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The Bank of Montreal headquarters in Toronto.Fernando Morales/The Globe and Mail

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. 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 stock that has had insider buying activity.

Big Rock Brewery Inc. (BR-T)

On Jan. 10, Director Don Noone purchased 17,300 shares at an average cost per share of $5.17 (U.S.), increasing the portfolio's position to 1,478,000 shares.

Last month, we reported Robert Peters, who sits on the board of directors, acquired a total of 20,000 shares at an average cost per share of approximately $6.68 for an account in which he has indirect ownership (Black Diamond Ventures Ltd.) between Dec. 11 and Dec. 13, increasing the account's position to 250,000 shares.

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The following stocks have had recent insider selling activity.

Bank of Montreal (BMO-T)

On Jan. 9, Alexandra Dousmanis-Curtis, Group Head – U.S. Retail and Business Banking, BMO Harris Bank, exercised her options and sold the corresponding number of shares (6,382) at an average price per share of $102.65, leaving 3,911 shares in her account.

Last week, we reported Gilles Ouellette, Chairman of BMO Nesbitt Burns Inc. and Group Head of BMO Asset Management exercised his options and sold the corresponding number of shares (6,949) at an average price per share around the $102 level on Jan. 9. The prior day, he exercised his options and sold the corresponding number of shares (6,000) at an average price per share of $101.99. On Jan. 4, Mr Ouellette exercised his options and sold the corresponding number of shares (20,000). After these transactions, his portfolio's position was eliminated.

Hudson's Bay Company (HBC-T)

Between Jan. 4 and Jan. 10, Robert Baker, who sits on the board of directors, sold a total of 1-million shares for an account in which he has direction or control over (Mr. and Mrs. Robert Baker Family Foundation), eliminating the portfolio's position.

Linamar Corp. (LNR-T)

On Jan. 8, John Adams, a senior officer at Linamar, cut his account's holdings in half by selling 1,500 shares at an average price per share of $75.09 (Cdn).

On Jan. 5, Michael VanDieren, Vice-President – Corporate Development, cut his portfolio's position in half by selling 2,000 shares at an average price per share of $61.38 (U.S.).

On Jan. 4, the company's Chief Technology Officer and Executive Vice-President of Sales and Marketing Mark Stoddart sold 16,600 shares at an average price per share of $75.5464 (Cdn) for an account in which he has indirect ownership, reducing the portfolio's holdings to 715,117 shares.