- By Joy Hu
According to GuruFocus Insider Data, these were the largest CEO buys during the past week.
Golub Capital BDC
Golub Capital BDC Inc. (NASDAQ:GBDC) CEO David Golub bought 235,080 shares during the past week at the average price of $12.93.
Golub Capital BDC is an externally managed, closed-end, non-diversified management investment company. The company's investment objective is to generate current income and capital appreciation by investing in senior secured and one-stop loans in U.S. middle-market companies. It also invests in second lien and subordinated loans, warrants and minority equity securities in middle-market companies. The company's competitors in providing financing to middle-market companies include public and private funds, other business development companies, commercial and investment banks and commercial financing companies.
The company has a market cap of $2.20 billion. Its shares traded at $13.14 as of Sept. 11.
Net investment income during the three months ended June 30 was $35.07 million, compared to $19.41 million for the prior-year quarter.
Golub bought 4,731 shares on Sept. 1 at a price of $13.05; 84,792 shares on Sept. 2 at a price of $13.29; 7,206 shares on Sept. 3 at a price of $13.15; 106,780 shares on Sept. 8 at a price of $12.83; and 128,300 shares on Sept. 10 at a price of $13.01. The price of the stock has increased by 1% since then.
Chairman Lawrence E. Golub bought 4,731 shares on Sept. 1 at a price of $13.05; 84,792 shares on Sept. 2 at a price of $13.29; 7,206 shares on Sept. 3 at a price of $13.15; 106,780 shares on Sept. 8 at a price of $12.83; and 128,300 shares on Sept. 10 at a price of $13.01. Since then, the price of the stock has increased by 1%.
Summit Materials Inc. (NYSE:SUM) President and CEO Anne P. Noonan bought 66,000 shares on Sept. 4 at a price of $15.24. The price of the stock has increased by 10.96% since then.
Summit Materials is a top-10 aggregates supplier and top-15 cement producer in the U.S. Founded as a roll-up strategy in 2009, the company has grown through a very active acquisition strategy. While cement and aggregates constituted about 36% of the firm's revenue in 2019, these higher-margin businesses constituted nearly 60% of gross profit. Summit's downstream businesses and services include asphalt, ready-mix concrete and paving. While these constitute about 64% of revenue, their lower margins lead to gross profit contribution of roughly 43%.
The company has a market cap of $1.93 billion. Its shares traded at $16.91 with a price-earnings ratio of 18.58 as of Sept. 11.
For the three months ended June 27, net income was $57.1 million compared to net income of $36.4 million in the prior year period.
Vistra Corp. (NYSE:VST) President and CEO Curtis A. Morgan bought 41,176 shares on Sept. 8 at a price of $18.19. Since then, the price of the stock has increased by 1.76%.
Vistra Energy emerged from the Energy Future Holdings bankruptcy as a stand-alone entity in 2016. The EFH assets make it one of the largest power producers and retail energy providers in Texas. It owns and operates 41 gigawatts of nuclear, coal and natural gas generation in its wholesale generation segment after acquiring Dynegy in 2018. Its retail electricity segment serves 5 million customers in 19 states. Vistra's retail business serves almost one third of all Texas electricity consumers.
The company has a market cap of $9.05 billion. Its shares traded at $18.51 with a price-earnings ratio of 16.04 as of Sept. 11.
Net income for the three months ended June 30 was $164 million compared to $354 million for the comparable period of 2019.
Director Scott B. Helm bought 20,000 shares on Sept. 8 at a price of $18.19. The price of the stock has increased by 1.76% since then.
Orion Engineered Carbons
Orion Engineered Carbons SA (NYSE:OEC) CEO Corning F. Painter bought 50,000 shares on Sept. 4 at a price of $12.70. Since then, the price of the stock has increased by 11.81%.
Orion Engineered Carbons is a producer of carbon black. The company's operating segments are Specialty Carbon Black and Rubber Carbon Black. It generates maximum revenue from the Rubber Carbon Black segment. Rubber Carbon Black segment is used in the reinforcement of rubber in tires and mechanical rubber goods. The Specialty Carbon Black segment is used as pigments and performance additives in coatings, polymers, printing, and special applications. Geographically, it derives a majority of revenue from Germany.
The company has a market cap of $858.92 million. Its shares traded at $14.20 with a price-earnings ratio of 20.14 as of Sept. 11.
For the second quarter of 2020, net loss was $17.8 million compared to net income of $24.7 million in the second quarter of 2019.
Provident Financial Services
Provident Financial Services Inc. (NYSE:PFS) Chairman and CEO Christopher P. Martin bought 25,000 shares on Sept. 10 at a price of $12.78. The price of the stock has increased by 0.23% since then.
Provident Financial Services is the holding company for The Provident Bank, a community-oriented bank. The company provides a comprehensive array of financial products and services through its network of branches throughout northern and central New Jersey and certain counties in Pennsylvania. The company's strategy emphasizes growing high-return businesses in nonstandard markets, and maintaining a secured capital structure. Commercial loans represent a plurality of the company's loans, followed by construction loans. Net interest income is the largest portion of the company's net revenue.
The company has a market cap of $834.39 million. Its shares traded at $12.81 with a price-earnings ratio of 9.56 as of Sept. 11.
Net income for the quarter ended June 30 was $14.31 million compared to $24.39 million for the prior-year period.
Executive Vice President and Chief Lending Officer Walter Sierotko of Provident Bank bought 2,450 shares on Sept. 10 at a price of $12.76. Since then, the price of the stock has increased by 0.39%.
Executive Vice President and Chief Information Officer John R. Kamin of Provident Bank sold 4,000 shares on Aug. 24 at a price of $13.41. The price of the stock has decreased by 4.47% since then.
For the complete list of stocks bought by their company CEOs, go to: CEO Buys.
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.