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Featured below are companies that have experienced recent insider trading activity in the public market through their direct and indirect ownerships.

Keep in mind, when looking at transaction activities by insiders, purchasing activity may reflect perceived value in a security. Selling activity may or may not be related to a stock's valuation; perhaps an insider needs to raise money for personal reasons. An insider's total holdings should be considered because a sale may, in context, be insignificant if this person has a large remaining position in the company. I tend to put great weight on insider transaction activity when I see multiple insiders trading a company's shares or units.

Let's begin the report detailing three companies with recent insider buying activity.

Artis Real Estate Investment Trust (AX.UN-T)

On Oct. 17, Ron Joyce, with an ownership position of over 10 per cent, purchased 50,000 units at an average price per unit of $13.68 for an account in which he has indirect ownership (Jetport Inc.), increasing the portfolio's holdings to 14,941,900 units.

Garibaldi Resources Corp. (GGI-X)

The share price of this junior exploration company continues to spike, climbing from a closing price of just 18 cents just three months ago (on July 24) to a closing price of $3.89 on Oct. 20. On Friday, the share price rallied nearly 4 per cent.

Enjoying this impressive price move is Canadian billionaire Eric Sprott with an ownership position of over 10 per cent in the company. On Oct. 13, Mr. Sprott bought 200,000 shares at an average price per share of $3.7513 for an account in which he has indirect ownership (2176423 Ontario Ltd.). Two days prior, on Oct. 11, he purchased 200,000 shares at a significantly lower average price per share of $2.0627. After these two transactions, the account held 8,217,593 shares.

Novo Resources Corp. (NVO-X)

On Oct. 17, Eric Sprott, with an ownership position of over 10 per cent, acquired 218,700 shares at an average price per share of $8.0809 for an account in which he has indirect ownership (2176423 Ontario Ltd.), raising the portfolio's position to 10,381,254 shares.

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The following company has had recent insider selling activity.

Fortis Inc. (FTS-T)

On Oct. 18, Earl Ludlow, executive vice-president – operational adviser to the president and chief executive officer of the company, exercised his options and sold the corresponding number of shares (35,056) at an average price per share of $46.446, leaving a remaining portfolio balance of 100,329 shares.

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