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Friday’s Insider Report: Companies insiders are buying and selling

A pedestrian walks past the CIBC ATM machines in Montreal, April 24, 2014.

CHRISTINNE MUSCHI/REUTERS

Featured below are companies that have experienced recent insider trading activity in the public market through their direct and indirect ownerships, including accounts they have control or direction over.

The list features insider transaction activity; it does not convey total ownership information as an insider may hold numerous accounts.

Keep in mind, when looking at transaction activities by insiders, purchasing activity may reflect perceived value in a security. Selling activity may or may not be related to a stock's valuation; perhaps an insider needs to raise money for personal reasons.

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An insider's total holdings should be considered because a sale may, in context, be insignificant if this person has a large remaining position in the company. I tend to put great weight on insider transaction activity when I see multiple insiders trading a company's shares or units.

Let's begin the report featuring two stocks that have had insider buying activity.

Garibaldi Resources Corp. (GGI-X)

On Jan. 2 and Jan. 3, Canadian billionaire Eric Sprott, with an ownership position of over 10 per cent, purchased a total of 100,000 shares at an average price per share of approximately $2.43 for an account in which he has indirect ownership (2176423 Ontario Ltd.), increasing the portfolio's significant holdings to 13,520,528 shares.

Tourmaline Oil Corp. (TOU-T)

On Jan. 4 and Jan. 5, Chairman, President, and Chief Executive Officer Michael Rose accumulated a total of 5,000 shares at an average cost per share of roughly $21.82, lifting his significant portfolio position to 10,273,326 shares.

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The following two stocks have had recent insider selling activity.

Canadian Imperial Bank of Commerce (CM-T)

On Jan. 2, Kevin Patterson, Senior Executive Vice-President and Group Head of Technology and Operations, exercised his options and sold the corresponding number of shares (10,000) at an average price per share of $122.379, leaving 3,296 shares in his account.

Earlier in the week, we reported that Christina Kramer, Senior Executive Vice-President and Group Head, Personal and Small Business Banking, exercised her options and sold the corresponding number of shares (25,419) at an average price per share above $122 on Dec. 29, with 6,513 shares remaining in her portfolio.

Franco-Nevada Corp. (FNV-T)

On Jan. 9, Graham Farquharson, who sits on the board of directors, divested 1,000 shares at an average price per share of $95.9302 for an account in which he has indirect ownership (176023 Canada Limited), trimming the portfolio's position to 74,543 shares.

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In December, we reported that three management executives were recent sellers in the market.

On Dec. 13, Paul Brink, Senior Vice-President of Business Development, sold 3,807 shares at an average price per share of $97.66 in the public market, leaving a remaining portfolio balance of 204,716 shares.

The previous day, Lloyd Hong, Chief Legal Officer and Corporate Secretary, divested 4,000 shares at an average price per share of $96.8113, reducing his account's position to 2,838 shares.

On Dec. 12, Phil Wilson, Vice-President – Technical, sold 1,450 shares at an average price per share of $97.073.

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