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Weekly CFO Buys: Sonic Automotive, RF Micro Devices, Lincoln Educational Services, SunPower, GMX Resources

May 16, 2009 | About:
David Merkel

According to GuruFocus Insider Data, the largest CFO buys during the past week are Sonic Automotive Inc., RF Micro Devices Inc., Lincoln Educational Services Corp., SunPower Corp., and GMX Resources Inc.

Sonic Automotive Inc. (SAH): Vice Chairman and CFO David P Cosper Bought 26,132 Shares

Vice Chairman and CFO of Sonic Automotive Inc. (SAH) David P Cosper bought 26,132 shares on 05/07/2009 at an average price of $5.74. Sonic Automotive Inc. is one of the largest automotive retailers in the United States. The company owns and operates franchises for different brands of cars and light trucks providing comprehensive services including sales of both new and used cars and light trucks replacement parts and vehicle maintenance warranty paint and repair services. The company also arranges extended warranty contracts and financing and insurance for the automotive customers. Sonic Automotive Inc. has a market cap of $279.6 million; its shares were traded at around $6.97 with a P/E ratio of 8.9 and P/S ratio of 46.3. Sonic Automotive Inc. had an annual average earning growth of 14.3% over the past 10 years.

Sonic Automotive Inc. recently reported fiscal results for its fourth quarter 2008. The company announced its net loss of $658.8 million ($0.62 per diluted share). This is compared to the same quarter last year which included a net income of $26.8 million ($0.62 per diluted share). Scott Smith, the Company's President and Chief Strategic Officer, stated, "Due to the current market conditions and the resulting decline in our stock price, we were required under accounting rules to record non-cash goodwill and franchise impairment charges this quarter. This non-cash charge has no impact on the covenant calculations under our credit facility."

Buy: Chairman and CEO, 10% Owner O Bruton Smith bought 17,421 shares of SAH stock on 05/07/2009 at the average price of $5.74; the price of the stock has increased by 21.43% since. Buy: Director William R Brooks bought 8,710 shares of SAH stock on 05/07/2009 at the average price of $5.74; the price of the stock has increased by 21.43% since. Buy: Executive Vice President David Bruton Smith bought 87,107 shares of SAH stock on 05/07/2009 at the average price of $5.74; the price of the stock has increased by 21.43% since. Buy: EVP of Operations Jeff Dyke bought 26,132 shares of SAH stock on 05/07/2009 at the average price of $5.74; the price of the stock has increased by 21.43% since. Buy: President and CSO Bryan Scott Smith bought 87,107 shares of SAH stock on 05/07/2009 at the average price of $5.74; the price of the stock has increased by 21.43% since. Buy: 10% Owner Paul P. Rusnak bought 142,700 shares of SAH stock on 04/07/2009 at the average price of $2.02; the price of the stock has increased by 245.05% since.

RF Micro Devices Inc. (RFMD): VP Administration and CFO William A Priddy Bought 10,000 Shares

VP Administration and CFO of RF Micro Devices Inc. (RFMD) William A Priddy bought 10,000 shares on 05/13/2009 at an average price of $2.1. RF Micro Devices Inc. is a global leader in the design and manufacture of high-performance radio systems and solutions for applications that drive mobile communications. RFMD's power amplifiers transmit modules cellular transceivers and system-on-chip solutions enable worldwide mobility provide enhanced connectivity and support advanced functionality in current and next-generation mobile handsets cellular base stations wireless local area networks wireless personal area networks and global positioning systems. Recognized for its diverse portfolio of state-of-the-art semiconductor technologies and vast RF systems expertise RFMD is a preferred supplier enabling the world's leading mobile device manufacturers to deliver advanced wireless capabilities that satisfy current and future market demands. RF Micro Devices Inc. has a market cap of $584.7 million; its shares were traded at around $2.22 with and P/S ratio of 0.6.

RF Micro Devices Inc. recently reported fiscal results for its quarter 2009 ended March 2009. The company announced its total revenue decreased approximately 14.7% sequentially to $172.3 million and net loss was approximately ($49.4) million on a GAAP basis and approximately ($25.4) million on a non-GAAP basis.

Sell: President Multi-Market Product Buskirk Robert M Van sold 50,000 shares of RFMD stock on 05/08/2009 at the average price of $2.48; the price of the stock has decreased by 10.48% since. Sell: VP and Corporate Controller Barry D Church sold 3,600 shares of RFMD stock on 05/06/2009 at the average price of $2.38 and 6,000 shares of RFMD stock on 05/08/2009 at the average price of $2.55; the price of the stock has decreased by 12.94% since. Sell: VP and Corp. Treasurer Suzanne B Rudy sold 19,812 shares of RFMD stock on 05/07/2009 at the average price of $2.43; the price of the stock has decreased by 8.64% since. Sell: VP Operations James D Stilson sold 14,500 shares of RFMD stock on 05/05/2009 at the average price of $2.36; the price of the stock has decreased by 5.93% since.

Lincoln Educational Services Corp. (LINC): SVP, CFO and Treasurer Cesar Ribeiro Bought 7,028 Shares

SVP, CFO and Treasurer of Lincoln Educational Services Corp. (LINC) Cesar Ribeiro bought 7,028 shares on 05/15/2009 at an average price of $17.99. Lincoln Educational is a leading and diversified for-profit provider of a career-oriented post-secondary education headquartered in West Orange New Jersey. It offers recent high school graduates and working adults degree and diploma programs in four principal areas of study: automotive technology allied health (which includes programs for medical administrative assistants medical assistants pharmacy technicians and massage therapists) skilled trades and business and information technology. Lincoln Educational Services Corp. has a market cap of $492.6 million; its shares were traded at around $18.5 with a P/E ratio of 18.8 and P/S ratio of 1.4.

Sell: CEO and Chairman of the Board David F Carney sold 35,000 shares of LINC stock on 02/18/2009 at the average price of $14; the price of the stock has increased by 32.14% since. Sell: Chief Administrative Officer Scott M Shaw sold 15,000 shares of LINC stock on 02/18/2009 at the average price of $14; the price of the stock has increased by 32.14% since.

SunPower Corp. (SPWRB): SVP & CFO Dennis V Arriola Bought 5,000 Shares

SVP & CFO of SunPower Corp. (SPWRB) Dennis V Arriola bought 5,000 shares on 05/13/2009 at an average price of $22.77. SUNPOWER CORPORATION designs manufactures and delivers high-performance solar electric systems worldwide for residential commercial and utility-scale power plant customers. SunPower high-efficiency solar cells and solar panels generate up to 50 percent power than conventional solar technologies and have a uniquely attractive all-black appearance. SunPower Corp. has a market cap of $949.9 million; its shares were traded at around $22.6 with and P/S ratio of 0.6.

SunPower Corp. recently reported fiscal results for its first quarter 2009 ended March 29, 2009. The company announced its total revenue of $214 million and net income per diluted share of $0.05. This is compared to the same quarter last year which included total revenue of $401 million and a net income per diluted share of $0.69.

SPWRB is in the portfolios of Ron Baron of Baron Funds.

Buy: SVP & CFO Dennis V Arriola bought 5,000 shares of SPWRB stock on 05/13/2009 at the average price of $22.77; the price of the stock has decreased by 0.75% since. Sell: Director Betsy S Atkins sold 600 shares of SPWRB stock on 12/10/2008 at the average price of $31.21, 600 shares of SPWRB stock on 01/12/2009 at the average price of $39, and 600 shares of SPWRB stock on 02/10/2009 at the average price of $36; the price of the stock has decreased by 37.22% since. Sell: VP, HR and Corporate Services Douglas J. Richards sold 1,813 shares of SPWRB stock on 02/04/2009 at the average price of $33.83; the price of the stock has decreased by 33.2% since.

GMX Resources Inc. (GMXR): CFO, Secretary & Treasurer James A Merrill Bought 4,170 Shares

CFO, Secretary & Treasurer of GMX Resources Inc. (GMXR) James A Merrill bought 4,170 shares on 05/13/2009 at an average price of $12. GMX Resources is an independent natural gas producer. GMXR has interests in wells and acres in Texas Louisiana & New Mexico. GMXR also has a large inventory of development prospects in North Carthage Field of East Texas. The Company's strategy is to drill and complete CVS wells which could significantly grow production grow its natural gas reserves and build shareholder value. GMX Resources Inc. has a market cap of $247.8 million; its shares were traded at around $13.18 with a P/E ratio of 10.2 and P/S ratio of 1.9.

GMX Resources Inc. recently reported fiscal results for its first quarter 2008 ended March 31, 2009. The company announced its net loss of $124.4 million ($8.15 per diluted share). This is compared to the same quarter last year which included net income of $6.2 million ($0.38 per diluted share). Ken L. Kenworthy, President and Chief Executive Officer, said "The transition to our 100% Haynesville/Bossier horizontal drilling program is complete. In the first quarter we completed the two best wells in the history of the Company in addition to the Callison #9H completed in Q4 2008. Now with the Baldwin #14H and the Verhalen 'A' 2H, we have completed the five best wells in the history of our Company and demonstrated our ability to drill and complete these wells with increased performance and decreased costs.”

GMXR is in the portfolios of Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc.

Buy: CEO and President Ken L Jr Kenworthy bought 141,660 shares of GMXR stock on 05/13/2009 at the average price of $12; the price of the stock has increased by 9.83% since. Buy: CFO, Secretary & Treasurer James A Merrill bought 4,170 shares of GMXR stock on 05/13/2009 at the average price of $12; the price of the stock has increased by 9.83% since. Buy: EVP Corp. Dev., Inv. Relations Michael J Rohleder bought 20,840 shares of GMXR stock on 05/13/2009 at the average price of $12; the price of the stock has increased by 9.83% since.

For the complete list of stocks that bought by their CFOs, go to: Insider Buys.


Rating: 3.6/5 (10 votes)

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