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A Form 4 filing filed with the SEC on Wednesday, April 14 showed that Saba Capital Management, L.P. sold 27,179 shares of Nuveen Floating Rate Income Fund (NYSE:JFR) at $9.72 on Monday, Apr 12, and sold 159,060 shares at $9.70 on Tuesday, Apr 13.The transaction moved the executive's stake in Nuveen Floating Rate Inc Inc. to 6,301,239 shares. Shares of Nuveen Floating Rate Income Fund moved higher by 0.2% from the previous closing price.
Insider transactions shouldn't be used primarily to make an investing decision, however an insider transaction can be an important factor in the investing decision.
When an insider buys stock after an important sell off, that can indicate the insider's faith in the success of the organization. Henceforth, if the stock is bought at new highs, it might be because the insider feels that the stock is not overvalued. Insiders who sell stock at new lows could be anticipating some capitulation moment. If the insider sells at new highs, it could point to the intention to "take some profit" and "lock in a gain."
Investors prefer focusing on transactions which take place in the open market, indicated in the Form 4 with codes P for purchase and S for sale. If the transaction was an open-market transaction, that means that the insider made a conscious decision for the company's stock moving forward.
Transaction codes besides P or S aren't relatively important as they are seldom tied to a decision by the executive. For example, transaction code A is indicative of an insider being forced to sell shares to attain compensation. Moreover, transaction code C indicates the conversion of an option.
Posted In: JFR
