- House of Representatives members Thomas Suozzi and James R. Langevin purchased shares of Generac (NYSE:GNRC)
- Suozzi purchased the shares on May 20
- Langevin purchased the shares on May 9
Shares of Generac (NYSE:GNRC) are in full view as two lawmakers disclose purchasing GNRC stock this year. These lawmakers are Reps. Thomas Suozzi and James R. Langevin.
Generac designs and manufactures power generation equipment and other power-related products. Shares have declined by over 38% year to date (YTD), double the S&P 500’s YTD loss of 18%.
Now, Suozzi and Langevin are stepping in and buying up shares. Let’s get into the details
2 Lawmakers Buy GNRC Stock
On May 20, Suozzi reported purchasing shares of Generac in three separate transactions. All three purchases were for between $15,001 and $50,000. Langevin purchased shares of GNRC on May 9 in three separate transactions. These transactions were valued between $1,001 and $15,000. Meanwhile, Alabama Sen. Tommy Tuberville is taking a different approach. On April 8, the senator sold shares of GNRC that were worth between $1,001 and $15,000.
Langevin appears to be an avid day trader based on his past GNRC transactions. On March 4, he simultaneously sold and purchased call options on the company with various strike prices and short periods until expiration.
So, do these lawmakers know something that the average retail investor is unaware of?
While there is no concrete evidence of this, it certainly seems plausible. Quiver Quantitative offers a tracker that takes a long position in stocks that members of the House purchase, while taking a short position in stocks that members sell. In the past year, this strategy has generated a compound annual growth rate (CAGR) of 24%!
GNRC is the second-largest position in this strategy. Energy Transfer (NYSE:ET) takes home first place. The top shorts in the strategy include BRP (NASDAQ:BRP) and USA Compression Partners (NYSE:USAC). Furthermore, new positions in the fund include a short on EnLink Midstream (NYSE:ENLC) and a long position on Boeing (NYSE:BA).
So, how do insiders of Generac feel about their company? In the past 12 months, insiders have purchased 50,784 shares while selling 152,723 shares. In total, insiders account for a net 101,939 shares sold. Insiders have made 33 open market buys and 33 sales in the past year.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.