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Wednesday, December 17

Contrarian, Value, Nano Cap, with December 2014 Insider Buys


Ballantyne Strong, Inc (BTN):“designs, integrates & installs technology solutions for applications; develops & delivers out-of-home messaging, advertising & communications; manufactures projection screens & lighting products; and provides managed services.” Morningstar

Market Cap = 59.59M, Enterprise Value = 34.03M
Current price $4.23, 52 Wk Low = 3.65, 52 High = 5.15
Qtrly Revenue Growth YOY +20.20%
Insider own 10.79%, Book Value = 4.64 per share,
Cash Per Share = 1.71 ,EV/Revenue = .34

BTN has attracted value investors Chuck Royce and John Rogers  

read the following for more analysis on BTN Valuation Ignored by Mr Market posted April 2014
                        














Trans World EntertainmentCorporation (TWMC):Trans World Entertainment Corp is a specialty retailer of entertainment software, including music, video, video games and related products in the United States. Morningstar




Insider purchaser Miller Lloyd has an outstanding track record investing in nano cap value stocks. 

Market Cap: 101.46M , Enterprise Value: 22.13M
Price/Sales0.27 , EV/Revenue: 0.06
Price/Book (mrq): 0.59 , Enterprise Value/EBITDA (ttm): 2.50
Qtrly Revenue Growth (yoy): -9.20%
Cash Per Share: 2.61 , Book Value Per Share: 5.33
52-Week Change:-23.93%
Shares Outstanding: 31.61M , Float:  9.44M
% Held by Insider:64.58% , % Held by Institutions:24.30%
Trailing Annual Dividend Yield: 15.80%
52-Week High: 4.60, 52-Week Low:3.10




Datawatch Corporation (DWCH)Datawatch Corp provides visual data discovery software that optimizes multiple sources and a variety of data that delivers next generation analytics to reveal insights for improving business.Moringstar














17,500 shares were purchased MTD December 17, 2014 at an average price of 8.62 or a total of $150,849.The most recent 2 quarterly results warranted a large drop in price. It sits at 8.36 (12/17/14)off the 52 high of 36 per share. The company missed on internal growth targets of 30% pushing the stock down to its current price of 8.36.Managment is committed to top line 30% internal growth targets. 2015 stock options awards are based on achieving this growth number. Operational changes and personnel additions were made to help achieve these internal targets after its first year in the data discovery software industry. The stock is down -75.37% over the past 52 week.


Market Cap: 92.68M , Enterprise Value: 47.89M
Price/Book:1.02 , Enterprise Value/Revenue:   1.37
Revenue (ttm):35.09M  Revenue Per Share (ttm):  3.51
Qtrly Revenue Growth (yoy): 2.60% , Gross Profit (ttm):27.72M
Total Cash (mrq):47.67M  Total Cash Per Share (mrq): 4.31
Total Debt (mrq):0.00  Current Ratio(mrq):4.92
Book Value Per Share(mrq): 8.22
52-Week Change: -75.37%
52-Week High(Jan 3,2014):36.13,52-Week Low(Dec 17,2014):8.34
Shares Outstanding: 11.06M , Float:7.68M
% Held by Insiders: 31.29% , % Held by Institutions:48.90%
Short % of Float (as of Nov 28, 2014): 13.40% 



Two other stocks that met the criteria for December insider buying, nano cap and contrarian were 

Pershing Gold Corporation (PGLC)

Ecology & Environment, Inc. (EEI)



















Tuesday, December 9

Self Service Insider Activity


Size of each block is determined by shares purchased to shares in float. Larger blocks indicates a larger commitment based on shares purchased to shares in float.Each unique color indicates industry.If your only concerned with officers insider activity you can select or deselect on right side.For example when I choose only officers for December HGG (HGG hhgregg, Inc)displays the largest insider purchases to float. For the last 6 months using only officers HGG is still the largest. IBAL is second.  

October to 12/09/14 insider purchases was preselected but can be changed. 



Click to view or interact with Treemap



The size of each block is determined by shares purchased to shares in float. Larger blocks indicates a larger commitment based on shares purchased to shares in float.Each unique color indicates a sector.Filtering options include 3 year stock return, month and year of insider activity,insider transaction type,Z score.Further, each "box" displays shares outstanding MRQ, SO 2012 to 2013, F score,Z score, cash as a percentage of price, industry, sector, earnings yield, company size based on shares in float multiplied by share price on 12/10/14.If its not visible you can hover over the box to see attributes. 


Click to interact with insider data with metrics 




Users have the options of updating based on year, month, title, transaction type. Initial preset(can be changed) for December 2014, sorted in descending order based on share activity/ shares in float for December MTD purchases only, 2014.Stocks were filtered to include only stock with a current Z score > 2.99 to avoid near term default risk.

Click to view and use interactive Table


contact: shadowstock@outlook.com

Thursday, December 4

LTD and Share Count Reduction for the Period 2012 to MRQ with November 2014 Insider Buys



Insignia Systems Inc. (ISIG)

"Insignia Systems Inc markets in-store advertising products, programs and services to retailers and consumer packaged goods manufacturers."Morningstar














Market Cap: 40.70M , Enterprise Value:  24.57M
Price/Sales:  1.55 , Price/Book:   1.66
Enterprise Value/Revenue: 0.90 , Enterprise Value/EBITDA: 8.47
Revenue:  27.17M , Revenue Per Share:  2.13
Qtrly Revenue Growth (yoy):  2.70% , Gross Profit (ttm):  12.75M
EBITDA (ttm):  2.90M ,
Total Cash (mrq):  17.48M , Total Cash Per Share (mrq):   1.42
Current Ratio (mrq): 5.15 , Book Value Per Share (mrq):   2.06
52-Week Change:   21.25%
52-Week High: 3.55 , 52-Week Low: 2.61
Shares Outstanding: 12.30M , Float:  8.66M
% Held by Insiders: 18.22% , % Held by Institutions:    21.90%


Global Cash Access Holdings, Inc. (GCA)

"Global Cash Access Holdings Inc provides cash access services and related equipment and services to the gaming industry." Morningstar

note the GCA moved +10% over the last 2 days. 





















Market Cap: 503.43M , Enterprise Value:     488.09M
Price/Sales (ttm):0.86,  Price/Book (mrq): 2.11
EV/Revenue:0.84 , EV/EBITDA: 7.71
Revenue (ttm):581.46M , Revenue Per Share (ttm):   8.83
Qtrly Revenue Growth (yoy):  -0.40%
Gross Profit (ttm):142.65M , EBITDA (ttm):  63.32M
Total Cash (mrq):106.50M , Total Cash Per Share (mrq):   1.63
Total Debt (mrq):95.74M , Total Debt/Equity (mrq):   40.46
Current Ratio (mrq):   1.03 , Book Value Per Share:   3.61
Operating Cash Flow(ttm):8.01M ,Free Cash Flow(ttm):-13.67M
52-Week Change:    -18.73%
52-Week High:   10.42 , 52-Week Low:    6.37
Shares Outstanding:  65.55M , Float:  64.67M
% Held by Insiders:12.13% ,% Held by Institutions: 100.50%
Short % of Float: 2.60%

American Science & Engineering Inc. (ASEI)

"American Science & Engineering Inc develops, manufactures, markets, and sells X-ray inspection and other detection products for homeland security, force protection and other critical defense applications." Moringstar




















Market Cap: 391.13M , Enterprise Value:   266.54M
Price/Sales  2.35 ,  Price/Book :     2.01
Enterprise Value/Revenue:1.65 , Enterprise Value/EBITDA: 25.20
Revenue:  161.95M , Revenue Per Share:  20.55
Qtrly Revenue Growth (yoy):-47.40% 
Gross Profit(ttm):  76.65M , EBITDA (ttm): 10.58M
Total Cash: 116.19M , Total Cash Per Share:14.68
Total Debt (mrq):2.16M , Total Debt/Equity (mrq):1.14
Current Ratio (mrq): 4.31 , Book Value Per Share (mrq):   23.95
Operating Cash Flow:-22.04M ,Free Cash Flow:-23.37M
52-Week Change:-30.26%
52-Week High: 74.75 , 52-Week Low:  43.38
Shares Outstanding: 7.92M , Float:  7.79M
% Held by Insiders:1.25% , % Held by Institutions: 75.40%
Short % of Float: 5.10%
Trailing Annual Dividend Yield:    4.20% , 5 Year Average Dividend Yield: 2.40%

Calamos Asset Management Inc. (CLMS)

"Calamos Asset Management Inc is an asset management firm. The Company provides investment advisory services to individuals & institutional investors through open-end funds, closed-end funds, separate accounts, offshore funds and partnerships."Morningstar

















Market Cap: 276.74M , Enterprise Value:   -180.91M
Price/Sales:  1.06 , Price/Book: 1.17
Profit Margin:    7.62% , Operating Margin: 26.66%
Return on Assets: 6.97% , Return on Equity: 19.75%
Revenue:  256.99M , Revenue Per Share (ttm): 13.74
Qtrly Revenue Growth (yoy):   -2.20%
Gross Profit (ttm):  263.37M , EBITDA (ttm):  72.92M
Total Cash (mrq):  500.33M , Total Cash Per Share:  24.37
Total Debt (mrq):  45.96M
Total Debt/Equity (mrq):  9.23  Current Ratio (mrq):  14.40
Book Value Per Share (mrq):  11.34
Operating Cash Flow (ttm):   93.98M , Free Cash Flow (ttm):   50.64M
52-Week Change:   22.77%
52-Week High:  14.44 , 52-Week Low:  10.67
Shares Outstanding: 20.53M , Float:  16.88M
% Held by Insiders:    11.40% , % Held by Institutions:  66.30%
Short % of Float: 2.90%
Trailing Annual Dividend Yield:   4.10%


Invesco Mortgage Capital Inc. (IVR)


"Invesco Mortgage Capital Inc is a real estate investment trust. It acquires finances and manages residential and commercial mortgage-backed securities and mortgage loans." Morningstar


IVR did not meet the share count reduction or LTD reduction but did have positive November insider activity.




















Main Street Capital Corporation (MAIN)

Main Street Capital Corporation is an investment firm focused on providing customized debt and equity financing to lower middle market companies and debt capital to middle market companies.Morningstar


MAIN did not meet the share count reduction or LTD reduction but did have positive November insider activity.





Sunday, November 30

Convincing MTD November Insider Purchases


Ideas below were selected based on the aggregate shares purchased to the shares in float. This hurdle was used to measure conviction.


Click for quotes on all the stock below
























Barrett Business Services Inc. (BBSI)














BBSI:"Barrett Business Services Inc offers human resource management services to small and medium-sized businesses in managing the increasing costs and complexities and employment-related issues". Source Morningstar


Market Cap: 155.27M , Enterprise Value:  73.65M
Price/Sales (ttm):  0.27 , Price/Book (mrq): 4.70
Qtrly Revenue Growth (yoy):18.20% , Gross Profit (ttm): 86.52M
Total Cash (mrq): 86.75M ,  Cash Per Share (mrq): 12.19
Total Debt (mrq): 5.11M ,  Total Debt/Equity (mrq):  14.85
Current Ratio (mrq): 1.26 , Book Value Per Share (mrq): 4.80
Operating Cash Flow (ttm):  56.54M , Levered Free Cash Flow (ttm): 1.65M
52-Week Change:        -74.06%
52-Week High:   102.20 , 52-Week Low: 18.25
Shares Outstanding: 7.12M , Float: 6.54M
% Held by Insiders: 2.01% , % Held by Institutions:  88.50%
Short % of Float: 14.90%
Trailing Annual Dividend Yield: 3.40%




International Baler Corp. (IBAL)












IBAL:"International Baler Corp is a manufacturer of baling equipment which utilizes technical, hydraulic and electrical mechanisms to compress a variety of materials into bales for easier handling, shipping, disposal, storage, and for recycling". Source Morningstar


Market Cap: 10.78M , Enterprise Value: 11.32M
Price/Sales (ttm): 0.58 , Price/Book (mrq):  1.39
Enterprise Value/Revenue (ttm): 0.60
Enterprise Value/EBITDA: 5.90
Revenue (ttm):  18.88M , Revenue Per Share (ttm):   3.64
Qtrly Revenue Growth (yoy):  91.50%
Gross Profit (ttm):  3.04M , EBITDA (ttm):  1.92M
Total Cash (mrq):   1.15M  Total Cash Per Share (mrq):  0.22
Book Value Per Share (mrq):   1.51
52-Week Change:    30.00%
52-Week High (Sep 11, 2014):   2.48 , 52-Week Low (Dec 23, 2013):    1.26
Shares Outstanding:  5.18M  Float:  776.13K



Electro-Sensors Inc. (ELSE)









ELSE:"Electro-Sensors Inc is engaged in the manufacturing and distribution of industrial production monitoring and process control systems. It has two operating segments: Production Monitoring and Investments". Source Morningstar

Market Cap: 13.41M , Enterprise Value:   5.50M
Price/Sales (ttm):  1.92 , Price/Book (mrq):   1.20
Enterprise Value/Revenue (ttm):  0.77 , Enterprise Value/EBITDA (ttm): 7.57
Revenue (ttm):  7.11M , Revenue Per Share (ttm):        2.09
Qtrly Revenue Growth (yoy):  12.20%
Gross Profit (ttm):  3.74M , EBITDA (ttm):  727.00K
Total Cash (mrq):  8.68M , Total Cash Per Share (mrq):  2.56
Current Ratio(mrq):10.06 , Book Value Per Share (mrq):3.34
52-Week Change:   -3.42%
52-Week High: 4.44 , 52-Week Low: 3.09
Shares Outstanding: 3.40M , Float:  1.46M
% Held by Insiders: 56.25% , % Held by Institutions:  8.70%
Short % of Float : 0.50% , 5 Year Average Dividend Yield: 4.00%


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The First Marblehead Corporation (FMD)









FMD:“The First Marblehead Corp is a specialty finance company engaged in the education financing marketplace in the United States. It provides education loan programs for K-12, undergraduate and graduate students and for college graduates”. Source Morningstar


Note: FMD is high risk. Weak financial position with low Z score (-.50) indicates a high chance of default. 



Energy Recovery, Inc. (ERII)
















ERRI: Energy Recovery, Inc. is engaged in designing, developing, and manufacturing of energy recovery devices that transform untapped energy into reusable energy from industrial fluid flows and pressure cycles. Source Morningstar


Market Cap: 246.41M , Enterprise Value:    215.24M
Price/Sales (ttm): 6.54 , Price/Book (mrq):   3.41
Enterprise Value/Revenue (ttm):5.54
Revenue (ttm):  38.88M , Revenue Per Share (ttm):        0.76
Qtrly Revenue Growth (yoy):  9.70% , Gross Profit(ttm):25.72M
Total Cash (mrq):31.17M , Total Cash Per Share (mrq):     0.60
Total Debt (mrq):    0.00 , Current Ratio (mrq):    6.24
Book Value Per Share (mrq):  1.44
52-Week Change: -5.19%
52-Week High: 6.98 , 52-Week Low :  3.30
Shares Outstanding:  51.88M , Float:  47.44M
% Held by Insiders:  35.09% , % Held by Institutions:  37.20%
Short % of Float (as of Nov 14, 2014): 17.90%




Ikanos Communications, Inc. (IKAN)















IKAN: Ikanos Communications, Inc., is a provider of advanced broadband semiconductor and integrated firmware products for digital home. Source Morningstar


Note: IKAN is high risk. Weak financial position with low Z score (-.68) indicates a high chance of default. 


Market Cap: 46.84M , Enterprise Value:   45.62M
Price/Sales (ttm):   0.83 , Price/Book (mrq):   2.90
Enterprise Value/Revenue (ttm):   0.84
Revenue (ttm):  54.43M , Revenue Per Share (ttm):   0.57
Qtrly Revenue Growth (yoy):  -34.40%
Gross Profit (ttm):  40.67M
Total Cash (mrq):6.68M , Total Cash Per Share (mrq):   0.05
Total Debt (mrq):4.94M , Total Debt/Equity (mrq):31.55
Current Ratio (mrq): 1.32,  Book Value Per Share (mrq):     0.11
52-Week Change: -74.63%
52-Week High: 1.36 , 52-Week Low: 0.28
Shares Outstanding: 139.33M  Float: 43.85M
% Held by Insiders: 39.50% , % Held by Institutions: 25.30%
Short % of Float: 0.60%



Command Center, Inc. (CCNI)









CCNI"Command Center, Inc., is a franchisor of on-demand labor businesses. It provides unskilled and semi-skilled workers to the light, industrial, construction, warehousing and transportation industries". Source Morningstar



Market Cap: 49.76M , Enterprise Value:    48.39M
Price/Sales (ttm):   0.55 , Price/Book (mrq):   2.91
Enterprise Value/Revenue:0.52,Enterprise Value/EBITDA: 7.13
Revenue (ttm):  92.46M , Revenue Per Share (ttm):  1.48
Qtrly Revenue Growth (yoy):  6.90%
Gross Profit (ttm):  24.25M , EBITDA (ttm):  6.78M
Total Cash (mrq): 6.04M  Total Cash Per Share (mrq):    0.09
Total Debt (mrq):  4.67M , Total Debt/Equity (mrq):  26.97
Current Ratio (mrq):  2.38 , Book Value Per Share (mrq):  0.27
Operating Cash Flow: 6.34M ,levered Free Cash Flow: 2.59M
52-Week Change:   68.89%
52-Week High: 0.85 , 52-Week Low:     0.30
Shares Outstanding: 65.47M , Float:  49.23M
% Held by Insiders: 26.30% , % Held by Institutions:  0.10%



Cenveo Inc. (CVO)














CVO:"Cenveo, Inc. along with its subsidiaries is engaged in envelope converting, commercial printing, and the manufacturing of custom label and specialty packaging products in North America". Source Morningstar

Note: CVO is high risk. Weak financial position with low Z score (.56) indicates a high chance of default. 

Market Cap: 127.24M , Enterprise Value:   1.37B
Price/Sales:0.07 , Enterprise Value/Revenue:0.70
Enterprise Value/EBITDA:9.39
Revenue (ttm):  1.96B , Revenue Per Share (ttm):  29.44
Qtrly Revenue Growth:  8.50% , Gross Profit (ttm):   291.88M
EBITDA (ttm):  145.76M ,
Total Cash (mrq):11.05M , Total Cash Per Share (mrq):   0.16
Total Debt (mrq):1.25B , Current Ratio (mrq): 1.40
Book Value Per Share (mrq):-8.21
Operating Cash Flow (ttm): 3.18M , Free Cash Flow (ttm): 30.08M
52-Week Change:   -44.71%
52-Week High:   3.92 , 52-Week Low:    1.39
Shares Outstanding: 67.68M , Float:  47.55M
% Held by Insiders:30.72% , % Held by Institutions: 51.00%
Short % of Float : 14.50%




Koss Corporation (KOSS)











KOSS"Koss Corp is engaged in the design, manufacture and sale of stereo headphones and related accessory products". Source Morningstar

Market Cap: 13.58M , Enterprise Value: 14.76M
Price/Sales:0.59 , Price/Book: 0.87
Enterprise Value/Revenue (ttm): 0.66
Revenue (ttm):22.49M  Revenue Per Share (ttm): 3.05
Qtrly Revenue Growth (yoy):   -19.90%
Gross Profit (ttm):     -281.82K , EBITDA (ttm)6:  -9.59M
Total Cash (mrq): 125.40K , Total Cash Per Share (mrq): 0.02
Total Debt (mrq): 1.30M , Total Debt/Equity (mrq): 8.49
Current Ratio (mrq): 2.83 , Book Value Per Share (mrq): 2.07
52-Week Change: -62.75%
52-Week High:6.59 , 52-Week Low: 1.26
Shares Outstanding: 7.38M , Float:  2.42M
% Held by Insiders:69.22% , % Held by Institutions:  49.10%

Trailing Annual Dividend Yield:6.70% , 5 Year Average Dividend Yield: 5.00%