Eleven companies insiders are buying and selling

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Featured below are 11 companies that have experienced recent insider buying and selling activity in the public market through their direct and indirect ownerships.

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. 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 detailing companies with buying activity.

Cipher Pharmaceuticals Inc. (CPH-T)

Director Harold Wolkin bought 23,700 shares at an average price per share of $5.446 on May 17, and purchased 10,500 shares at $5.349 the prior day. These trades increased his portfolio's holdings to 56,528 shares.

Pretium Resources Inc. (PVG-T)

On May 23, vice-president Michelle Romero acquired 2,700 shares, increasing her portfolio's holdings to 50,000 shares.

Last week, three directors purchased shares in the public market. Shaoyang Shen acquired 19,900 shares at an average price per share of $13.07 on May 16, increasing his portfolio's position to 51,900 shares. That same day, David Smith bought 1,900 shares at $13.25, lifting his portfolio's holdings to 5,900 shares. Lastly, Christopher Noel Dunn completed a relatively small transaction, acquiring 700 shares on May 17 to raise his portfolio's position to 73,878 shares.

TransCanada Corp. (TRP-T)

On May 17, Wendy Hanrahan, executive vice-president of corporate services, bought 1,600 shares at an average price per share of $62.35, in addition to the 380 shares purchased on May 11. These acquisitions raised her portfolio's positon to 10,822 shares.

Stéphan Crétier, who sits on the board of directors, has also been a buyer, purchasing 3,120 shares at an average price per share of $63.85 on May 15, and buying 15,380 shares at $64.14 on May 9.

Western Forest Products Inc. (WEF-T)

Several insiders firmed up their holdings.

Director Daniel Nocente purchased 21,000 shares at an average price per share of $2.17 on May 17, and accumulated 25,000 shares at $2.18 on May 15. These trades lifted his portfolio's share count to 121,000.

Chief financial officer Stephen Williams bought 18,100 shares at an average price per share of $2.1868 on May 16, increasing his portfolio's holdings to 118,600 shares.

Last week, we reported that Mr. Nocente acquired 50,000 shares at an average price per share of $2.1455 on May 8, and fellow board member Michael Waites purchased 20,000 shares at $2.14 on May 9.

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Turning to the sell list, companies with recent insider selling activity are highlighted below.

Brookfield Canada Office Properties (BOX.UN-T)

On May 16, the chairman of the board of trustees Tom Farley divested 18,147 units, eliminating his portfolio's position.

Franco-Nevada Corp. (FNV-T)

A number of insider exercised their options and subsequently sold their shares.

On May 18, president and chief executive officer David Harquail exercised his options and that day sold the corresponding number of shares (35,353) at an average price per share of $98.826, reducing his portfolio's position to 1,027,209 shares.

The prior day, Jason O'Connell, vice-president of oil and gas operations, exercised his options and that day also sold the corresponding number of shares (15,000) at an average price of $100.013 per share. His remaining portfolio position stood at 5,731 shares.

The previous week, on May 12, Sandip Rana, the chief financial officer, exercised and sold the corresponding number of shares, 25,000 shares, at an average price of $96.991 per share, leaving a remaining balance of 31,916 shares in the portfolio. On May 12, Paul Brink, the senior vice-president of business development, exercised his options and sold the corresponding number of shares, 18,750 shares, the same day at an average price of $96.7795 per share, reducing this portfolio's position to 201,761 shares. On May 12, Louis Gignac, who sits on the board of directors, exercised his options and sold the corresponding number of shares, 25,000 shares, at an average price per share of $98.1719 on May 15. This reduced his portfolio's position to 10,000 shares. The company's chairman Pierre Lassonde sold 60,000 shares in the public market on May 12.

First Majestic Silver Corp. (FR-T)

Last week, Robert McCallum, a director at First Majestic Silver, sold 10,000 shares at an average price per share of $12.50 on May 17. Two days prior, he divested 7,000 shares at an average price per share of $12.15. These trades reduced his portfolio's holdings to 38,000 shares.

OceanaGold Corp. (OGC-T)

Last week, executive vice-president and chief operating officer Michael Holmessold 40,000 shares on May 17, pruning his portfolio's holdings to 148,954 shares. The prior day, Mark Cadzow, executive vice-president and chief development officer, sold 50,000 shares, reducing the portfolio's holdings to 401,702 shares.

Pan American Silver Corp. (PAAS-T)

On May 17, president and chief executive officer Michael Steinmann exercised his options, receiving 20,000 common shares. That same day, he sold 18,000 shares at an average price of $25.026 per share, reducing his portfolio's position to 44,566 shares.

Cameron Paterson, vice-president of financial reporting, exercised his options and that day sold the corresponding number of shares (5,500) at an average price per share of $25.1737, leaving his remaining portfolio balance at 761 shares.

Wheaton Precious Metals Corp. (WPM-T)

Director John Brough sold 2,500 shares at an average price per share of $29.10 on May 17, which was in addition to his sale of 5,250 shares just days earlier, on May 12. These transactions reduced his portfolio's holdings to 3,000 shares.

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Lastly, there was mixed trading in the following company with both recent buying and selling activity by insiders.

Tricon Capital Group Inc. (TCN-T)

On May 16, director Ira Gluskin purchased 89,000 shares.

On the flip side, chief financial officer Wissam Francis exercised his rights on May 15 and that same day sold the corresponding number of shares (13,810) in the public market at an average price of $11.05 per share. This transaction reduced his portfolio's holdings to 2,100 shares.

In addition, David Veneziano, vice-president and general counsel at the firm, exercised his rights on May 15 and sold the corresponding number of shares that day, 9,502 shares, at an average price per share of $11.05, eliminating the portfolio's position.