Latest news with #INKResearch
Globe and Mail
15-07-2025
- Business
- Globe and Mail
These 10 TSX stocks bought back the most shares last month - and four look like good buys
One of the benefits of Canada's System for Electronic Disclosure by Insiders (SEDI) is the reporting of company share buybacks, also known as normal course issuer bids. When issuers buy back shares in the public market, they generally have until the tenth day of the following month to report their transactions, although many companies file their reports within a day or two. In June, the top 100 Canadian issuers with buybacks by dollar amount spent just over $5.6 billion repurchasing shares based on data compiled by INK Research. The top ten accounted for more than half of the total with just over $3.7 billion in reported repurchases. Probably the most common reason cited by management for implementing share buybacks is the belief that the share price is not fully reflecting the company's financial prospects. However, the assumption of share price undervaluation could use some scrutiny given that there may be competing factors driving buyback decisions, such as helping to offset share count dilution associated with company stock option plans. I have a greater conviction that a company is buying back undervalued shares if company insiders are also buying shares with their own cash or at least holding on to what they have. It is difficult to accept the notion that a stock is undervalued if insiders are taking significant profits in their personal holdings while a share buyback program is underway. Our INK Edge outlook framework ranks a stock's insider net buying and holdings along with its valuations and price momentum. Using our criteria, stocks with sunny or mostly sunny INK Edge outlooks would be in the top 30% of all stocks ranked. Firms undertaking buybacks that have relatively bright INK Edge outlooks would provide us greater confidence that the stock is underpriced. In terms of the top ten issuers with buybacks, AtkinsRéalis Group, Toronto-Dominion Bank, Bank of Montreal, and Barrick Mining all have mostly sunny INK Edge outlooks. Engineering firm AtkinsRéalis has had a nice run over the past 12 months, up 70.6% as of Friday. During the rally, insiders did not sell any stock in the public market. Sometimes what insiders don't do is as important as what they do. After a tough 2024 when TD Bank stock dropped 10.6%, the bank's shares have fared better so far this year, rallying 31.6% as of Friday, July 11th. Year-to-date, TD Bank insiders have spent a net of $1.1 million acquiring shares via a combination of option exercises or public market transactions. That is helping to keep the name competitive in our rankings. The Bank of Montreal is also competitive despite a relatively small amount of insider selling worth $890,984 net of option exercise costs since the start of the year. The stock has rallied 11.5% in 2025 as of July 11th. In contrast, insiders at buyback leader Royal Bank have been sellers of $13.2 million worth of stock, net of option exercise costs. Royal Bank has outperformed TD Bank and the S&P/TSX Composite Index over the past five years, but TD Bank is leading both the Royal Bank and the Canadian market year-to-date. Meanwhile, the case for continued TD Bank outperformance over the next year is strengthened by seeing insider activity aligned with the bank's buyback program. Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors.
Globe and Mail
05-06-2025
- Business
- Globe and Mail
Insider buying perks up as Morguard stock lags
The broad real estate group regained some upward momentum after the market plunge of Donald Trump's 'Liberation Day,' but Morguard Corp. (MRC-T) has not kept pace. Meanwhile, insiders have been buying as the stock strolls around the $112 mark. From May 16 to June 3, director Bruce Robertson bought 29,500 common shares in the public market at an average price of $112.96. In addition, from May 23 to 30, 10-per-cent holder and value investor Sime Armoyan reported purchasing 5,600 shares at an average price of $111.96 (not shown on chart). Ted Dixon is the CEO of INK Research, which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section at Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities. Chart reflects public-market transactions of common shares or unit trusts by company officers and directors.
Globe and Mail
30-05-2025
- Business
- Globe and Mail
Northview Residential REIT insiders buy as funds from operations grows
This week, Northview Residential REIT ( traded into positive territory for the year as investor sentiment towards the REIT group improved. In Q1, Northview's non-GAAP funds from operations (FFO) improved 26.7 per cent to almost $16.6-million. The FFO payout ratio per basic unit fell to 59.4 per cent from 75.2 per cent in Q1 2024. The most recent insider public market purchases took place between May 13-26 when independent trustee Harry Rosenbaum bought 4,000 Class A Units in the public market at an average price of $15.38. Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section at Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities. Chart reflects public-market transactions of common shares or unit trusts by company officers and directors.
Globe and Mail
23-05-2025
- Business
- Globe and Mail
Multiple insider buying at Arizona-focused Gunnison Copper
Pure-play copper developer Gunnison Copper (GCU-T) grabbed the 14th spot in the INK May Top 40 report. Gunnison controls the Cochise Mining District in Arizona and is gearing up to produce made in America finished copper cathode to supply U.S. energy, defence, and manufacturing supply chains. From Nov. 26 to May 20, four Gunnison insiders bought a total of 1,800,167 shares in the public market at an average price of 22 cents. The largest buyer was President, Director, & CEO Stephen Twyerould who bought a total of 829,500 shares. Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section at Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities. Chart reflects public-market transactions of common shares or unit trusts by company officers and directors.
Globe and Mail
16-05-2025
- Business
- Globe and Mail
Insiders buy at long-life asset Cenovus Energy
With risks rising that U.S. onshore oil production may have peaked, we continue to watch for insider buying in oil patch stocks that have long-life assets. A recent example is Cenovus Energy Inc. (CVE-T), which had a proved plus probable reserves life index of about 29 years at the end of 2024. From March 18 to May 9, five insiders bought a total of 19,434 common shares in the public market at an average price of $17.26. Most recently, director Michael Crothers bought 1,000 shares at $18.14 on May 9. Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section at Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities. Chart reflects public-market transactions of common shares or unit trusts by company officers and directors.
