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Globe and Mail
Jan 29, 2009 06:46AM
The Globe and Mail reports in its Saturday, Nov. 8, edition that in September, mining services firm Major Drilling Group International released record first quarter profit of $1.11 per share.
The Globe's Ted Dixon writes in the Who Is Buying Selling column that Major Drilling stock gave back $1.70 to close Friday on the Toronto Stock Exchange at $16.
The company also announced it was implementing a new semi-annual dividend worth 20 cents a share. Following MDI's upbeat news, insiders began buying. They continued to pick up sharse as investors dumped the stock during the recent market turmoil. Since the firm released its results, executives have bought 38,100 shares or just over $960,000 worth of stock.
Chief executive officer Francis McGuire bought 2,800 shares and chief financial officer Denis Larocque acquired 1,000 shares. This type of buying after an earnings release is usually a positive signal. Jennings Capital analyst Russell Stanley rated Major Drilling "buy," with a target price of $25 in The Globe's Eye On Equities column on Oct. 29.
At the time the stock was trading at $14.75. Beacon Securities rated Major Drilling "buy" in the Eye On Equities column on March 6. The stock was then trading at $60.25.