Top Insider Trades On May 22: Facebook IPO Sales

May 23, 2012 1:09 AM ETAMRS, CSX, INTU, MSFT, PKY, RSG, META2 Comments

Below are lists of the top 10 mainly open-market insider purchases and sales filed at the Securities and Exchange Commission Monday, May 22, 2012 as ranked by dollar value.

On Today's Tables:
We get to see more specifics of just how good the IPO was for Insiders at Facebook (FB).

Facebook' s head face, Mark Zuckerberg, converted 30.2 million "Class B" shares of Facebook into "Class A" shares that were sold into his firm's IPO, generating over $1.1 billion in proceeds. But with over 413 million more Class B shares still in his possession after the sale (according to Table II of his Form 4), this massive sale is just a drop out of the bucket of his still sizeable Facebook assets.

In a similar move, Facebook Director Peter Thiel sold 16.84 million of converted Clas B shares into the IPO, and Microsoft (MSFT) converted 6.56 Class B shares to sell into the historic offering.

Insiders at Parkway Properties (PKY) keep insisting that their shares have bottomed.

Parkway CEO James Heistand just bought another $358,660 worth of his REIT after spending nearly double that amount earlier this month on his stock. So far in May, Mr. Heistand has increased his holdings by 37%, to nearly 370k shares.

He's in good company as well. In all, nine execs at Parkway have invested more than $3 million more in their shares so far this year at an average price of $10.55 each.

Parkway Properties is a business in transition. This REIT is selling assets even as it is buying into new markets. Funds from operations (FFO) reflect a weak legacy environment, and not the long-term cash flow that the changing portfolio can ultimately derive. So the fact that FFO in the first quarter of 2012 slipped to $0.44 a share from $0.59 a share a year ago is not as troubling as the headline suggests.

Right now, PKY isn't an overly impressive yield play. The quarterly dividend equates to a $0.30 a share annual payout, or a yield of less than 3%. But the company is paying out less than 20% of its FFO in the form of a dividend, and when the portfolio changes are complete in a year or so management might look to boost the payout ratio.

For now, however, we primarily see PKY as a capital appreciation story. The current share price reflects the previous challenging economic conditions, and doesn't reflect the grudging improvement in the U.S. economy, occupancy rates, and lease rates that appears possible if not likely.

Other notable insider transactions from today's tables include:
- A continuing Cascade of buying at Republic Services (RSG);
- A private placement is boosting shres of Amyris (AMRS);
- Chairman Ward made his largest sale ever of CSX Corp (CSX), and;
- Large insider sales continue at Intuit (INTU).

About InsiderInsights' Top Trades Tables
Company executives and directors are in the best position to assess the attractiveness of their firms' shares, and here is how many of them are voting their wallets!

Please note, however, that these are factual lists, not buy and sell recommendations. Dollar value is only one metric to assess the importance of an insider transaction, and further analysis of a stock's full insider history may not indicate a significant insider signal.

But at Insider Insights, we find significant insider signals just about every day using screens like these to determine where we should focus our subsequent fundamental and technical analysis. And while stocks don't (and shouldn't) move up or down based on insider activity alone, insiders tend to be good indicators of when real stock-moving events like earnings surprises, corporate actions, and new products may be in the offing.

So use these regular columns as the initial research tools they are meant to be, and come to to analyze a company's or insider's full insider history. Also feel free to email with any questions on our proprietary insider data, and how it is best analyzed.

Insider Purchases
#: Filer Name Insider Titles Company Name Ticker Trans
Dollar Value Shares Traded Trans Date
Ave Trans
1 Cascade Investment BO Republic Services RSG B $36,319,308 1,397,649 5/18/12 $25.99 71,665,312 ---
2 Farallon Capital BO Hudson Pacific Properties HPP JB* $30,000,000 2,000,000 5/18/12 $15.00 8,746,648 ---
3 GMT Capital BO Kraton Perf Polymers KRA B $772,943 38,900 5/21/12 $19.87 4,555,055 ---
4 Doerr L John DIR Amyris AMRS JB* $499,999 211,864 5/18/12 $2.36 --- 1,076,915
5 Levinson Arthur D DIR Amyris AMRS JB* $499,999 211,864 5/18/12 $2.36 214,864 ---
6 Heistand James R PR,CEO,DIR Parkway Properties PKY B $358,660 35,000 5/21/12 $10.24 349,893 20,000
7 Dickerson Lawrence R PR,DIR Diamond Offshore Drilling DO B $296,610 5,000 5/18/12 $59.33 5,000 ---
8 RGM Capital BO Guidance Software GUID B $259,202 30,684 5/18/12 $8.45 --- 2,986,503
9 Faison Ralph E CB,PR,CEO Pulse Electronics PULS B $235,967 129,236 5/22/12 $1.86 410,165 ---
10 Riepe James S DIR Genworth Financial GNW B $225,324 45,000 5/21/12 $5.01 68,000 ---

Source: | Key to Insider Title and Transaction Type Codes

Insider Sales
#: Filer Name Insider Titles Company Name Ticker Trans
Dollar Value Shares Traded Trans Date
Ave Trans
1 Zuckerberg Mark CB,CEO,BO Facebook FB S $1,134,915,968 30,200,000 5/22/12 $37.58 0 ---
2 Thiel Peter DIR Facebook FB S $633,009,344 16,844,316 5/22/12 $37.58 --- 0
3 Microsoft BO Facebook FB S $246,422,352 6,556,925 5/22/12 $37.58 0 ---
4 Q Funding III BO Cedar Fair FUN S $51,940,000 2,000,000 5/21/12 $25.97 55,763 ---
5 Cook Scott D CB,DIR Intuit INTU AS $10,923,707 200,000 5/21/12 $55.00 --- 14,601,868
6 Apollo Management Gp BO Charter Communications CHTR S $8,868,804 141,636 5/21/12 $62.07 --- 31,977,540
7 Ward Michael J CB,PR,CEO CSX CSX S $6,245,760 300,000 5/18/12 $20.82 609,523 ---
8 Singh Alok DIR Validus Holdings VR S $3,744,469 119,072 5/18/12 $31.45 --- 1,303,654
9 Stryker Ronda E DIR Stryker SYK AS $1,379,039 27,000 5/22/12 $51.53 --- 13,957,682
10 Zulim Thomas M VP Enterprise Products Partners EPD S $1,003,200 20,000 5/18/12 $50.16 302,933 ---

Source: | Key to Insider Title and Transaction Type Codes

Disclosure: I am long PKY.

Additional disclosure: Clients of Insider Asset Management llc own PKY as well.

This article was written by

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Daily insider intelligence at-a-glance to save time and improve research.
Jonathan Moreland is the founder and Director of Research at, which produces a Daily Ratings Report, Weekly Newsletter, and offers real-time insider data and analytics via its institutional strength Data Module and APIs. InsiderInsights' research and data are further available on Bloomberg terminals at ININ and APPS ININ . Mr. Moreland is also a past contributor to, Minyanville, and other financial outlets. A fundamental analyst with an MBA in finance, Mr. Moreland identified insider data over 25 years ago as an excellent first screen to determine where to focus his research efforts. He is quoted frequently in the media for his insider analysis, and stock recommendations stemming from it. He is also author of "Profit From Legal Insider Trading" (Dearborn 2001). Mr. Moreland is currently on a mission to get investors to expect more from insider data than the commodity feeds they rely on retail financial websites.

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