Weekly CFO Buy Highlights: Cavium Networks, Covanta Holding (CVA), MFA Mortgage Investments, Nara Bancorp and First South Bancorp

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May 10, 2009
According to GuruFocus Insider Data, these are the largest CFO buys during the past week: Cavium Networks Inc. (CAVM, Financial), Covanta Holding Corp. (CVA, Financial), MFA Mortgage Investments Inc. (MFA, Financial), Nara Bancorp Inc. ( NARA), and First South Bancorp Inc (FSBK, Financial).

Cavium Networks Inc. (CAVM): VP Finance & Admin CFO Arthur D Chadwick Bought 50,000 Shares

VP Finance & Admin CFO of Cavium Networks Inc. (CAVM) Arthur D Chadwick bought 50,000 shares on 05/01/2009 at an average price of $12.78. CAVIUM NETWORKS is a leading provider of highly integrated semiconductor products that enable intelligent processing in networking communications storage and security applications. Cavium Networks offers a broad portfolio of integrated software compatible processors that enable secure intelligent functionality in enterprise data-center broadband/consumer and access & service provider equipment. Cavium Networks processors are supported by ecosystem partners that provide operating systems tool support reference designs and other services. Cavium Networks principal offices are in Mountain View CA with design team locations in California Massachusetts and India. Cavium Networks Inc. has a market cap of $556.4 million; its shares were traded at around $13.5 with and P/S ratio of 6.4.

Cavium Networks Inc. recently reported fiscal results for its first quarter 2009 ended March 31, 2009. The company announced its total revenue of $20.4 million and a net loss of $6.5 million ($0.16 per diluted share). This is compared to the same quarter last year which included total revenue of $22.2 and a net loss of $4.4 million ($0.11 per diluted share). "Sales during the first quarter were negatively impacted by the continuing weakness in the Enterprise and Data Center segments," said Syed Ali, president and CEO of Cavium Networks. "Although overall sales in Q1 were sequentially down, new customer orders were sequentially higher, which we consider to be an encouraging sign that markets for our products are improving.”

Buy: Pres., CEO, Chairman of board Syed Ali bought 25,000 shares of CAVM stock on 05/01/2009 at the average price of $12.94; the price of the stock has increased by 4.33% since. Buy: VP Finance & Admin CFO Arthur D Chadwick bought 50,000 shares of CAVM stock on 05/01/2009 at the average price of $12.78; the price of the stock has increased by 5.63% since. Sell: VP & GM, Networking & Comm. Rajiv Khemani sold 7,000 shares of CAVM stock on 05/01/2009 at the average price of $12.75; the price of the stock has increased by 5.88% since.

Covanta Holding Corp. (CVA): EVP & CFO Mark A Pytosh Bought 10,000 Shares

EVP & CFO of Covanta Holding Corp. (CVA) Mark A Pytosh bought 10,000 shares on 05/04/2009 at an average price of $13.95. Danielson Holding Corporation is a holding company. Their largest subsidiary is National American Insurance Company of California (NAICC). NAICC and its subsidiaries write workers' compensation non-standard private passenger and commercial automobile insurance in the western United States primarily California. Covanta Holding Corp. has a market cap of $2.53 billion; its shares were traded at around $16.43 with a P/E ratio of 19.5 and P/S ratio of 1.5.

Covanta Holding Corp. recently reported fiscal results for its first quarter 2009 ended March 31, 2009. The company announced its net income $0.01 per diluted share. This is compared to the same quarter last year which included a net income of $0.09 per diluted share.

CVA is in the portfolios of John Griffin, Martin Whitman of Third Avenue Value Fund, Third Avenue Management, John Keeley of Keeley Fund Management, Ron Baron of Baron Funds, Tom Gayner of Markel Gayner Asset Management Corp.

Sell: Director Samuel Zell sold 3,125,000 shares of CVA stock on 11/25/2008 at the average price of $18.65 and 593,400 shares of CVA stock on 03/06/2009 at the average price of $13.61; the price of the stock has increased by 20.72% since. Sell: 10% Owner Investments Llc Sz sold 3,125,000 shares of CVA stock on 11/25/2008 at the average price of $18.65 and 593,400 shares of CVA stock on 03/06/2009 at the average price of $13.61; the price of the stock has increased by 20.72% since.

MFA Mortgage Investments Inc. (MFA): President, CFO William S Gorin Bought 6,000 Shares

President, CFO of MFA Mortgage Investments Inc. (MFA) William S Gorin bought 6,000 shares on 05/04/2009 at an average price of $5.98. MFA Mortgage Investments Inc. operates as a real estate investment trust primarily engaged in the business of investing in mortgage-backed securities. The company also has indirect investment in Lealand Place a multifamily apartment property located in Lawrenceville Georgia. In addition it provides investment advisory services to a third-party institution with respect to their MBS portfolio investments. MFA Mortgage Investments Inc. has a market cap of $1.45 billion; its shares were traded at around $6.5 with a P/E ratio of 7.4 and P/S ratio of 3.6. The dividend yield of MFA Mortgage Investments Inc. stocks is 13.5%. MFA Mortgage Investments Inc. had an annual average earning growth of 17% over the past 5 years.

MFA Mortgage Investments Inc. recently reported fiscal results for its first quarter 2009 ended March 31, 2009. The company announced its net income of $51.6 ($0.23 per diluted share). Stewart Zimmerman, MFA's Chairman of the Board and CEO, said, "MFA's first quarter earnings represented a return on average equity ("ROE") of 16%. We are very pleased with these results, especially in this period of continued economic stress.

MFA is in the portfolios of Arnold Schneider of Schneider Capital Management.

Buy: Chairman and CEO Stewart Zimmerman bought 7,000 shares of MFA stock on 05/05/2009 at the average price of $6.1; the price of the stock has increased by 6.56% since. Buy: Executive Vice President/CIO Ronald A Freydberg bought 5,000 shares of MFA stock on 05/04/2009 at the average price of $5.98; the price of the stock has increased by 8.7% since. Buy: Senior Vice President Craig L Knutson bought 5,000 shares of MFA stock on 05/04/2009 at the average price of $5.97; the price of the stock has increased by 8.88% since. Buy: Director James A Brodsky bought 4,500 shares of MFA stock on 02/27/2009 at the average price of $5.67; the price of the stock has increased by 14.64% since. Buy: Director Michael L Dahir bought 20,000 shares of MFA stock on 11/13/2008 at the average price of $4.91 and 25,000 shares of MFA stock on 02/17/2009 at the average price of $5.5; the price of the stock has increased by 18.18% since.

Nara Bancorp Inc. ( NARA): EVP and CFO Alvin D Kang Bought 2,000 Shares

EVP and CFO of Nara Bancorp Inc. (NARA, Financial) Alvin D Kang bought 2,000 shares on 05/05/2009 at an average price of $4.62. Nara Bancorp Inc. is a bank holding company for Nara Bank N.A. Nara Bancorp Inc. has a market cap of $123.5 million; its shares were traded at around $4.71 with and P/S ratio of 0.7. Nara Bancorp Inc. had an annual average earning growth of 22.2% over the past 5 years.

Nara Bancorp Inc. recently reported fiscal results for its first quarter 2009. The company announced its net loss of $3.2 million ($0.16 per diluted share). This is compared to the same quarter last year which included a net income of $5.8 ($0.22 per diluted share). Min Kim, President and Chief Executive Officer, said, "As expected, we continued to see elevated levels of charge-offs and provision for loan losses, as the recessionary conditions are having a negative impact on both commercial business and commercial real estate borrowers.

NARA is in the portfolios of Richard Pzena of Pzena Investment Management LLC.

Buy: EVP and CFO Alvin D Kang bought 2,000 shares of NARA stock on 05/05/2009 at the average price of $4.62; the price of the stock has increased by 1.95% since.

First South Bancorp Inc (FSBK): Ex. VP, Secretary & CFO William L Wall Bought 1,112 Shares

Ex. VP, Secretary & CFO of First South Bancorp Inc (FSBK) William L Wall bought 1,112 shares on 05/06/2009 at an average price of $11.36. First South Bancorp Inc. serves as the holding company for First South Bank. First South Bancorp Inc has a market cap of $110.1 million; its shares were traded at around $11.31 with a P/E ratio of 12.1 and P/S ratio of 1.5. The dividend yield of First South Bancorp Inc stocks is 7%. First South Bancorp Inc had an annual average earning growth of 13% over the past 5 years.

Sell: President, Director and CEO Thomas A Vann sold 5,000 shares of FSBK stock on 01/22/2009 at the average price of $10.4, 6,943 shares of FSBK stock on 04/29/2009 at the average price of $11.4, 3,699 shares of FSBK stock on 04/30/2009 at the average price of $11.42, 3,960 shares of FSBK stock on 05/05/2009 at the average price of $11.27, and 5,398 shares of FSBK stock on 05/06/2009 at the average price of $11.26; the price of the stock has increased by 0.44% since. Buy: Exec. VP-CCO John F Jr. Nicholson bought 2,000 shares of FSBK stock on 03/06/2009 at the average price of $6; the price of the stock has increased by 88.5% since. Sell: Director Frederick H Howdy sold 4,100 shares of FSBK stock on 01/28/2009 at the average price of $9.21 and 2,090 shares of FSBK stock on 02/04/2009 at the average price of $9.21; the price of the stock has increased by 22.8% since.

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