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A man passes by a Couche Tard convenience store in Montreal, on October 5, 2012.Graham Hughes/The Canadian Press

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 two stocks that have had recent insider buying activity.

Roots Corp. (ROOT-T)

On Jan. 15, President and Chief Executive Officer Jim Gabel purchased 25,000 shares at a price of $11.32 per share in his RRSP, initiating a portfolio position.

Tourmaline Oil Corp. (TOU-T)

Between Jan. 4 and Jan. 23, Chairman, President, and Chief Executive Officer Michael Rose accumulated a total of 25,000 shares, lifting his significant portfolio position to 10,293,326 shares.

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The following stock has had recent insider selling activity.

Transat A.T. Inc. (TRZ-T)

On Jan. 17, the Fonds de solidarité FTQ, a development capital fund that has an ownership position exceeding 10 per cent, sold 450,000 shares in the public market at a price of $11 per share, trimming the account's holdings to 4,360,426 shares.

On Jan. 11, Daniel Godbout, Senior Vice-President – Transport and Yield Management, sold 5,000 shares at an average price per share of $11.10 for an account in which he has indirect ownership, reducing the account's position to just 25 shares.

Between Jan. 4 and Jan. 11, Chief Financial Officer Denis Pétrin exercised his options, receiving 35,009 shares, and sold 30,996 shares in the market, leaving a portfolio balance of 67,240 shares.

On Jan. 8, Jean-François, President – General Manager, exercised his options and sold the corresponding number of shares (9,000) at an average price per share of $11.

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The following security has had mixed trading with both buying and selling activity recently reported by insiders.

Alimentation Couche-Tard Inc. (ATD.B-T)

On Jan. 22, Dennis Tewell, Senior Vice-President – Operations, accumulated 1,525 shares at an average cost per share of $65.52, lifting his account's holdings to 4,315 shares.

Earlier this month, we reported that several insiders have been sellers in the market.

On Jan. 5, Chairman Alain Bouchard sold 66,100 shares at an average price per share of $65.91. The prior day, he sold 100,000 shares. After these transactions, his portfolio held 2,342,869 shares. For a separate account in which he has indirect ownership (9330-4103 Québec Inc.), he sold 300,000 shares at an average price per share of $65.25 on Jan. 3, eliminating the portfolio's position. In yet another account for which he has indirect ownership, he sold 400,000 shares on Jan. 3, leaving 475,000 shares in the account.

On Jan. 5, Geoffrey Haxel, Senior Vice-President – Operations, sold 25,000 shares at an average price per share of $52.9314, leaving just 5,000 shares in his account.

On Jan. 4, President and Chief Executive Officer Brian Hannasch exercised his options, receiving 75,000 shares, and sold 54,741 shares at an average price per share of $65.80. His portfolio has a remaining balance of over 300,000 shares.