Top Insider Buys Highlight for the Week of Oct. 2
- By Shuda Xia
The largest insider buys this week were in CarMax Inc. (NYSE:KMX), Icahn Enterprises LP (NASDAQ:IEP), Phillips 66 Partners LP (NYSE:PSXP) and Highwoods Properties Inc. (NYSE:HIW).
CarMax director bought 2,700 shares
Director Mark F. Oneil bought 2,700 shares of CarMax on Sept. 30 for an average price of $93.4. The share price has increased by 2.3% since then.
CarMax is a Fortune 500 company that is currently the largest used-car retailer in the U.S. The company is also a component of the S&P 500. The company has a market capitalization of $15.69 billion; as of Oct. 2, it traded at $95.55.
On Sept. 24, CarMax announced the completion of its rollout of online car buying nationwide, which will enable consumers to buy a car online, in-store or an integration of both. The new online system enables customers to secure financing pre-approval, transfer vehicles, shop for vehicles and obtain an appraisal over the internet.
Icahn Enterprises director bought 202,758 shares
Director Brett Icahn bought 202,758 shares of Icahn Enterprises on Oct. 1 for an average price of $49.32. Since then, the stock has increased by 1.48%.
Icahn Enterprises is an American conglomerate that has investments in various industries, including auto parts, energy, casinos, real estate and home fashion. The company has a market capitalization of $11.15 billion; as of Oct. 2, it traded at $50.05.
On Oct. 1, Icahn Enterprises announced it entered into an agreement with Brett Icahn, the son of Chairman Carl Icahn (Trades, Portfolio). Pursuant to the agreement, the younger Icahn and a new team of portfolio managers will manage a portfolio of assets within the company's investment segment over a 7-year term, subject to certain veto rights by the elder Icahn. Brett Icahn will also join the company's board of directors and purchase $10 million in market value of depositary units.
Phillips 66 Partners director bought 15,000 shares
Director Phillip David Bairrington bought 15,000 shares of Phillips 66 Partners stock on Sept. 25 for an average price of $21.7. The stock has gained 5.12% since then.
Phillips 66 Partners is a master limited partnership formed by Phillips 66. The company focuses on acquiring, operating and developing fee-based crude oil, refined petroleum products and natural gas liquids pipelines and other midstream assets. The company has a market capitalization of $5.21 billion; as of Oct. 2, it traded at $22.81.
On Aug. 12, Phillips 66 Partners announced that it plans to reconfigure its San Francisco Refinery in Rodeo, California, to produce renewable fuels. The plant would switch from making fuels from crude oil to fuels made using cooking oil, fats, greases and soybean oils. This project would produce 680 million gallons annually of renewable diesel, renewable gasoline and sustainable jet fuel.
Highwoods Properties director bought 3,000 shares
Director Thomas P. Anderson bought 3,000 shares of Highwoods on Sept. 24 for an average price of $32.69. The share price has increased by 7.62% since then.
Highwoods Properties is an American real estate investment trust that focuses on developing and managing properties in the Best Business Districts of Atlanta, Charlotte, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa. The company is also a component of the S&P MidCap 400 Index. The company has a market capitalization of $3.66 billion; as of Oct. 2, it traded at $35.18.
On Aug. 13, Highwoods Properties announced the pricing of its tender offer for up to $150 million of its outstanding 3.20% shares, due 2021. The offer expired on Aug. 26.
For the complete list of stocks that were bought by their company executives, go to Insider Trades.
Disclosure: I do not own stock in any of the companies mentioned in the article.
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This article first appeared on GuruFocus.
