Morning Report: Presidents selling - Kaltura
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Providing Insider News and Knowledge to Investors
Morning Report: Presidents selling April 20, 2021
Canada's morning overview of insider filings with a special focus on companies that may interest active and
momentum-oriented investors.
Canadian Company Insider Filing Tally* - Yesterday
INK Market-Wide Sentiment Indicator*
INK Market-Wide Sentiment Indicator: 125.4%
INK Sentiment Reading: INK Venture Sentiment Reading:
*Filing Tally represents Toronto Stock Exchange and Venture companies with public-market transaction SEDI filings of directly-owned equity securities.
Indicators represent companies with buy-only transactions divided by companies with sell-only transactions of direct ownership equity securities in the
public-market by officers and directors (exclusive of officers and directors of subsidiaries or insiders) filed over the last 60 days. The chart line shows insider
sentiment trends by connecting the historic indicator daily readings going back one year. See our market report for commentary on indicator readings.
Report Tutorial Video : http://www.inkresearch.com/pdf_tutorial/morning.html
English
Overview: Sentiment and Stocks
In our market report yesterday, "Being cautious on big defensive consumer stocks," we explained how we like to avoid stocks
that have a combination of insider selling and share buybacks. We find that concoction distasteful as it blends a company's
board and management's premise that the stock is undervalued with the actions of insiders who see the share price as being
high enough to take profits. In some cases, share buybacks are recycled back to the insiders in the form of stock-based
compensation awards.
The disagreeable recipe of buybacks plus insider selling seems to be a favourite among big companies in the Consumer
Non-Cyclicals sector. Loblaw Companies (L) is a prime example. Over the past 90 days, Loblaw has reported repurchasing
about $350 million worth of shares, including about $180 million from parent George Weston (Cloudy; WN). Within that
period, senior officers have also reported selling about $6 million worth of shares in the public market. Last April when
Loblaw announced its buyback program, referred to as a normal course issuer bid (NCIB), it said, "Loblaw may also use its
NCIB to acquire the number of common shares that are issued pursuant to the exercise of options in order to offset the
dilutive effect of options that have been exercised." So how can companies like Loblaw continue to engage in this type of
stock buyback feast? The answer partly lies in the growth of passive investing where index funds buy up shares in companies
strictly in relation to their size. Passive ETFs are typically blind to fundamentals and governance. While the wind has been at
the back of passive investing over the past two or three decades, we believe those winds are shifting. Investors who have been
picnicking with stocks like Loblaw should keep an eye out for the coming storm.
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April 20, 2021
Today's Chart
Loblaw Companies Limited (L)
Chart reflects public-market and option-exercise transactions of common shares (unit trusts) by company officers and directors.
USD transactions are converted to Canadian dollars by us using the Bank of Canada noon rate on the transaction date.
Over the past 90 days, Loblaw Companies (L) bought back a total of 5,371,864 common shares at an average price of $65.15
(not shown on chart). Included in that were sales by parent company George Weston (Cloudy; WN) which sold 2,778,077
shares at an average reported price of $65.14 based on SEDI filings (also not shown on chart).
In addition, on March 1st, six insiders sold a total of 96,955 common shares at $62.06 in conjunction with rights exercises
taking place the same day (rights exercises not shown on chart). Among those selling were President of the Discount Division
Jocyanne Bourdeau (WN), President of President's Choice Financial Barry Columb (WN), and Loblaw Companies President
Sarah Davis (CHP, AGF, WN).
Loblaw Companies Ltd. currently holds a cloudy INK Edge outlook on the equally weighted V.I.P. criteria of valuations,
insider commitment and price momentum which places it in the bottom 30% of all stocks ranked. INK outlook categories are
designed to identify groups of stocks that have the potential to out or underperform the market. However, any individual
stock could surprise on the up or downside. As such, outlook categories are not meant to be stock-specific recommendations.
For background on our INK Edge outlook, please visit our FAQ #5 at INKResearch.com.
Video summaries of our morning reports are available on INK Ultra Money and, during the COVID-19 crisis, we are also
making a number of these videos available for free on CanadianInsider.com/Ultramoney.
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April 20, 2021
Top-10 Tables: Yesterday's Activities
Tables represent public market transactions of directly held equity securities plus purchases and sales of these securities from the exercise of
options by company officers and directors filed on or after April 19, 2021. Transactions filed on Saturday and Sunday are aggregated into
Friday's number. INK may adjust certain filings for common filing errors on a reasonable efforts basis.
- Public market transaction - Exercise of options
Top 10 Net "CO2" Buying Top 10 Net "CO2" Selling
(By dollar amount, 000's) (By dollar amount, 000's)
Waterloo Brewing (WBR) $795.9 The North West Co (NWC) $-4,890.3
Sailfish Royalty (FISH) $225.0 Richelieu Hardware (RCH) $-1,077.4
Metalla Royalty & Streami (MTA) $99.0 Cielo Waste Solutions (CMC) $-792.7
NTG Clarity Networks (NCI) $35.0 Sylogist (SYZ) $-296.0
E3 Metals (ETMC) $18.3 EMX Royalty (EMX) $-35.1
Regulus Resources (REG) $16.3 Velocity Minerals (VLC) $-22.5
True North Comm. REIT (TNT) $10.6
Nexus Gold (NXS) $5.0
Obsidian Energy (OBE) $4.9
Warrior Gold (WAR) $4.6
"CO2" may included Board chairs, CEOs, Presidents, CFOs, Treasurers, and Controllers of companies. See data description above.
Top 10 Net Insider Buying Top 10 Net Insider Selling
(By dollar amount, 000's) (By dollar amount, 000's)
Waterloo Brewing (WBR) $795.9 The North West Co (NWC) $-4,890.3
Intrepid Mines (IAU) $472.5 BRP (DOO) $-1,277.9
Sailfish Royalty (FISH) $450.0 Richelieu Hardware (RCH) $-1,077.4
Valeo Pharma (VPH) $175.9 Cielo Waste Solutions (CMC) $-792.7
Neptune Digital Assets (NDA) $110.0 Empire Company (EMP) $-648.6
Metalla Royalty & Streami (MTA) $99.0 Pan American Silver (PAAS) $-573.3
Decibel Cannabis Company (DB) $79.7 Sylogist (SYZ) $-296.0
MCI Onehealth Tech. (DRDR) $76.1 American Manganese (AMY) $-259.8
SugarBud Craft Growers (SUGR) $75.0 Loblaw Companies (L) $-255.4
Powerband Solutions (PBX) $72.0 Torex Gold Resources (TXG) $-147.0
Top 10 Net Insider Buying Top 10 Net Insider Selling
(By volume, 000's) (By volume, 000's)
SugarBud Craft Growers (SUGR) 2,500.0 Cielo Waste Solutions (CMC) -850.0
Link Global Technologies (LNK) 1,000.0 Sixth Wave Innovations (SIXW) -300.0
Sailfish Royalty (FISH) 600.0 American Manganese (AMY) -235.0
Decibel Cannabis Company (DB) 424.6 The North West Co (NWC) -133.4
NTG Clarity Networks (NCI) 350.0 Velocity Minerals (VLC) -100.0
Intrepid Mines (IAU) 250.0 Orea Mining (OREA) -95.0
Valeo Pharma (VPH) 154.3 Southern Silver Expl Corp (SSV) -75.0
ArcWest Exploration (AWX) 141.0 Atico Mining (ATY) -58.0
Waterloo Brewing (WBR) 120.4 AirIQ (IQ) -57.4
Neptune Digital Assets (NDA) 100.0 GoldON Resources (GLD) -50.0
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April 20, 2021
Top-10 Tables: Yesterday's Activities (cont'd)
Tables represent public market transactions of directly held equity securities plus purchases and sales of these securities from the
exercise of options by company officers and directors filed on or after April 19, 2021. Transactions filed on Saturday and Sunday are
aggregated into Friday's number. INK may adjust certain filings for common filing errors on a best efforts basis.
- Public market transaction - Exercise of options
- Information that has been adjusted or estimated by INK - Amended filing
- CEO Buy - CFO Buy - Officer Buy - Director Buy
- CEO Sell - CFO Sell - Officer Sell - Director Sell
Yesterday's Top 10 Individual Buy Filings
(By volume)
Company Name Insider Name Security Unit/Share Price
SugarBud Craft Growers (SUGR) Martin, Stephen Common Shares 1,500,000 0.03
SugarBud Craft Growers (SUGR) Martin, Stephen Common Shares 1,000,000 0.03
Link Global Technologies (LNK) Jenkins, Stephen Common Shares 600,000 0.00
Link Global Technologies (LNK) Ma, Kevin Common Shares 400,000 0.00
Slave Lake Zinc (SLZ) Braden, Maxwell John Common Shares 300,000 0.10
Sailfish Royalty (FISH) Gonzalez, Cesar Common Shares 300,000 0.75
Bucephalus Capital (BCA) Ewart, Jason Subordinate Voting Shares 300,000 0.00
Sailfish Royalty (FISH) Leisman, Akiba Jacob Issa Common Shares 300,000 0.75
Intrepid Mines (IAU) Begeman, John A. Common Shares 220,000 1.89
Decibel Cannabis Company (DB) Church, Cody Common Shares 200,000 0.19
Yesterday's Top 10 Individual Sell Filings
(By volume)
Company Name Insider Name Security Unit/Share Price
Bucephalus Capital (BCA) Ewart, Jason Subordinate Voting Shares -300,000 0.00
Slave Lake Zinc (SLZ) Braden, Maxwell John Common Shares -212,000 0.12
Cielo Waste Solutions (CMC) Allan, Clayton Donald Common Shares Class A -180,000 0.93
Cielo Waste Solutions (CMC) Allan, Clayton Donald Common Shares Class A -170,000 0.95
Cielo Waste Solutions (CMC) Allan, Clayton Donald Common Shares Class A -150,000 0.94
American Manganese (AMY) Lageshulte, Kurt Common Shares -144,500 1.10
The North West Co (NWC) Kennedy, Edward Stephen Variable Voting and Common Vot -133,400 36.66
Cielo Waste Solutions (CMC) Allan, Clayton Donald Common Shares Class A -100,000 0.91
Cielo Waste Solutions (CMC) Allan, Clayton Donald Common Shares Class A -100,000 0.93
Cielo Waste Solutions (CMC) Allan, Clayton Donald Common Shares Class A -100,000 0.92
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