EverHint - Insider Trading Radar — February 10, 2026 — Daily Snapshot

Executive Summary

Insider activity on February 10, 2026 showed overwhelmingly bearish sentiment with major C-suite selling significantly outweighing buying activity. The most significant transaction came from Waste Management CEO James Fish Jr. who liquidated $8.4M in stock, while Caterpillar executives dumped a combined $20.6M across two Group Presidents. Total notable selling reached approximately $60M compared to just $10M in purchases, creating a -$50M net bearish signal. Cluster selling at Knowles Corp (four executives simultaneously) and UWM Holdings' $9.2M major stakeholder sale added to concerns. The rare bright spots included Saba Capital's $2M precious metals purchase and Ares Capital's CEO/CFO buying $339K combined.

Activity Breakdown

Net Signal: Strong Bearish (64 sells vs 18 buys, -$50M net selling)

Top Notable Transactions

🔴 Caterpillar (CAT) - Strong Bearish Signal

• Insiders: Bob De Lange (Group President) $16.3M + Anthony Fassino (Group President) $4.3M
• Transaction: Combined sales of $20.6 million
• Signal: Strong Bearish
• Context: Cluster selling by two C-suite executives at construction equipment giant signals caution on industrial cycle and potential margin pressure ahead.

🔴 Waste Management (WM) - Strong Bearish Signal

• Insider: James C. Fish Jr., CEO
• Transaction: Sale of $8.4 million in stock
• Signal: Strong Bearish
• Context: CEO liquidating substantial position at waste services leader raises concerns about near-term outlook; one of largest CEO sales in recent weeks.

🔴 UWM Holdings (UWMC) - Strong Bearish Signal

• Insider: SFS Holding Corp (10% owner)
• Transaction: Sale of $9.2 million (1,898,622 shares)
• Signal: Strong Bearish
• Context: Major stakeholder reducing massive position in mortgage lender amid housing market uncertainty and rising rate environment.

🔴 Lam Research (LRCX) - Strong Bearish Signal

• Insider: Eric Brandt, Director
• Transaction: Sale of $7.8 million (35,000 shares)
• Signal: Strong Bearish
• Context: Large director sale at semiconductor equipment maker amid chip sector volatility; notable given recent industry strength.

🔴 Globe Life (GL) - Strong Bearish Signal

• Insider: Michael Clay Majors, EVP - Chief Strategy Officer
• Transaction: Sale of $4.4 million
• Signal: Strong Bearish
• Context: Senior executive at insurance company liquidating major position; timing notable as life insurance sector faces headwinds.

🔴 Ensign Group (ENSG) - Moderate Bearish Signal

• Insider: Suzanne D. Snapper, CFO
• Transaction: Sale of $2.5 million
• Signal: Moderate Bearish
• Context: CFO reducing stake at skilled nursing facility operator plus two director sales; potential concerns about Medicare reimbursement.

🟢 Saba Capital / ASA Gold & Precious Metals (ASA) - Moderate Bullish Signal

• Insider: Saba Capital Management (10% owner)
• Transaction: Purchase of $2.0 million
• Signal: Moderate Bullish
• Context: Major hedge fund increasing precious metals exposure signals inflation hedging strategy or geopolitical risk positioning amid market uncertainty.

🔴 SoFi Technologies (SOFI) - Moderate Bearish Signal

• Insider: Steven J. Freiberg, Director
• Transaction: Sale of $1.9 million (94,225 shares)
• Signal: Moderate Bearish
• Context: Director liquidating substantial position at fintech company despite recent stock strength; caution on digital banking outlook.

🔴 Woodward (WWD) - Moderate Bearish Signal

• Insider: Eileen P. Paterson, Director
• Transaction: Sale of $1.96 million
• Signal: Moderate Bearish
• Context: Director sale at aerospace/industrial controls manufacturer; may signal peak margins in defense/aerospace cycle.

🔴 Aflac (AFL) - Moderate Bearish Signal

• Insider: Max Broden, Senior EVP and CFO
• Transaction: Sale of $1.52 million (13,000 shares)
• Signal: Moderate Bearish
• Context: CFO reducing position at supplemental insurance giant; follows broader insurance sector executive selling pattern.

🔴 ResMed (RMD) - Moderate Bearish Signal

• Insider: Michael J. Farrell, Chairman & CEO
• Transaction: Sale of $1.36 million (4,991 shares)
• Signal: Moderate Bearish
• Context: CEO reducing stake in medical device maker; likely routine diversification but size notable for sleep apnea leader.

🔴 Commerce Bancshares (CBSH) - Moderate Bearish Signal

• Insider: John W. Kemper, President and CEO
• Transaction: Sale of $1.26 million (23,397 shares)
• Signal: Moderate Bearish
• Context: CEO reducing regional bank exposure; part of broader banking executive caution on net interest margin compression.

🔴 Knowles Corp (KN) - Moderate Bearish Signal (CLUSTER)

• Insiders: COO Giesecke ($432K), SVP Cabrera ($268K), VP Bastarrica ($321K), SVP Perna ($86K)
• Transaction: Combined sales of ~$1.1 million across four executives
• Signal: Moderate Bearish
• Context: Red flag cluster selling - four management team members simultaneously reducing positions at audio components maker; coordinated liquidation often precedes negative guidance.

🟢 BlackRock Science & Technology Trust (BST) - Moderate Bullish Signal

• Insider: Tony Kim, Portfolio Manager
• Transaction: Purchase of $919K
• Signal: Moderate Bullish
• Context: Portfolio manager buying tech-focused closed-end fund signals confidence in technology sector recovery despite recent volatility.

🟢 Fidelity D&D Bancorp (FDBC) - Moderate Bullish Signal

• Insider: Michael J. McDonald, Vice Chairman
• Transaction: Purchase of $500K (10,414 shares)
• Signal: Moderate Bullish
• Context: Substantial insider buying at regional bank signals confidence in asset quality and profitability despite industry headwinds.

🟢 Archer-Daniels-Midland (ADM) - Moderate Bullish Signal

• Insider: David R. McAtee II, Director
• Transaction: Purchase of $486K (7,500 shares)
• Signal: Moderate Bullish
• Context: Director buying agricultural commodities giant despite margin pressures; signals confidence in food security demand and commodity pricing power.

🟢 Ares Capital (ARCC) - Moderate Bullish Signal

• Insiders: Michael Schnabel (CEO) $239K + Scott Lem (CFO) $100K
• Transaction: Combined purchases of $339K
• Signal: Moderate Bullish
• Context: Both CEO and CFO buying BDC stock suggests confidence in dividend sustainability and credit portfolio quality at attractive yields.

🟢 Monro (MNRO) - Moderate Bullish Signal

• Insider: Peter D. Fitzsimmons, President and CEO
• Transaction: Purchase of $251K (12,750 shares)
• Signal: Moderate Bullish
• Context: CEO buying auto service center chain signals confidence in consumer demand for vehicle maintenance despite economic concerns.

🟢 Badger Meter (BMI) - Moderate Bullish Signal

• Insider: Robert Wrocklage, EVP
• Transaction: Purchase of $251K (1,650 shares)
• Signal: Moderate Bullish
• Context: Executive buying water meter and flow measurement company; infrastructure spending tailwind supporting smart water technology adoption.

Pattern Analysis

Mega Industrial Sector Exodus ($29M+)

• Net Signal: Strong Bearish
• Companies: Caterpillar ($20.6M combined), Waste Management ($8.4M), Lam Research ($7.8M)
• Context: C-suite executives at blue-chip industrial leaders liquidating major positions suggests deep concerns about economic cycle peak. Caterpillar's dual Group President sales particularly alarming - coordinated senior executive selling at construction equipment bellwether signals caution on infrastructure spending and global demand. Waste Management CEO's $8.4M sale raises questions about pricing power and volume trends. Lam Research director's $7.8M semiconductor equipment sale adds tech manufacturing concerns.

Cluster Selling at Knowles Corp ($1.1M, 4 Executives)

• Net Signal: Moderate Bearish (Red Flag)
• Executives: COO, two SVPs, VP Controller - all selling simultaneously
• Context: Critical warning sign - when four separate management team members reduce positions within 24 hours, it typically indicates material concerns about near-term business performance, guidance risk, or valuation concerns. Audio components maker facing competitive pressures; coordinated selling often precedes disappointing results or outlook cuts.

Financial Sector Heavy Selling

• Net Signal: Bearish
• Major Sales: UWM Holdings $9.2M, Commerce Bancshares CEO $1.26M, Aflac CFO $1.52M, multiple regional bank executives
• Buying: Fidelity D&D Vice Chairman $500K, Ares Capital CEO/CFO $339K, several small regional bank insiders
• Context: Bifurcation evident - large-cap financials seeing executive selling while community banks and BDCs see buying. Suggests insiders more confident in regional/specialized lenders versus large national institutions facing NIM compression and regulatory pressure.

Technology/Fintech Continued Selling

• Net Signal: Bearish
• Notable: Lam Research $7.8M, SoFi $1.9M, Netflix CFO $751K, PayPal EVP $139K, various tech executives
• Context: Tech profit-taking continues as executives reduce positions following strong 2025 gains; however, volume and seniority of sellers (directors, CFOs) suggests more than routine diversification.

Precious Metals/Commodities Accumulation

• Net Signal: Bullish
• Transactions: Saba Capital $2M gold fund purchase, ADM director $486K
• Context: Hedge fund manager increasing gold/precious metals exposure through closed-end fund while agricultural commodities director buying signals inflation hedging and commodity security themes gaining traction among sophisticated investors.

Healthcare/Insurance Executive Caution

• Net Signal: Bearish
• Sales: ResMed CEO $1.36M, Globe Life EVP $4.4M, Aflac CFO $1.52M, Ensign CFO $2.5M, Syndax Pharma CEO/CFO $431K combined
• Context: Healthcare executives across devices, insurance, and biotech reducing positions; insurance sector particularly weak with major CFO/EVP sales suggesting margin pressure and utilization concerns.

Sector Breakdown

Industrials (Overwhelming Selling)

• Net Signal: -$29M+ selling
• Notable: Caterpillar, Waste Management, Lam Research, Woodward
• Context: C-suite executives liquidating massive positions signals peak cycle fears; construction equipment, waste services, semiconductor equipment all seeing senior insider exits

Financials (Bifurcated)

• Net Signal: -$12M (heavy selling)
• Large-cap selling: UWM $9.2M, bank CEOs/CFOs $3M+
• Community/BDC buying: Fidelity D&D $500K, Ares Capital $339K, various small banks $400K+
• Context: Flight from large-cap to regional/specialized financial institutions

Technology (Profit-Taking)

• Net Signal: -$10M selling
• Notable: Lam Research, SoFi, Netflix, PayPal, Clearwater Analytics
• Context: Continued executive liquidation following strong 2025; however BlackRock tech fund portfolio manager buying $919K contrarian signal

Healthcare (Mixed, Leaning Bearish)

• Net Signal: -$6M selling
• Notable: Globe Life $4.4M, Ensign CFO $2.5M, ResMed CEO $1.36M, Aflac CFO $1.52M
• Context: Insurance and senior care seeing heavy CFO selling; medical devices seeing CEO caution

Materials/Commodities (Modest Buying)

• Net Signal: +$2.5M buying
• Notable: Saba Capital gold $2M, ADM director $486K
• Context: Precious metals and agricultural commodities attracting insider accumulation; inflation/security themes

Consumer/Retail (Selective Buying)

• Net Signal: Neutral to slight buying
• Notable: Monro CEO $251K buying auto service chain
• Context: CEO conviction in consumer spending on vehicle maintenance despite economic concerns

Market Implications

The industrial sector exodus represents the most significant insider selling signal in months. Caterpillar's dual $20.6M Group President sales combined with Waste Management CEO's $8.4M liquidation suggests executives with the best information about economic activity see meaningful downside risk. These are not routine 10b5-1 plan sales but substantial discretionary transactions by senior leaders. The timing is particularly notable given recent strength in construction and manufacturing PMIs - insiders may be front-running cyclical peak.

The cluster selling at Knowles Corp demands attention. When a COO, two SVPs, and VP Controller all reduce positions simultaneously within a 24-hour window, it typically signals material business concerns. This pattern often precedes negative guidance, disappointing results, or competitive threats that haven't yet been disclosed. Shareholders should watch closely for upcoming announcements.

UWM Holdings' major stakeholder liquidating $9.2M in mortgage lender shares reflects broader housing market concerns. With mortgage rates elevated and home sales declining, insiders in real estate-linked businesses are reducing exposure. This aligns with Fidelity D&D's $500K regional bank buying - community banks with diversified loan books seen as safer than pure-play mortgage originators.

The precious metals accumulation by Saba Capital ($2M) represents sophisticated investors positioning for either inflation resurgence or geopolitical risk escalation. Hedge funds rarely make major precious metals allocations without strong conviction about dollar weakness or safe-haven demand. Combined with ADM director buying agricultural commodities exposure, suggests commodity security themes gaining institutional traction.

Technology sector selling continues but BlackRock tech fund portfolio manager's $919K purchase provides counterpoint. While CFOs and directors liquidate (Netflix, PayPal, SoFi), professional portfolio managers see value post-correction. This bifurcation suggests institutional buyers stepping in while corporate insiders take profits.

Carlo's Key Takeaways (EverHint)

• Industrial exodus accelerates: Caterpillar $20.6M, Waste Management $8.4M, Lam Research $7.8M - C-suite dumping signals cycle peak fears
• Cluster selling red flag: Knowles Corp four executives simultaneously reducing positions warns of undisclosed business concerns
• Overwhelming selling dominance: $60M sales vs $10M purchases creates -$50M net bearish signal - most negative in weeks
• UWM major stakeholder exit: $9.2M mortgage lender liquidation reflects housing market caution
• Financial bifurcation: Large-cap selling vs community bank/BDC buying suggests regional outperformance ahead
• Precious metals hedge: Saba Capital $2M gold purchase signals inflation/geopolitical positioning by sophisticated investors
• Healthcare insurance caution: Globe Life, Aflac, Ensign CFOs/EVPs liquidating major positions
• Rare CEO buying: Ares Capital CEO/CFO, Monro CEO, ADM director purchases provide scarce bullish signals
• Watch Knowles closely: Cluster selling often precedes negative guidance - monitor for announcements
• Size and seniority matter: Focus on $1M+ transactions by CEOs/CFOs/Group Presidents for strongest signals

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This is not financial advice. Insider transactions can have many motivations beyond stock outlook.
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