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Do you like to take trading cues from the actions of company insiders? We ran a screen with this sentiment in mind.

We started by collecting a universe of stocks with significant net insider buying in the past six months. Then we screened for strong sales trends as identified by both inventory and accounts receivables relative to revenue growth. Specifically:

Inventory: We screened for strong sales trends by comparing growth in revenue to growth in inventory over the last year. We screened for stocks with positive sales trends, with faster growth in revenue than inventory over the last year. Since inventory represents the portion of goods not yet sold, faster growth in revenue than inventory is considered an encouraging sign.

Receivables: We screened for stocks with strong sales trends by comparing growth in revenue to growth in accounts receivable. Since accounts receivable is the portion of revenue not yet received and there is no guarantee the money will ever be received, the smaller the portion of revenue made up of receivables, the healthier the company's revenue.

We screened for stocks seeing faster growth in revenue than accounts receivable year-over-year, as well as accounts receivable comprising a smaller portion of current assets over the same time period.

For an interactive version of this chart, click on the image below. Track changes in quarterly sales: (click to enlarge)

Do you think insiders are correct to invest their personal funds in these stocks? Use this list as a starting point for your own analysis. List Average 1-Year Return: 21%.

1. American Pacific Corp. (NASDAQ:APFC): Primarily manufactures fine chemicals, specialty chemicals, and propulsion products in the United States and Europe. Market cap at $95.17M, most recent closing price at $12.49. Revenue grew by 37.81% during the most recent quarter ($57.62M vs. $41.81M y/y). Accounts receivable grew by -55.5% during the same time period ($21.37M vs. $48.02M y/y). Receivables, as a percentage of current assets, decreased from 36.53% to 15.22% during the most recent quarter (comparing three months ending 2012-06-30 to three months ending 2011-06-30).

Revenue grew by 37.81% during the most recent quarter ($57.62M vs. $41.81M y/y). Inventory grew by -9.33% during the same time period ($39.65M vs. $43.73M y/y). Inventory, as a percentage of current assets, decreased from 33.26% to 28.24% during the most recent quarter (comparing three months ending 2012-06-30 to three months ending 2011-06-30).

Over the last six months, insiders were net buyers of 66,501 shares, which represents about 1.29% of the company's 5.15M share float.

2. China Biologic Products, Inc. (NASDAQ:CBPO): Engages in the research, development, manufacturing, and sale of plasma-based pharmaceutical products. Market cap at $253.72M, most recent closing price at $9.56. Revenue grew by 21.12% during the most recent quarter ($50.47M vs. $41.67M y/y). Accounts receivable grew by 3.91% during the same time period ($23.38M vs. $22.5M y/y). Receivables, as a percentage of current assets, decreased from 13.52% to 11.53% during the most recent quarter (comparing three months ending 2012-06-30 to three months ending 2011-06-30).

Revenue grew by 21.12% during the most recent quarter ($50.47M vs. $41.67M y/y). Inventory grew by 11.41% during the same time period ($69.74M vs. $62.6M y/y). Inventory, as a percentage of current assets, decreased from 37.62% to 34.39% during the most recent quarter (comparing three months ending 2012-06-30 to three months ending 2011-06-30).

Over the last six months, insiders were net buyers of 1,620,360 shares, which represents about 25.93% of the company's 6.25M share float.

3. Heritage-Crystal Clean, Inc (NASDAQ:HCCI): Provides industrial and hazardous waste services to small and mid-sized customers in the United States. Market cap at $317.31M, most recent closing price at $17.56. Revenue grew by 66.68% during the most recent quarter ($62.07M vs. $37.24M y/y). Accounts receivable grew by 62.06% during the same time period ($29.22M vs. $18.03M y/y). Receivables, as a percentage of current assets, decreased from 34.28% to 26.88% during the most recent quarter (comparing 13 weeks ending 2012-09-08 to 13 weeks ending 2011-09-10).

Revenue grew by 66.68% during the most recent quarter ($62.07M vs. $37.24M y/y). Inventory grew by 45.35% during the same time period ($26.41M vs. $18.17M y/y). Inventory, as a percentage of current assets, decreased from 34.54% to 24.29% during the most recent quarter (comparing 13 weeks ending 2012-09-08 to 13 weeks ending 2011-09-10).

Over the last six months, insiders were net buyers of 205,424 shares, which represents about 2.33% of the company's 8.80M share float.

*Accounting data sourced from Google Finance, all other data sourced from Finviz.

Source: 3 Stocks With Encouraging Accounting Signals Insiders Believe In