Insider Weekends: CEO Of Kennedy-Wilson Holdings Purchases 100,000 Shares

Welcome to edition 580 of Insider Weekends. Insider buying decreased last week with insiders purchasing $190.52 million of stock purchased compared to $247.78 million in the week prior. Selling increased significantly to $5.37 billion compared to $3.85 billion in the week prior.

Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week went up to 28.21 In other words, insiders sold more than 28 times as much stock as they purchased. The Sell/Buy ratio this week was unfavorable compared to the prior week when the ratio stood at 14.07.

Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs, and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However, metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

Notable Insider Buys:

1. Energy Transfer LP (ET): $9.51

Shares of this energy storage and transportation company were acquired by 2 insiders:

  • Executive Chairman Kelcy L. Warren acquired 3,000,000 shares, paying $9.30 per share for a total amount of $27.91 million. These shares were purchased indirectly by Kelcy Warren Partners III, LLC .
  • CFO Bradford D. Whitehurst acquired 5,000 shares, paying $9.20 per share for a total amount of $46,025. Mr. Whitehurst increased his stake by 0.65% to 779,552 shares with this purchase.

You can view the list of recent insider transactions for Energy Transfer LP here.

P/E: 6.98 Forward P/E: 7.55 Industry P/E: 48.77
P/S: 0.49 Price/Book: 1.19 EV/EBITDA: 6.92
Market Cap: $25.72B Avg. Daily Volume: 14,179,275 52 Week Range: $4.98 – $11.55

2. Tivity Health, Inc. (TVTY): $23.13

Director Anthony Michael Sanfilippo acquired 160,000 shares of this fitness and health products provider, paying $21.77 per share for a total amount of $3.48 million. Mr. Sanfilippo increased his stake by 49.57% to 482,792 shares with this purchase. These shares were purchased indirectly through a trust.

You can view the list of recent insider transactions for Tivity Health, Inc. here.

P/E: N/A Forward P/E: 13.77 Industry P/E: 26.79
P/S: 2.71 Price/Book: 33 EV/EBITDA: 10.12
Market Cap: $1.15B Avg. Daily Volume: 336,198 52 Week Range: $13.23 – $27.87

3. Aon plc (AON): $277.24

Director Lester B. Knight acquired 10,000 shares of this insurance brokers company, paying $263.95 per share for a total amount of $2.64 million. These shares were purchased indirectly through a trust.

You can view the list of recent insider transactions for Aon plc here.

P/E: 30.51 Forward P/E: 22.14 Industry P/E: 11.13
P/S: 5.32 Price/Book: 14.02 EV/EBITDA: 19.47
Market Cap: $62.59B Avg. Daily Volume: 2,198,556 52 Week Range: $179.52 – $277.86

4. Dun & Bradstreet Holdings, Inc. (DNB): $19.23

Shares of this business data and analytics provider were acquired by 3 insiders:

  • Chief Executive Officer Anthony M. Jabbour acquired 109,806 shares, paying $18.21 per share for a total amount of $1.99 million. These shares were purchased indirectly through a trust.
  • Chief Legal Officer Joseph A. Reinhardt III acquired 10,783 shares, paying $18.56 per share for a total amount of $200,156. Mr. Reinhardt increased his stake by 2.03% to 540,850 shares with this purchase.
  • Chief Financial Officer Bryan T. Hipsher acquired 3,000 shares, paying $18.63 per share for a total amount of $55,890. Mr. Hipsher increased his stake by 0.49% to 620,818 shares with this purchase.

You can view the list of recent insider transactions for Dun & Bradstreet Holdings, Inc. here.

P/E: N/A Forward P/E: 16.58 Industry P/E: 28.44
P/S: 4.25 Price/Book: 2.31 EV/EBITDA: 20
Market Cap: $8.29B Avg. Daily Volume: 1,884,656 52 Week Range: $18.09 – $29.548

5. Kennedy-Wilson Holdings, Inc. (KW): $21.35

Chief Executive Officer William J. McMorrow acquired 100,000  shares of this real estate investment company, paying $21.10 per share for a total amount of $2.11 million. These shares were purchased indirectly through a trust.

Kennedy-Wilson Holdings is a real estate company that operates in the Western United States, UK and Ireland with $19 billion in assets under management across a portfolio of multifamily units, office properties, retail and hotels.  The company both owns assets as well as manages assets for other investors through joint ventures. The company is not structured like as a REIT and yet has a dividend yield of 4.12% that far exceeds the yield of most non-mortgage REITs.

Kennedy-Wilson Assets and Geographic Mix (source: Company Q2 Earnings Presentation)

The company derives most of its multifamily operating income from the Western United States and a majority of its office property income comes from Europe. Before the COVID-19 pandemic hit, the company was consistently growing its net operating income, which increased more than five fold from $59 million in 2015 to $321 million in 2019. While the company took a bit hit in 2020, it remained profitable and was not forced to cut its dividend. Earnings have rebounded strongly in 2021 and the company announced new joint ventures including a $1.5 billion multifamily platform with a global institutional investor.

In addition to insider buying, the company is also buying back its own stock.

You can view the list of recent insider transactions for Kennedy-Wilson Holdings, Inc. here.

P/E: 8.45 Forward P/E: -355.83 Industry P/E: 43.05
P/S: 6.08 Price/Book: 2 EV/EBITDA: 48.16
Market Cap: $3.01B Avg. Daily Volume: 444,453 52 Week Range: $12.77 – $21.41

You can view the full list of purchases from this Insider Buying page.

Notable Insider Sales:

1. The Carlyle Group Inc. (CG): $48.78

Director David M. Rubenstein sold 4,000,000 shares of this asset management company for $47.10, generating $188.39 million from the sale.

You can view the list of recent insider transactions for The Carlyle Group Inc. here.

P/E: 6.82 Forward P/E: 16.1 Industry P/E: 15.44
P/S: 2.27 Price/Book: 3.99 EV/EBITDA: 6.29
Market Cap: $17.45B Avg. Daily Volume: 1,909,051 52 Week Range: $23.48 – $51.55

2. Facebook, Inc. (FB): $363.18

Shares of Facebook were sold by 2 insiders:

  • COB and CEO Mark Zuckerberg sold 386,500 shares for $361.48, generating $139.71 million from the sale. These shares were sold indirectly by various entities.
  • VP and General Counsel Jennifer Newstead sold 241 shares for $361.94, generating $87,228 from the sale.

You can view the list of recent insider transactions for Facebook, Inc. here.

P/E: 26.97 Forward P/E: 23.86 Industry P/E: 30.19
P/S: 9.77 Price/Book: 7.43 EV/EBITDA: 18.67
Market Cap: $1.02T Avg. Daily Volume: 14,866,742 52 Week Range: $244.13 – $377.55

3. Snap Inc. (SNAP): $74.62

Chief Executive Officer Evan Spiegel sold 793,243 shares of this social media company for $77.50, generating $61.48 million from the sale.

You can view the list of recent insider transactions for Snap Inc. here.

P/E: N/A Forward P/E: 111.37 Industry P/E: 30.19
P/S: 35.31 Price/Book: 40.47 EV/EBITDA: -178.82
Market Cap: $117.98B Avg. Daily Volume: 17,411,215 52 Week Range: $20.68 – $80.85

4. DraftKings Inc. (DKNG): $53.5

Shares of this digital sports entertainment and gaming company were sold by 2 insiders:

  • Director Shalom Meckenzie sold 660,000 shares for $53.71, generating $35.45 million from the sale.
  • Chief Executive Officer and Chairman of the Board Jason Robins sold 333,333 shares for $53.72, generating $17.91 million from the sale.

You can view the list of recent insider transactions for DraftKings Inc. here.

P/E: N/A Forward P/E: N/A Industry P/E: N/A
P/S: 20.27 Price/Book: 9.76 EV/EBITDA: -18.58
Market Cap: $21.58B Avg. Daily Volume: 13,858,139 52 Week Range: $33.46 – $74.38

5. Athene Holding Ltd. (ATH): $65.48

Shares of this retirement services company  were sold by 2 insiders:

  • Director Marc J. Rowan sold 607,629 shares for $65.90, generating $40.04 million from the sale.
  • Executive VP and CFO Martin P. Klein sold 1,800 shares for $68.00, generating $122,400 from the sale.

You can view the list of recent insider transactions for Athene Holding Ltd. here.

P/E: 3.04 Forward P/E: 7.37 Industry P/E: 11.13
P/S: 0.55 Price/Book: 0.63 EV/EBITDA: N/A
Market Cap: $12.57B Avg. Daily Volume: 1,063,048 52 Week Range: $30.05 – $70.37

You can view the full list of sales from this Insider Sales page.

The list of all insider purchases and sales by management people is only available to InsideArbitrage Premium members.

Disclaimer: Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

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