Borr Drilling and Mach Natural Resources Lead Ten Companies, $15.95M of Insider Buys
Ten companies cleared the September 14–18 screen with $15,951,113 of officer and director purchases above $1 million, led by Borr Drilling and Mach Natural Resources, with Rule 10b5-1 and family-transfer filings separated out.
The screen retained 10 clean insider-buying signals across ten companies in the September 14–18, 2026 trade-date window, worth $15,951,113 across 14 separate purchases. Borr Drilling and Mach Natural Resources accounted for about 44% of that total, and six of the ten companies drew a second insider inside the same five sessions.
Two far larger apparent signals were set aside. Nippon Life Insurance, a 10% owner of Corebridge Financial, bought $28.94 million of stock across three trade dates, each purchase made under a Rule 10b5-1 plan the insurer adopted on August 7. 1 Fox Corp executive chair Lachlan K. Murdoch recorded a $10.27 million acquisition on September 15 that matched, share for share and dollar for dollar, a sale of the same 149,934 shares to the LKM Family Trust that same day. 2
The week also carried a macro event. The Federal Open Market Committee raised its target range for the federal funds rate by a quarter point to 3.75%–4.00% on Wednesday, September 16, the first increase since 2023. 3 That decision lands on two of the names below from opposite directions: it widens the spread a bank earns on deposits, and it raises the cost of the debt two real estate owners use to fund acquisitions.
Every mark in this issue is the gap between a reported entry price and the September 18 closing price. It is an unrealized spread on shares the insider still holds, not a realized return, and it carries no information about why the purchase was made.
The comparison
| Issuer and eligible buyer | Trade date(s) | Shares and execution price | Reported purchase value | Filing shape | Sept. 18 close vs. entry |
|---|---|---|---|---|---|
| Borr Drilling (BORR), Tor Olav Troim, director | Sept. 16–17 | 1,000,000 at $4.2995; 150,000 at $4.3795 | $4,956,425 | Same insider, two trade dates | $4.46; +3.49% 45 |
| Mach Natural Resources (MNR), Tom L. Ward, chief executive of the general partner | Sept. 14 | 172,413 units at $11.60 | $1,999,991 | Off-exchange block | $11.13; −4.05% 67 |
| Agree Realty (ADC), John Rakolta Jr., director | Sept. 16 | 20,000 at $68.78 | $1,375,600 | Cluster buyer | $68.05; −1.06% 89 |
| Betterware de México (BWMX), Luis Campos, chairman | Sept. 15–16 | 45,000 at $16.2588; 35,000 at $16.4416 | $1,307,102 | Cluster buyer, two trade dates | $17.31; +5.94% 1011 |
| G-III Apparel (GIII), Morris Goldfarb, chairman and CEO | Sept. 14 | 40,000 at $27.94 | $1,117,600 | Single insider, first purchase | $27.57; −1.32% 1213 |
| The Cooper Companies (COO), Lawrence Erik Kurzius, director | Sept. 14 and 16 | 10,000 at $53.915; 10,000 at $54.932 | $1,088,470 | Same insider, two trade dates | $55.29; +1.59% 1415 |
| American Assets Trust (AAT), Ernest S. Rady, executive chairman | Sept. 14 | 50,000 at $21.65 | $1,082,500 | Single insider, repeat buyer | $21.95; +1.39% 1617 |
| Truist Financial (TFC), Michael P. Lyons, president and CEO | Sept. 17 | 21,000 at $48.3608 | $1,015,577 | Single insider, first purchase | $48.56; +0.41% 1819 |
| Karman Holdings (KRMN), David Stinnett, director | Sept. 16 | 27,000 at $37.3203 | $1,007,648 | Cluster buyer | $35.75; −4.21% 2021 |
| Celsius Holdings (CELH), Damon DeSantis, director | Sept. 14–15 | 20,000 at $27.65; 16,000 at $27.95 | $1,000,200 | Cluster buyer, two trade dates | $28.02; +0.85% 2223 |
1. Borr Drilling (BORR)
Transactions. Director Tor Olav Troim bought 1,000,000 common shares at $4.2995 on September 16, then another 150,000 at $4.3795 on September 17, for a combined $4,956,425 through Drew Holdings Ltd., a company wholly owned by a trust of which he is the beneficiary. 424 Chief executive Bruno Morand de Oliveira added 45,500 shares at $4.40 on September 18, a further $200,200. 25
Company context. Borr Drilling owns and operates jack-up drilling rigs for offshore oil and gas producers. No earnings release landed in the window. The shares closed at $4.46 on September 18, up 4.4% over the week and 32% below their highest close of the past twelve months, $6.61 on May 18, 2026. 5
Track record. Troim has now bought on eight dates since March 24, 2026, and every purchase has been within a $4.02–$5.58 band. Five of the six earlier purchases had a full month of trading behind them by September 18; three closed higher a month later, with a median gain of 2.5%. None is old enough for a six-month check. Since August 13 alone he has bought 3,350,000 shares for about $14.06 million, a weighted average of $4.20. 26
Current mark. At the September 18 close of $4.46, the two trades sit up 3.73% and 1.84%. 5
Signal read. A director and the sitting chief executive bought inside the same three days, and Troim has been averaging into the same price band for seven months.
2. Mach Natural Resources (MNR)
Transaction. Tom L. Ward, who the filing identifies as chief executive officer of Mach Natural Resources GP LLC, the partnership's general partner, and as a 10% owner, bought 172,413 common units at $11.60 on September 14 for $1,999,991. 6 A footnote describes the execution as an unregistered block trade, so the price was negotiated off the screen rather than lifted from the order book.
Company context. Mach Natural Resources is an upstream oil and gas limited partnership in the Anadarko Basin. Its units closed at $12.49 on September 14 and at $11.20 the next day, a 10.3% single-session drop; they finished the week at $11.13. 7 The partnership last reported on August 6, 2026, declaring a quarterly distribution of $0.36 per common unit against the $0.64 it declared for the first quarter. 27
Track record. Ward's four earlier purchases in the retrievable record went in at $12.00 (November 14, 2025), $11.45 (November 25, 2025), $11.63 (November 26, 2025) and $13.05 (April 13, 2026). 28 The three November 2025 purchases all show a six-month gain, with a median of 12.0%; the April 2026 purchase is too recent for that check. Ward's April purchase was also exactly $1,999,991, which is the same dollar figure he deployed this week.
Current mark. The September 18 close of $11.13 leaves the block purchase 4.05% below its entry price. 7
Signal read. The chief executive paid cash for a block at $11.60, below the $12.49 close on the trade date, a discount a seller granted to move size; 10% holder William Wallace McMullen bought 34,514 units at $11.27 the following day. 29
3. Agree Realty (ADC)
Transaction. Director John Rakolta Jr. bought 20,000 shares at a weighted average of $68.78 on September 16, $1,375,600, with prices ranging from $68.74 to $68.81. 8 President and chief executive Joey Agree bought 7,360 shares at $68.06 the same day, $500,922, below the $1 million cutoff. 30
Company context. Agree Realty owns net-leased retail property and pays a monthly dividend. Both purchases carry a trade date of September 16, the day the Federal Reserve raised rates and the shares closed at $68.50 after a 2.2% decline. They closed at $68.05 on September 18, the lowest close in the twelve months to that date. 9
Track record. Rakolta's nine earlier purchases in the retrievable record run from December 20, 2024 to August 31, 2026. 31 Five of them are old enough for a six-month reading: three closed higher, with a median gain of 0.8%. Three are old enough for twelve months: one closed higher, with a median change of −0.2%. Seven have a one-month reading, and every one of those closed lower, with a median decline of 1.2%. His purchases have historically been followed by flat or lower prices over the following half year.
Current mark. At the September 18 close of $68.05, the purchase sits 1.06% below its entry price. 9
Signal read. The buy is the largest of Rakolta's ten, and it landed at the bottom of the shares' twelve-month range, but his own history argues for caution about what the timing predicts.
4. Betterware de México (BWMX)
Transactions. Chairman Luis Campos bought 45,000 shares at a weighted average of $16.2588 on September 15 and 35,000 shares at $16.4416 on September 16, $1,307,102 in total, through Campalier S.A. de C.V. 10 Two relatives bought alongside him: chief executive Andrés Campos Chevallier, 45,000 shares across the same two days for $739,785, and Betterware Mexico managing director Santiago Campos Chevallier, 15,000 shares at $16.4616 on September 16 for $246,924. 3233 Neither companion reached $1 million on its own.
Company context. Betterware de México sells household goods through a direct-sales network and a majority stake in Jafra. The company's second-quarter 2026 release, filed on July 23, 2026, cites the incorporation of Tupperware's operations among the period's milestones. 34 The shares gained 11.4% over the week, closing at $17.31 on September 18. 11
Track record. Campos bought on July 27 (46,830 shares at $16.41), July 31 (3,917 at $16.93) and August 3 (25,015 at $17.00) before this week. 35 Each of those three has a one-month reading and none closed higher, with a median decline of 6.2%; none is old enough for a six-month check. Counting this week, he has bought 155,762 shares for about $2.57 million in under two months.
Current mark. Against the $16.3388 weighted entry, the September 18 close leaves the position up 5.94%. 11
Signal read. Three members of the controlling family bought in the same two sessions, and the chairman has now added in four consecutive months.
5. G-III Apparel (GIII)
Transaction. Chairman and chief executive Morris Goldfarb bought 40,000 shares at a weighted average of $27.94 on September 14, $1,117,600, with individual trades from $27.77 to $28.12. 12
Company context. G-III reported second-quarter fiscal 2027 results on September 2, 2026: net sales fell 10% to $554.1 million, gross margin rose 440 basis points to 45.2%, and net income was $20.2 million, or $0.46 a diluted share, against $10.9 million and $0.25 a year earlier. The company raised its fiscal 2027 earnings guidance to $4.10–$4.20 a diluted share and closed the Marc Jacobs acquisition. 36 The shares fell 11.5% on the release day, from $32.17 to $28.47, and closed at $27.57 on September 18. 13
Track record. Goldfarb has no earlier open-market purchase in the retrievable record, which runs back to September 2024. 37 In June 2025, executive vice president Jeffrey David Goldfarb bought 23,076 shares at $21.33 and director Victor Herrero Amigo bought 5,000 at $21.95. 37
Current mark. The September 18 close of $27.57 leaves the purchase 1.32% below its entry price. 13
Signal read. The chairman bought after a sales decline he had already flagged, at a price below where the shares closed on the day of the report.
6. The Cooper Companies (COO)
Transactions. Director Lawrence Erik Kurzius bought 10,000 shares at $53.915 on September 14 and 10,000 more at $54.932 on September 16, $1,088,470 across the two filings. 1438 A second director, Walter M. Rosebrough Jr., bought 10,000 shares at $54.16 on September 11, before the window opened, for $541,640.
Company context. CooperCompanies reported fiscal third-quarter 2026 results on September 9: revenue rose 1% to $1.066 billion, non-GAAP diluted earnings were $1.15 a share, and free cash flow rose 66% to $273 million. The company also updated full-year non-GAAP earnings guidance to $4.51–$4.55 a share. 39 Shares fell 14.7% on September 10, from $63.48 to $54.17. 15 Kurzius's first purchase went through four days later at $53.915, roughly $0.65 above the twelve-month closing low of $53.27 the shares printed on September 15.
Track record. Kurzius has two earlier open-market purchases in the retrievable record: 10,000 shares at $68.39 on September 29, 2025 and 10,000 at $82.50 on December 17, 2025. 40 Six months after the first, the shares were 1.3% higher; six months after the second, 21.2% lower. One of the two checks positive, on a sample of two, is a thin basis for a hit rate.
Current mark. Against the $54.4235 weighted entry, the September 18 close of $55.29 leaves the position up 1.59%. 15
Signal read. A director doubled his position at the bottom of a two-year range within a week of a double-digit selloff on an earnings report.
7. American Assets Trust (AAT)
Transaction. Executive chairman Ernest S. Rady bought 50,000 shares at $21.65 on September 14, $1,082,500, through American Assets, Inc., which he controls. 16
Company context. American Assets Trust owns office, retail, multifamily and hotel property on the West Coast. Second-quarter 2026 results, filed July 28, showed funds from operations of $0.51 a diluted share against $0.52 a year earlier, same-store cash net operating income up 0.3%, and record average rental rates, with the retail portfolio 97.9% leased. 41 The shares gained 2.1% over the week to close at $21.95, and sit 15% below their twelve-month closing high of $25.85. 17
Track record. Rady has made 20 purchases recorded between February 17 and August 31, 2026, an unbroken accumulation. 42 Four of them, all from February 2026, are old enough for a six-month reading and every one closed higher, with a median gain of 15.8%. None is old enough for a twelve-month check. His entries have moved steadily higher through the year, from $18.81 in February to $22.45 on August 31.
Current mark. The September 18 close of $21.95 leaves the purchase up 1.39%. 17
Signal read. A serial accumulator added a smaller increment at a lower price than his three August buys, three days before the rate decision that governs his sector.
8. Truist Financial (TFC)
Transaction. President and chief executive Michael P. Lyons bought 21,000 shares at a weighted average of $48.3608 on September 17, $1,015,577, with prices from $48.33 to $48.375. 18 The filing reports 21,000 shares held directly afterwards, marked as a new position.
Company context. Lyons became Truist's president and chief executive on September 1, 2026. 43 Bank shares fell on the rate decision, and Truist closed at $48.44 on September 16, down 4.0% on the day; it finished the week at $48.56. 19
Track record. Lyons has no earlier open-market purchase in the retrievable Truist record, which runs back to November 2024. 44 The previous purchase there came from William H. Rogers Jr., then chairman and chief executive, who bought 34,180 shares at $48.56 on November 25, 2024.
Current mark. The September 18 close of $48.56 leaves the purchase up 0.41%. 19
Signal read. A chief executive three weeks into the job spent just over $1 million on his first direct holding, the day after the rate decision took bank shares down.
9. Karman Holdings (KRMN)
Transaction. Director David Stinnett bought 27,000 shares at a weighted average of $37.3203 on September 16, $1,007,648, with prices from $36.99 to $37.52. 20 Two other directors bought the same day in token size: Mary D. Petryszyn 500 shares at $37.4399 for $18,719.95 and Stephen Twitty 275 shares at $36.79 for $10,117.25. 4546
Company context. Karman makes propulsion, interstage and composite structures for missiles and space launch. It completed the acquisition of Walker Precision Engineering on August 28, 2026 for about $95 million, adding operations in Scotland, England and Poland. 47 The shares closed at $35.75 on September 18, down 69% from their twelve-month closing high of $115.29 set January 28, 2026. 21
Track record. Stinnett has no earlier purchase in the retrievable record, which runs back to February 2025, when the company listed. 48 No six-month or twelve-month reading is possible from a single entry.
Current mark. The September 18 close of $35.75 leaves the purchase 4.21% below its entry price. 21
Signal read. Three directors bought on the same day, and the one who mattered in dollars acted after a collapse from the January high.
10. Celsius Holdings (CELH)
Transactions. Director Damon DeSantis bought 20,000 shares at $27.65 on September 14 and 16,000 at $27.95 on September 15, $1,000,200 in total. 22 Director Hal Kravitz bought 12,000 shares at $28.00 on September 15, $336,000. 49
Company context. Celsius reported second-quarter 2026 results on August 6, 2026: revenue of $817.9 million. 50 The shares closed at $23.77 that day, the lowest close of the past twelve months, and at $28.02 on September 18, still 57% below the twelve-month closing high of $64.86. 23 Chief executive John Fieldly had bought 18,000 shares at $27.44 on September 10, four days before the window opened, for $493,843. 51
Track record. DeSantis has no earlier open-market purchase in the retrievable record, which runs back to December 2024. 51 His debut buy caps a run in which three Celsius insiders bought within four trading days.
Current mark. Against the $27.7833 weighted entry, the September 18 close leaves the position up 0.85%. 23
Signal read. A director's first purchase followed the chief executive's by four days, with both buying into a stock that has lost more than half its value in a year.
Exclusions and classification notes
- Fox Corp (FOX): Lachlan K. Murdoch sold 149,934 Class A shares at $68.53 and the LKM Family Trust acquired the same 149,934 shares at the same price on September 15, $10,274,977 on each side. The filing states he sold to the trust, which an independent trustee administers for the benefit of him, his family and certain charities. 2 This is a change in the form of ownership.
- Corebridge Financial (CRBG): Nippon Life Insurance bought $10,318,653 on September 14, $7,385,802 on September 15 and $11,232,960 on September 16, and a further $5,923,208 on September 11 outside the window. Every filing carries the Rule 10b5-1 checkbox and a footnote saying the purchases were made under a plan the insurer adopted on August 7, 2026, and the buyer is a 10% owner rather than an officer or director. 15253
- Star Bulk Carriers (SBLK): director Milena Maria Pappa, head of operations Alexandros Pappas and director Raffaele Zagari bought 208,800 shares at $28.27 on September 15, $5,902,776 in total. Every filing's remarks state the shares were subscribed in a public offering in Greece after the company's dual listing on Euronext Athens, at the offering price of EUR 24.50. 545556 Three buyers at one identical offering price are a deal allocation, and the price was set by the transaction.
- Axia Energia (AXIA): director Pedro Batista de Lima Filho reported $5,378,042 of purchases and $859,712 of sales on September 14, all through accounts his firm, Radar Gestora de Recursos, manages, with prices converted from Brazilian reais at a June 30 exchange rate. 57 Same-day buying and selling inside managed accounts reads as portfolio maintenance.
- United States Oil Fund (USO): HRT Financial LP, a 10% owner, reported $6,776,820 of purchases and $2,688,332 of sales in the same security on September 16, with footnotes stating that part of the activity resulted from short sales. 58 The issuer is a commodity pool rather than an operating company.
- 10% owner filings by funds: Avenue RP Opportunities Fund and affiliated Avenue entities at XBP Global Holdings, $1,493,125; Opaleye Management Inc. at Alpha Cognition, $1,062,506; Shen Ching Hang at Capsovision, $4,999,996 for 878,734 shares at $5.69, held through Star One Global Capital Limited. 596061 None is an operating executive or director of the company concerned.
- Flotek Industries (FTK): director Matthew Wilks reported 1,319,493 shares at $26.01, $34,320,013, on a trade date of September 11 that falls outside the window. The footnote states THRC Holdings acquired the shares from ProFrac GDM in exchange for the cancellation of $34,320,000 of term loans rather than cash. 62
- Out-of-window and structural filings: Carlsmed (CARL) filed a correction for a purchase on July 24, 2025; Three Lions Acquisition Corp. (TLAC) reported its sponsor's private units from an initial public offering priced on September 2. 6364
- Companion purchases below the threshold: Agree Realty's Joey Agree, $500,922; Betterware's Andrés Campos Chevallier, $739,785, and Santiago Campos Chevallier, $246,924; Borr Drilling's Bruno Morand de Oliveira, $200,200; Celsius's Hal Kravitz, $336,000; Karman's Mary D. Petryszyn, $18,719.95, and Stephen Twitty, $10,117.25; Mach Natural Resources' William Wallace McMullen, $388,902.
Bottom line
Ten officer or director purchases cleared the $1 million threshold in the September 14–18 window, $15.95 million in total, against $44.63 million across 11 signals the previous week. Six of the ten companies drew a second insider. Three of the ten buyers run the companies they bought: Tom Ward of Mach Natural Resources, Morris Goldfarb of G-III Apparel and Michael Lyons of Truist Financial, three weeks into the job. Four came from non-employee directors, and two of those bought within 75 cents of their shares' lowest close of the past twelve months.
Six of the ten entries showed a positive unrealized spread against the September 18 close. The four that did not were Mach Natural Resources at −4.05%, Karman Holdings at −4.21%, G-III Apparel at −1.32% and Agree Realty at −1.06%. Those are spreads of days to hours, and say nothing about a six-month outcome.
That longer evidence is thin. Six-month results were computable for four of the ten insiders, twelve-month results for one. Ernest Rady's four February purchases at American Assets Trust all closed higher six months later, as did all three of Tom Ward's November 2025 purchases at Mach Natural Resources and one of Lawrence Kurzius's two at CooperCompanies. John Rakolta's record at Agree Realty is the counterweight: one of his three twelve-month observations was positive, and all seven of his one-month observations were negative.
References
- 1
- 2
- 3Federal Reserve implementation note, September 16, 2026
federalreserve.gov
- 4
- 5BORR price history
stockanalysis.com
- 6
- 7MNR price history
stockanalysis.com
- 8
- 9ADC price history
stockanalysis.com
- 10
- 11BWMX price history
stockanalysis.com
- 12
- 13GIII price history
stockanalysis.com
- 14
- 15COO price history
stockanalysis.com
- 16
- 17AAT price history
stockanalysis.com
- 18
- 19TFC price history
stockanalysis.com
- 20
- 21KRMN price history
stockanalysis.com
- 22
- 23CELH price history
stockanalysis.com
- 24
- 25
- 26BORR insider trading history
openinsider.com
- 27Mach Natural Resources second quarter 2026 results
ir.machnr.com
- 28MNR insider trading history
openinsider.com
- 29
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- 31ADC insider trading history
openinsider.com
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- 35BWMX insider trading history
openinsider.com
- 36
- 37GIII insider trading history
openinsider.com
- 38
- 39CooperCompanies third quarter 2026 results
investor.coopercos.com
- 40COO insider trading history
openinsider.com
- 41American Assets Trust second quarter 2026 results
ir.americanassetstrust.com
- 42AAT insider trading history
openinsider.com
- 43Truist announces Michael P. Lyons as incoming CEO
ir.truist.com
- 44TFC insider trading history
openinsider.com
- 45
- 46
- 47Karman Space & Defense completes Walker acquisition
investors.karman-sd.com
- 48KRMN insider trading history
openinsider.com
- 49
- 50Celsius Holdings second quarter 2026 results
ir.celsiusholdingsinc.com
- 51CELH insider trading history
openinsider.com
- 52
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