Ben Graham Bought 125% More Shares In Major Drilling Group International

Investors who take an interest in Major Drilling Group International Inc. (TSE:MDI) should definitely note that the Vice President of Human Resources & Safety, Ben Graham, recently paid CA$8.76 per share to buy CA$175k worth of the stock. That certainly has us anticipating the best, especially since they thusly increased their own holding by 125%, potentially signalling some real optimism.

See our latest analysis for Major Drilling Group International

Major Drilling Group International Insider Transactions Over The Last Year

Notably, that recent purchase by Ben Graham is the biggest insider purchase of Major Drilling Group International shares that we've seen in the last year. That means that an insider was happy to buy shares at around the current price of CA$8.82. That means they have been optimistic about the company in the past, though they may have changed their mind. While we always like to see insider buying, it's less meaningful if the purchases were made at much lower prices, as the opportunity they saw may have passed. The good news for Major Drilling Group International share holders is that insiders were buying at near the current price.

Major Drilling Group International insiders may have bought shares in the last year, but they didn't sell any. You can see the insider transactions (by companies and individuals) over the last year depicted in the chart below. If you click on the chart, you can see all the individual transactions, including the share price, individual, and the date!

There are always plenty of stocks that insiders are buying. If investing in lesser known companies is your style, you could take a look at this free list of companies. (Hint: insiders have been buying them).

Does Major Drilling Group International Boast High Insider Ownership?

I like to look at how many shares insiders own in a company, to help inform my view of how aligned they are with insiders. I reckon it's a good sign if insiders own a significant number of shares in the company. Based on our data, Major Drilling Group International insiders have about 0.4% of the stock, worth approximately CA$2.9m. We prefer to see high levels of insider ownership.

What Might The Insider Transactions At Major Drilling Group International Tell Us?

It is good to see recent purchasing. We also take confidence from the longer term picture of insider transactions. On this analysis the only slight negative we see is the fairly low (overall) insider ownership; their transactions suggest that they are quite positive on Major Drilling Group International stock. Of course, the future is what matters most. So if you are interested in Major Drilling Group International, you should check out this free report on analyst forecasts for the company.

Of course Major Drilling Group International may not be the best stock to buy. So you may wish to see this free collection of high quality companies.

For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions of direct interests only, but not derivative transactions or indirect interests.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com