Willow Grove Holdings LP, which holds more than 10% of Amerco’s (NASDAQ:UHAL) shares, has purchased 603,150 shares in multiple transactions between November 16 and November 18, for a total value of $32.4 million. Generally, insider purchases are reflective of their confidence in the stock’s long-term prospects. Interestingly, UHAL stock has risen 10% since the recent insider transaction.
Furthermore, Amerco recently beat analysts’ estimates for fiscal second-quarter earnings by a significant margin. The company engages in the provision of insurance, moving, and storage operation businesses.
According to an SEC filing, Willow Grove is owned and controlled by Foster Road LLC, along with various trusts associated with Amerco’s CEO, Edward J. Shoen, and vice president Mark V. Shoen.
Overall, TipRanks’ Insider Trading Tool shows that the Insider Confidence Signal is currently Positive for UHAL.
TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
UHAL stock is down 24.8% so far this year. Striking performance in the last reported quarter and optimism over the impact of several corporate actions announced in late October might help the stock gain traction.
While Insiders are bullish on UHAL, hedge funds have a neutral stance on the stock. Also, UHAL stock scores 7 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock is likely to perform in line with market averages.