Insider Buying

Insider Buying Report: Mytilineos SA (MYTIL:GA)

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Mytilineos SA
MYTIL:GA
12 months:
+119%
Activity:
Bullish
Pattern:
Large purchase from member of management team
News:
Full-year results
Mytilineos SA
MYTIL:GA
12 months:
+119%
Activity:
Bullish
Pattern:
Large purchase from member of management team
News:
Full-year results

Corporate insiders tend to have far more information on their companies than outsiders. If these individuals are buying company stock, it’s often worth taking a closer look.

In this report, we are going to highlight some interesting insider buying at Mytilineos SA (MYTIL:GA). Mytilineos is a Greek industrial company that specializes in metallurgy, engineering, procurement and construction (EPC), and electric power. It is listed on the Athens Exchange and currently has a market capitalization of €2.2 billion.

Mytilineos SA: Insider Buying

Our records show that between 22 April and 26 April, Nikos Papapetrou, General Manager Renewables & Storage Development Business Unit, purchased MYTIL stock three times. In total, the insider bought 39,000 shares, spending around €600,000 on shares.

Previous Trades Were Timed Well

This trading activity stands out because Papapetrou has made a number of well-timed purchases in the recent past. In October 2020, we noted that the insider had just spent approximately €4 million on stock when the share price was under €10. Since then, the stock has risen to €15.40, generating a gain of more than 50% for the insider. These recent purchases from Papapetrou suggest that he believes the stock is set to keep rising.

Strong Position

Mytilineos advised in February that it was in a “strong position” at the start of 2021. Its Metallurgy business unit is benefitting from stable raw material costs, as well as from the recovery of Aluminum and Alumina prices. Meanwhile, its Renewables & Storage Development and Sustainable Engineering Solutions Business Units are currently accelerating as a number of new projects reached maturity in the second half of 2020. The group believes that the progress of these projects is setting a solid foundation for a strong financial performance this year. It also believes that activities in the Renewables & Storage Development unit will be a “significant catalyst” for its operational profitability in the next year.

In light of this outlook, we see the insider buying here as bullish.

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