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Tuesday’s Insider Report: CEO completes a $10-million trade in this bank stock

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.

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Let's begin the report featuring four stocks that have had recent insider selling activity.

Industrial Alliance Insurance and Financial Services Inc. (IAG-T)

Between Aug. 24 and Sept. 5, chief investment officer Michel Tremblay exercised his options and sold the corresponding number of shares (6,500) at an average price per share of approximately $53.87, leaving a portfolio’s position of 16,000 shares.

Methanex Corp. (MX-T)

On Aug. 29, in a trade valued at over $2-million, Bruce Aitken, who sits on the board of directors, divested 21,100 shares at a price per share of $97.75, reducing his account balance to 100,189 shares.

In August, we reported several transactions reported by insiders – all sales. We reported that Wade Wiggins, vice-president – Europe and the Middle East, exercised his options and sold the corresponding number of shares (9,900) at a price per share of U.S. $76 on Aug. 28, leaving 25,070 shares in his account. In addition, president and chief executive officer John Floren sold nearly $1-million worth of stock on Aug. 24. He divested 10,000 shares at a price per share of $97, reducing his portfolio’s position to 47,627 shares. On July 30, Kevin Price, general counsel and corporate secretary, sold 1,251 shares at an average price per share of approximately $89.82, trimming his account’s holdings to 6,703 shares.

Toronto-Dominion Bank (TD-T)

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In a transaction valued at over $10-million, chairman, chief executive officer and president of TD Securities Bob Dorrance exercised his options and sold the corresponding number of shares (128,944) at a price per share of $79.29 on Sept. 6. His remaining portfolio balance stood at 569,584 shares.

On Sept. 6, Leo Salom, group head, Wealth Management and TD Insurance, exercised his options, receiving 31,520 shares, and sold 29,920 shares at a price per share of $79.29, leaving 1,600 shares in his account.

Waste Connections Inc. (WCN-T)

On Sept. 4, Michael Harlan, who sits on the board of directors, divested 11,900 shares at a price per share of U.S.$79.3015, cutting his portfolio’s holdings to 18,754 shares.

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

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Enerplus Corp. (ERF-T)

On Sept. 7, president and chief executive officer Ian Dundas bought 1,000 shares at a price per share of $14.78. The prior day, he acquired 1,000 shares at a cost per share of $14.883. After these transactions, his account held 81,852 shares.

On Sept. 6, chairman Elliott Pew purchased 5,000 shares at a cost per share of U.S.$11.17, increasing his portfolio’s position to 44,600 shares.

On Aug. 30, Nathan Fisher, vice-president – U.S. Development and Geosciences, acquired 1,500 shares at a cost per share of U.S.$12.8032, boosting his account balance to 11,091 shares.

In a previous issue, we reported that firector Glen Roane sold 49,679 shares at a price per share of $16.528 on Aug. 29. The prior day, he divested 10,000 shares at a price per share of $16.505. These transactions eliminated his portfolio’s position.

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