, pet food, and superpremium ice cream.
- The Trade: Noble Corporation NE 10% owner Pacific Investment Management Co LLC sold a total of 114,859 shares at an average price of $27.97. The insider received around $3.21 million from selling those shares.
- What’s Happening: The company, last month, posted upbeat quarterly earnings.
- What Noble Corporation Does: Noble Corp is an offshore drilling contractor for the oil and gas industry. Noble performs, through its subsidiaries, contract drilling services with a fleet of 19 mobile offshore drilling units, consisting of 11 floaters and eight jackups focused largely on ultra-deepwater and high-specification jackup drilling opportunities.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.