Financial Post

What execs are doing as FNX Mining shares move
Posted: June 25, 2008, 2:02 PM by Jonathan Ratner
Mining

Shareholdersof FNX Mining Co. are no strangers to price volatility. The stock oftenmoves several percentage points in either direction on a given day. The$2-billion market cap miner has also seen big long-term moves for itsshares, climbing as high as $32.89 at the end of February but dippingto nearly $22 earlier this month.

Soon after, however, FNX got abig lift after announcing the creation of a new company, Gold WheatonCorp., which will pay $400-million for half of the precious metalsmined and shipped from FNX’s properties. FNX will also be the company’slargest shareholder with a 43% stake. However, the shares haveretreated toward their previous level since.

The Streetnonetheless remains optimistic with nine of 12 analysts that cover FNXwith “buy” or “outperform” ratings. Their price targets are as high as$42.75 per share and the lowest is $28, according to Bloomberg.

Investorsmight also be interested to know what company insiders are doing withtheir shares. While director Robert Cudney sold 5,000 FNX shares for$26.32 each as they rose on June 20, bringing the total he has unloadedsince April 25 to 71,600 (he still holds 445,446 shares throughNorthfield Capital Corp.), other FNX executives have been buying.

Executivechairman Terry MacGibbon bought 10,000 shares in the high $28 range inmid-May, bringing his total to 716,000, while CEO John W. Lill bought20,000 at the same time for total holdings of 52,819 shares.

For more analysis of transactions by insiders at Canadian companies, go to www.fptradingdesk.com daily at 10 am.

Jonathan Ratn