Since Owens Corning (OC) emerged from bankruptcy last October, there have been 19 transactions from corporate officers of shares and all 19 of them have been buys. As Peter Lynch famously said “There are a multitude of reasons insiders sell stock, there is only one reason they buy, they think the price is going up.”
Corporate officers spent $1.9 million of their own funds to pick up over 68,000 shares. The big fish was 10% owner Harbigner Capital Partners, who bought $35 million worth for 1.04 million shares.
Officers:(rounded)
Chairman Mike Thaman- $505,000
CEO David Brown- $505,000
DIR. James McMonagle- $160,000
VP Dean Roy- $65,000
VP Charles Dana- $74,000
VP Brian Chambers $74,000
DIR. Ralph Hake- $93,000
VP Sheree Bargabos- $99,000
VP Joseph High- $50,000
VP David Johns- $74,000
VP Stephen Krull- $74,000
VP Frank OBrien- $50,000
VP Charles Stien- $50,000
I have been recommending Owens since January and am up over 20% so far. It would seem like my enthusiasm is shared by those with the most intimate knowledge of its operations and prospects, management.
Similar to George Soros’s recent purchase of ADM shares seeing folks purchasing a stock you have been invested in does reassure you of your picks and when you are in the stock well before their purchases and at much lower prices, it does bode very well for the future of your investment.