🚨 INSIDER TRADE ALERT A Director at Orion Group Holdings (ORN) purchased $192.43K. Infrastructure names are interesting because we’ve seen a lot of insider dip buying, but I don’t think this is the most interesting of those names. Trading at median multiple, relatively modest insider buying, and there are cheaper peers. Orion is a specialty project contractor, not a recurring-service utility: Marine supplies most revenue and nearly all positive segment EBITDA, while Concrete adds faster-cycle growth, increasingly through data-center work. Marine engineers, builds, dredges, repairs, and maintains ports, waterways, bridges, coastal assets, and naval facilities using a largely owned fleet; Concrete self-performs structural and site-civil work for commercial, industrial, residential, public, and data-center projects. Marine work spans the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin; Concrete operates principally in Texas, Florida, and Arizona. The owned fleet includes barges, dayboats, tugs, dredges, cranes, pump trucks, and laser screeds, which supports capacity but creates fixed-cost exposure when projects are delayed. Mgmt believes the Q2 issues were timing. Large jobs wound down while the replacements did not fully ramp up yet. Mgmt says that 90% of H2 marine work is contracted. This is likely the main driver. Concrete adds some extra upside potential from data centers (50% of Q2 Concrete rev was from data center projects). I have decent confidence that mgmt is correct that this is mostly a timing issue for Marine, but I think the stock is already fairly priced for that. Data center exposure has some upside, but there are a bunch of infra names that are cheaper and have sold off if you want that exposure.

🚨 INSIDER TRADE ALERT CEO Elect at Tyson Foods (TSN) purchased $1.00M. Tyson Foods is a large, vertically integrated protein company spanning Beef, Chicken, Pork and Prepared Foods. Its commodity processing businesses monetize live-animal spreads and plant throughput, while branded prepared foods and value-added chicken add pricing, mix and demand visibility. They process cattle and hogs, raise and process chickens, supply poultry breeding stock, and manufacture branded and private-label prepared foods. It sells through retail, foodservice, industrial and export channels; Walmart represented about 18.7% of FY2025 consolidated sales. Stock is trading at lowest EV/EBITDA since 2022. It’s only really gotten down this low during tough markets (2022, COVID, early 2019). It’s even cheaper on a P/FCF basis, trading at just 11.4x v 17.1x median (lowest since COVID) No matter how you slice it, the company is cheap and experiencing cycle problems (mostly with beef). However, the open question is when that cycle will end. But the company is expected to grow FCF by nearly 6% next year + has 50% upside to its median P/FCF multiple. If you’d rather use P/E, then it is expected to grow EPS by 11.2% and has 16% upside to its median P/E. Either one gives you good returns if the re-rating happens in 2027, but if the re-rating take another 3 years, then the upside is less compelling.

Earnings season is (mostly) over, and 33 stocks have fallen 10%+ on earnings and have had multiple insiders stepping in to buy the dip. There have been 531 post-earnings cluster dip buys over the last 12 quarters. On average, they have outperformed the S&P by 17 points over the following year, with a 57% win rate (1y return >0), and a 40% win rate v the S&P (1y return > S&P 1y return). If you want to read our write up with all 33 stocks, comment "CEO" and we'll send it to you.

🚨 INSIDER TRADE ALERT A Director at Orion Group Holdings (ORN) purchased $192.43K. Infrastructure names are interesting because we’ve seen a lot of insider dip buying, but I don’t think this is the most interesting of those names. Trading at median multiple, relatively modest insider buying, and there are cheaper peers. Orion is a specialty project contractor, not a recurring-service utility: Marine supplies most revenue and nearly all positive segment EBITDA, while Concrete adds faster-cycle growth, increasingly through data-center work. Marine engineers, builds, dredges, repairs, and maintains ports, waterways, bridges, coastal assets, and naval facilities using a largely owned fleet; Concrete self-performs structural and site-civil work for commercial, industrial, residential, public, and data-center projects. Marine work spans the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin; Concrete operates principally in Texas, Florida, and Arizona. The owned fleet includes barges, dayboats, tugs, dredges, cranes, pump trucks, and laser screeds, which supports capacity but creates fixed-cost exposure when projects are delayed. Mgmt believes the Q2 issues were timing. Large jobs wound down while the replacements did not fully ramp up yet. Mgmt says that 90% of H2 marine work is contracted. This is likely the main driver. Concrete adds some extra upside potential from data centers (50% of Q2 Concrete rev was from data center projects). I have decent confidence that mgmt is correct that this is mostly a timing issue for Marine, but I think the stock is already fairly priced for that. Data center exposure has some upside, but there are a bunch of infra names that are cheaper and have sold off if you want that exposure.

🚨 INSIDER TRADE ALERT CEO Elect at Tyson Foods (TSN) purchased $1.00M. Tyson Foods is a large, vertically integrated protein company spanning Beef, Chicken, Pork and Prepared Foods. Its commodity processing businesses monetize live-animal spreads and plant throughput, while branded prepared foods and value-added chicken add pricing, mix and demand visibility. They process cattle and hogs, raise and process chickens, supply poultry breeding stock, and manufacture branded and private-label prepared foods. It sells through retail, foodservice, industrial and export channels; Walmart represented about 18.7% of FY2025 consolidated sales. Stock is trading at lowest EV/EBITDA since 2022. It’s only really gotten down this low during tough markets (2022, COVID, early 2019). It’s even cheaper on a P/FCF basis, trading at just 11.4x v 17.1x median (lowest since COVID) No matter how you slice it, the company is cheap and experiencing cycle problems (mostly with beef). However, the open question is when that cycle will end. But the company is expected to grow FCF by nearly 6% next year + has 50% upside to its median P/FCF multiple. If you’d rather use P/E, then it is expected to grow EPS by 11.2% and has 16% upside to its median P/E. Either one gives you good returns if the re-rating happens in 2027, but if the re-rating take another 3 years, then the upside is less compelling.

Earnings season is (mostly) over, and 33 stocks have fallen 10%+ on earnings and have had multiple insiders stepping in to buy the dip. There have been 531 post-earnings cluster dip buys over the last 12 quarters. On average, they have outperformed the S&P by 17 points over the following year, with a 57% win rate (1y return >0), and a 40% win rate v the S&P (1y return > S&P 1y return). If you want to read our write up with all 33 stocks, comment "CEO" and we'll send it to you.

🚨 INSIDER TRADE ALERT A Director at Orion Group Holdings (ORN) purchased $192.43K. Infrastructure names are interesting because we’ve seen a lot of insider dip buying, but I don’t think this is the most interesting of those names. Trading at median multiple, relatively modest insider buying, and there are cheaper peers. Orion is a specialty project contractor, not a recurring-service utility: Marine supplies most revenue and nearly all positive segment EBITDA, while Concrete adds faster-cycle growth, increasingly through data-center work. Marine engineers, builds, dredges, repairs, and maintains ports, waterways, bridges, coastal assets, and naval facilities using a largely owned fleet; Concrete self-performs structural and site-civil work for commercial, industrial, residential, public, and data-center projects. Marine work spans the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin; Concrete operates principally in Texas, Florida, and Arizona. The owned fleet includes barges, dayboats, tugs, dredges, cranes, pump trucks, and laser screeds, which supports capacity but creates fixed-cost exposure when projects are delayed. Mgmt believes the Q2 issues were timing. Large jobs wound down while the replacements did not fully ramp up yet. Mgmt says that 90% of H2 marine work is contracted. This is likely the main driver. Concrete adds some extra upside potential from data centers (50% of Q2 Concrete rev was from data center projects). I have decent confidence that mgmt is correct that this is mostly a timing issue for Marine, but I think the stock is already fairly priced for that. Data center exposure has some upside, but there are a bunch of infra names that are cheaper and have sold off if you want that exposure.

🚨 INSIDER TRADE ALERT CEO Elect at Tyson Foods (TSN) purchased $1.00M. Tyson Foods is a large, vertically integrated protein company spanning Beef, Chicken, Pork and Prepared Foods. Its commodity processing businesses monetize live-animal spreads and plant throughput, while branded prepared foods and value-added chicken add pricing, mix and demand visibility. They process cattle and hogs, raise and process chickens, supply poultry breeding stock, and manufacture branded and private-label prepared foods. It sells through retail, foodservice, industrial and export channels; Walmart represented about 18.7% of FY2025 consolidated sales. Stock is trading at lowest EV/EBITDA since 2022. It’s only really gotten down this low during tough markets (2022, COVID, early 2019). It’s even cheaper on a P/FCF basis, trading at just 11.4x v 17.1x median (lowest since COVID) No matter how you slice it, the company is cheap and experiencing cycle problems (mostly with beef). However, the open question is when that cycle will end. But the company is expected to grow FCF by nearly 6% next year + has 50% upside to its median P/FCF multiple. If you’d rather use P/E, then it is expected to grow EPS by 11.2% and has 16% upside to its median P/E. Either one gives you good returns if the re-rating happens in 2027, but if the re-rating take another 3 years, then the upside is less compelling.

Earnings season is (mostly) over, and 33 stocks have fallen 10%+ on earnings and have had multiple insiders stepping in to buy the dip. There have been 531 post-earnings cluster dip buys over the last 12 quarters. On average, they have outperformed the S&P by 17 points over the following year, with a 57% win rate (1y return >0), and a 40% win rate v the S&P (1y return > S&P 1y return). If you want to read our write up with all 33 stocks, comment "CEO" and we'll send it to you.

🚨 INSIDER TRADE ALERT A Director at Orion Group Holdings (ORN) purchased $192.43K. Infrastructure names are interesting because we’ve seen a lot of insider dip buying, but I don’t think this is the most interesting of those names. Trading at median multiple, relatively modest insider buying, and there are cheaper peers. Orion is a specialty project contractor, not a recurring-service utility: Marine supplies most revenue and nearly all positive segment EBITDA, while Concrete adds faster-cycle growth, increasingly through data-center work. Marine engineers, builds, dredges, repairs, and maintains ports, waterways, bridges, coastal assets, and naval facilities using a largely owned fleet; Concrete self-performs structural and site-civil work for commercial, industrial, residential, public, and data-center projects. Marine work spans the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin; Concrete operates principally in Texas, Florida, and Arizona. The owned fleet includes barges, dayboats, tugs, dredges, cranes, pump trucks, and laser screeds, which supports capacity but creates fixed-cost exposure when projects are delayed. Mgmt believes the Q2 issues were timing. Large jobs wound down while the replacements did not fully ramp up yet. Mgmt says that 90% of H2 marine work is contracted. This is likely the main driver. Concrete adds some extra upside potential from data centers (50% of Q2 Concrete rev was from data center projects). I have decent confidence that mgmt is correct that this is mostly a timing issue for Marine, but I think the stock is already fairly priced for that. Data center exposure has some upside, but there are a bunch of infra names that are cheaper and have sold off if you want that exposure.

🚨 INSIDER TRADE ALERT CEO Elect at Tyson Foods (TSN) purchased $1.00M. Tyson Foods is a large, vertically integrated protein company spanning Beef, Chicken, Pork and Prepared Foods. Its commodity processing businesses monetize live-animal spreads and plant throughput, while branded prepared foods and value-added chicken add pricing, mix and demand visibility. They process cattle and hogs, raise and process chickens, supply poultry breeding stock, and manufacture branded and private-label prepared foods. It sells through retail, foodservice, industrial and export channels; Walmart represented about 18.7% of FY2025 consolidated sales. Stock is trading at lowest EV/EBITDA since 2022. It’s only really gotten down this low during tough markets (2022, COVID, early 2019). It’s even cheaper on a P/FCF basis, trading at just 11.4x v 17.1x median (lowest since COVID) No matter how you slice it, the company is cheap and experiencing cycle problems (mostly with beef). However, the open question is when that cycle will end. But the company is expected to grow FCF by nearly 6% next year + has 50% upside to its median P/FCF multiple. If you’d rather use P/E, then it is expected to grow EPS by 11.2% and has 16% upside to its median P/E. Either one gives you good returns if the re-rating happens in 2027, but if the re-rating take another 3 years, then the upside is less compelling.

Earnings season is (mostly) over, and 33 stocks have fallen 10%+ on earnings and have had multiple insiders stepping in to buy the dip. There have been 531 post-earnings cluster dip buys over the last 12 quarters. On average, they have outperformed the S&P by 17 points over the following year, with a 57% win rate (1y return >0), and a 40% win rate v the S&P (1y return > S&P 1y return). If you want to read our write up with all 33 stocks, comment "CEO" and we'll send it to you.

🚨 INSIDER TRADE ALERT A Director at Orion Group Holdings (ORN) purchased $192.43K. Infrastructure names are interesting because we’ve seen a lot of insider dip buying, but I don’t think this is the most interesting of those names. Trading at median multiple, relatively modest insider buying, and there are cheaper peers. Orion is a specialty project contractor, not a recurring-service utility: Marine supplies most revenue and nearly all positive segment EBITDA, while Concrete adds faster-cycle growth, increasingly through data-center work. Marine engineers, builds, dredges, repairs, and maintains ports, waterways, bridges, coastal assets, and naval facilities using a largely owned fleet; Concrete self-performs structural and site-civil work for commercial, industrial, residential, public, and data-center projects. Marine work spans the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin; Concrete operates principally in Texas, Florida, and Arizona. The owned fleet includes barges, dayboats, tugs, dredges, cranes, pump trucks, and laser screeds, which supports capacity but creates fixed-cost exposure when projects are delayed. Mgmt believes the Q2 issues were timing. Large jobs wound down while the replacements did not fully ramp up yet. Mgmt says that 90% of H2 marine work is contracted. This is likely the main driver. Concrete adds some extra upside potential from data centers (50% of Q2 Concrete rev was from data center projects). I have decent confidence that mgmt is correct that this is mostly a timing issue for Marine, but I think the stock is already fairly priced for that. Data center exposure has some upside, but there are a bunch of infra names that are cheaper and have sold off if you want that exposure.

🚨 INSIDER TRADE ALERT CEO Elect at Tyson Foods (TSN) purchased $1.00M. Tyson Foods is a large, vertically integrated protein company spanning Beef, Chicken, Pork and Prepared Foods. Its commodity processing businesses monetize live-animal spreads and plant throughput, while branded prepared foods and value-added chicken add pricing, mix and demand visibility. They process cattle and hogs, raise and process chickens, supply poultry breeding stock, and manufacture branded and private-label prepared foods. It sells through retail, foodservice, industrial and export channels; Walmart represented about 18.7% of FY2025 consolidated sales. Stock is trading at lowest EV/EBITDA since 2022. It’s only really gotten down this low during tough markets (2022, COVID, early 2019). It’s even cheaper on a P/FCF basis, trading at just 11.4x v 17.1x median (lowest since COVID) No matter how you slice it, the company is cheap and experiencing cycle problems (mostly with beef). However, the open question is when that cycle will end. But the company is expected to grow FCF by nearly 6% next year + has 50% upside to its median P/FCF multiple. If you’d rather use P/E, then it is expected to grow EPS by 11.2% and has 16% upside to its median P/E. Either one gives you good returns if the re-rating happens in 2027, but if the re-rating take another 3 years, then the upside is less compelling.

Earnings season is (mostly) over, and 33 stocks have fallen 10%+ on earnings and have had multiple insiders stepping in to buy the dip. There have been 531 post-earnings cluster dip buys over the last 12 quarters. On average, they have outperformed the S&P by 17 points over the following year, with a 57% win rate (1y return >0), and a 40% win rate v the S&P (1y return > S&P 1y return). If you want to read our write up with all 33 stocks, comment "CEO" and we'll send it to you.

🚨 INSIDER TRADE ALERT A Director at Orion Group Holdings (ORN) purchased $192.43K. Infrastructure names are interesting because we’ve seen a lot of insider dip buying, but I don’t think this is the most interesting of those names. Trading at median multiple, relatively modest insider buying, and there are cheaper peers. Orion is a specialty project contractor, not a recurring-service utility: Marine supplies most revenue and nearly all positive segment EBITDA, while Concrete adds faster-cycle growth, increasingly through data-center work. Marine engineers, builds, dredges, repairs, and maintains ports, waterways, bridges, coastal assets, and naval facilities using a largely owned fleet; Concrete self-performs structural and site-civil work for commercial, industrial, residential, public, and data-center projects. Marine work spans the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin; Concrete operates principally in Texas, Florida, and Arizona. The owned fleet includes barges, dayboats, tugs, dredges, cranes, pump trucks, and laser screeds, which supports capacity but creates fixed-cost exposure when projects are delayed. Mgmt believes the Q2 issues were timing. Large jobs wound down while the replacements did not fully ramp up yet. Mgmt says that 90% of H2 marine work is contracted. This is likely the main driver. Concrete adds some extra upside potential from data centers (50% of Q2 Concrete rev was from data center projects). I have decent confidence that mgmt is correct that this is mostly a timing issue for Marine, but I think the stock is already fairly priced for that. Data center exposure has some upside, but there are a bunch of infra names that are cheaper and have sold off if you want that exposure.

🚨 INSIDER TRADE ALERT CEO Elect at Tyson Foods (TSN) purchased $1.00M. Tyson Foods is a large, vertically integrated protein company spanning Beef, Chicken, Pork and Prepared Foods. Its commodity processing businesses monetize live-animal spreads and plant throughput, while branded prepared foods and value-added chicken add pricing, mix and demand visibility. They process cattle and hogs, raise and process chickens, supply poultry breeding stock, and manufacture branded and private-label prepared foods. It sells through retail, foodservice, industrial and export channels; Walmart represented about 18.7% of FY2025 consolidated sales. Stock is trading at lowest EV/EBITDA since 2022. It’s only really gotten down this low during tough markets (2022, COVID, early 2019). It’s even cheaper on a P/FCF basis, trading at just 11.4x v 17.1x median (lowest since COVID) No matter how you slice it, the company is cheap and experiencing cycle problems (mostly with beef). However, the open question is when that cycle will end. But the company is expected to grow FCF by nearly 6% next year + has 50% upside to its median P/FCF multiple. If you’d rather use P/E, then it is expected to grow EPS by 11.2% and has 16% upside to its median P/E. Either one gives you good returns if the re-rating happens in 2027, but if the re-rating take another 3 years, then the upside is less compelling.

Earnings season is (mostly) over, and 33 stocks have fallen 10%+ on earnings and have had multiple insiders stepping in to buy the dip. There have been 531 post-earnings cluster dip buys over the last 12 quarters. On average, they have outperformed the S&P by 17 points over the following year, with a 57% win rate (1y return >0), and a 40% win rate v the S&P (1y return > S&P 1y return). If you want to read our write up with all 33 stocks, comment "CEO" and we'll send it to you.

🚨 INSIDER TRADE ALERT A Director at Orion Group Holdings (ORN) purchased $192.43K. Infrastructure names are interesting because we’ve seen a lot of insider dip buying, but I don’t think this is the most interesting of those names. Trading at median multiple, relatively modest insider buying, and there are cheaper peers. Orion is a specialty project contractor, not a recurring-service utility: Marine supplies most revenue and nearly all positive segment EBITDA, while Concrete adds faster-cycle growth, increasingly through data-center work. Marine engineers, builds, dredges, repairs, and maintains ports, waterways, bridges, coastal assets, and naval facilities using a largely owned fleet; Concrete self-performs structural and site-civil work for commercial, industrial, residential, public, and data-center projects. Marine work spans the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin; Concrete operates principally in Texas, Florida, and Arizona. The owned fleet includes barges, dayboats, tugs, dredges, cranes, pump trucks, and laser screeds, which supports capacity but creates fixed-cost exposure when projects are delayed. Mgmt believes the Q2 issues were timing. Large jobs wound down while the replacements did not fully ramp up yet. Mgmt says that 90% of H2 marine work is contracted. This is likely the main driver. Concrete adds some extra upside potential from data centers (50% of Q2 Concrete rev was from data center projects). I have decent confidence that mgmt is correct that this is mostly a timing issue for Marine, but I think the stock is already fairly priced for that. Data center exposure has some upside, but there are a bunch of infra names that are cheaper and have sold off if you want that exposure.

🚨 INSIDER TRADE ALERT CEO Elect at Tyson Foods (TSN) purchased $1.00M. Tyson Foods is a large, vertically integrated protein company spanning Beef, Chicken, Pork and Prepared Foods. Its commodity processing businesses monetize live-animal spreads and plant throughput, while branded prepared foods and value-added chicken add pricing, mix and demand visibility. They process cattle and hogs, raise and process chickens, supply poultry breeding stock, and manufacture branded and private-label prepared foods. It sells through retail, foodservice, industrial and export channels; Walmart represented about 18.7% of FY2025 consolidated sales. Stock is trading at lowest EV/EBITDA since 2022. It’s only really gotten down this low during tough markets (2022, COVID, early 2019). It’s even cheaper on a P/FCF basis, trading at just 11.4x v 17.1x median (lowest since COVID) No matter how you slice it, the company is cheap and experiencing cycle problems (mostly with beef). However, the open question is when that cycle will end. But the company is expected to grow FCF by nearly 6% next year + has 50% upside to its median P/FCF multiple. If you’d rather use P/E, then it is expected to grow EPS by 11.2% and has 16% upside to its median P/E. Either one gives you good returns if the re-rating happens in 2027, but if the re-rating take another 3 years, then the upside is less compelling.

Earnings season is (mostly) over, and 33 stocks have fallen 10%+ on earnings and have had multiple insiders stepping in to buy the dip. There have been 531 post-earnings cluster dip buys over the last 12 quarters. On average, they have outperformed the S&P by 17 points over the following year, with a 57% win rate (1y return >0), and a 40% win rate v the S&P (1y return > S&P 1y return). If you want to read our write up with all 33 stocks, comment "CEO" and we'll send it to you.

🚨 INSIDER TRADE ALERT A Director at Orion Group Holdings (ORN) purchased $192.43K. Infrastructure names are interesting because we’ve seen a lot of insider dip buying, but I don’t think this is the most interesting of those names. Trading at median multiple, relatively modest insider buying, and there are cheaper peers. Orion is a specialty project contractor, not a recurring-service utility: Marine supplies most revenue and nearly all positive segment EBITDA, while Concrete adds faster-cycle growth, increasingly through data-center work. Marine engineers, builds, dredges, repairs, and maintains ports, waterways, bridges, coastal assets, and naval facilities using a largely owned fleet; Concrete self-performs structural and site-civil work for commercial, industrial, residential, public, and data-center projects. Marine work spans the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin; Concrete operates principally in Texas, Florida, and Arizona. The owned fleet includes barges, dayboats, tugs, dredges, cranes, pump trucks, and laser screeds, which supports capacity but creates fixed-cost exposure when projects are delayed. Mgmt believes the Q2 issues were timing. Large jobs wound down while the replacements did not fully ramp up yet. Mgmt says that 90% of H2 marine work is contracted. This is likely the main driver. Concrete adds some extra upside potential from data centers (50% of Q2 Concrete rev was from data center projects). I have decent confidence that mgmt is correct that this is mostly a timing issue for Marine, but I think the stock is already fairly priced for that. Data center exposure has some upside, but there are a bunch of infra names that are cheaper and have sold off if you want that exposure.

🚨 INSIDER TRADE ALERT CEO Elect at Tyson Foods (TSN) purchased $1.00M. Tyson Foods is a large, vertically integrated protein company spanning Beef, Chicken, Pork and Prepared Foods. Its commodity processing businesses monetize live-animal spreads and plant throughput, while branded prepared foods and value-added chicken add pricing, mix and demand visibility. They process cattle and hogs, raise and process chickens, supply poultry breeding stock, and manufacture branded and private-label prepared foods. It sells through retail, foodservice, industrial and export channels; Walmart represented about 18.7% of FY2025 consolidated sales. Stock is trading at lowest EV/EBITDA since 2022. It’s only really gotten down this low during tough markets (2022, COVID, early 2019). It’s even cheaper on a P/FCF basis, trading at just 11.4x v 17.1x median (lowest since COVID) No matter how you slice it, the company is cheap and experiencing cycle problems (mostly with beef). However, the open question is when that cycle will end. But the company is expected to grow FCF by nearly 6% next year + has 50% upside to its median P/FCF multiple. If you’d rather use P/E, then it is expected to grow EPS by 11.2% and has 16% upside to its median P/E. Either one gives you good returns if the re-rating happens in 2027, but if the re-rating take another 3 years, then the upside is less compelling.

Earnings season is (mostly) over, and 33 stocks have fallen 10%+ on earnings and have had multiple insiders stepping in to buy the dip. There have been 531 post-earnings cluster dip buys over the last 12 quarters. On average, they have outperformed the S&P by 17 points over the following year, with a 57% win rate (1y return >0), and a 40% win rate v the S&P (1y return > S&P 1y return). If you want to read our write up with all 33 stocks, comment "CEO" and we'll send it to you.

🚨 INSIDER TRADE ALERT A Director at Orion Group Holdings (ORN) purchased $192.43K. Infrastructure names are interesting because we’ve seen a lot of insider dip buying, but I don’t think this is the most interesting of those names. Trading at median multiple, relatively modest insider buying, and there are cheaper peers. Orion is a specialty project contractor, not a recurring-service utility: Marine supplies most revenue and nearly all positive segment EBITDA, while Concrete adds faster-cycle growth, increasingly through data-center work. Marine engineers, builds, dredges, repairs, and maintains ports, waterways, bridges, coastal assets, and naval facilities using a largely owned fleet; Concrete self-performs structural and site-civil work for commercial, industrial, residential, public, and data-center projects. Marine work spans the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin; Concrete operates principally in Texas, Florida, and Arizona. The owned fleet includes barges, dayboats, tugs, dredges, cranes, pump trucks, and laser screeds, which supports capacity but creates fixed-cost exposure when projects are delayed. Mgmt believes the Q2 issues were timing. Large jobs wound down while the replacements did not fully ramp up yet. Mgmt says that 90% of H2 marine work is contracted. This is likely the main driver. Concrete adds some extra upside potential from data centers (50% of Q2 Concrete rev was from data center projects). I have decent confidence that mgmt is correct that this is mostly a timing issue for Marine, but I think the stock is already fairly priced for that. Data center exposure has some upside, but there are a bunch of infra names that are cheaper and have sold off if you want that exposure.

🚨 INSIDER TRADE ALERT CEO Elect at Tyson Foods (TSN) purchased $1.00M. Tyson Foods is a large, vertically integrated protein company spanning Beef, Chicken, Pork and Prepared Foods. Its commodity processing businesses monetize live-animal spreads and plant throughput, while branded prepared foods and value-added chicken add pricing, mix and demand visibility. They process cattle and hogs, raise and process chickens, supply poultry breeding stock, and manufacture branded and private-label prepared foods. It sells through retail, foodservice, industrial and export channels; Walmart represented about 18.7% of FY2025 consolidated sales. Stock is trading at lowest EV/EBITDA since 2022. It’s only really gotten down this low during tough markets (2022, COVID, early 2019). It’s even cheaper on a P/FCF basis, trading at just 11.4x v 17.1x median (lowest since COVID) No matter how you slice it, the company is cheap and experiencing cycle problems (mostly with beef). However, the open question is when that cycle will end. But the company is expected to grow FCF by nearly 6% next year + has 50% upside to its median P/FCF multiple. If you’d rather use P/E, then it is expected to grow EPS by 11.2% and has 16% upside to its median P/E. Either one gives you good returns if the re-rating happens in 2027, but if the re-rating take another 3 years, then the upside is less compelling.

Earnings season is (mostly) over, and 33 stocks have fallen 10%+ on earnings and have had multiple insiders stepping in to buy the dip. There have been 531 post-earnings cluster dip buys over the last 12 quarters. On average, they have outperformed the S&P by 17 points over the following year, with a 57% win rate (1y return >0), and a 40% win rate v the S&P (1y return > S&P 1y return). If you want to read our write up with all 33 stocks, comment "CEO" and we'll send it to you.

🚨 INSIDER TRADE ALERT A Director at Orion Group Holdings (ORN) purchased $192.43K. Infrastructure names are interesting because we’ve seen a lot of insider dip buying, but I don’t think this is the most interesting of those names. Trading at median multiple, relatively modest insider buying, and there are cheaper peers. Orion is a specialty project contractor, not a recurring-service utility: Marine supplies most revenue and nearly all positive segment EBITDA, while Concrete adds faster-cycle growth, increasingly through data-center work. Marine engineers, builds, dredges, repairs, and maintains ports, waterways, bridges, coastal assets, and naval facilities using a largely owned fleet; Concrete self-performs structural and site-civil work for commercial, industrial, residential, public, and data-center projects. Marine work spans the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin; Concrete operates principally in Texas, Florida, and Arizona. The owned fleet includes barges, dayboats, tugs, dredges, cranes, pump trucks, and laser screeds, which supports capacity but creates fixed-cost exposure when projects are delayed. Mgmt believes the Q2 issues were timing. Large jobs wound down while the replacements did not fully ramp up yet. Mgmt says that 90% of H2 marine work is contracted. This is likely the main driver. Concrete adds some extra upside potential from data centers (50% of Q2 Concrete rev was from data center projects). I have decent confidence that mgmt is correct that this is mostly a timing issue for Marine, but I think the stock is already fairly priced for that. Data center exposure has some upside, but there are a bunch of infra names that are cheaper and have sold off if you want that exposure.

🚨 INSIDER TRADE ALERT CEO Elect at Tyson Foods (TSN) purchased $1.00M. Tyson Foods is a large, vertically integrated protein company spanning Beef, Chicken, Pork and Prepared Foods. Its commodity processing businesses monetize live-animal spreads and plant throughput, while branded prepared foods and value-added chicken add pricing, mix and demand visibility. They process cattle and hogs, raise and process chickens, supply poultry breeding stock, and manufacture branded and private-label prepared foods. It sells through retail, foodservice, industrial and export channels; Walmart represented about 18.7% of FY2025 consolidated sales. Stock is trading at lowest EV/EBITDA since 2022. It’s only really gotten down this low during tough markets (2022, COVID, early 2019). It’s even cheaper on a P/FCF basis, trading at just 11.4x v 17.1x median (lowest since COVID) No matter how you slice it, the company is cheap and experiencing cycle problems (mostly with beef). However, the open question is when that cycle will end. But the company is expected to grow FCF by nearly 6% next year + has 50% upside to its median P/FCF multiple. If you’d rather use P/E, then it is expected to grow EPS by 11.2% and has 16% upside to its median P/E. Either one gives you good returns if the re-rating happens in 2027, but if the re-rating take another 3 years, then the upside is less compelling.

Earnings season is (mostly) over, and 33 stocks have fallen 10%+ on earnings and have had multiple insiders stepping in to buy the dip. There have been 531 post-earnings cluster dip buys over the last 12 quarters. On average, they have outperformed the S&P by 17 points over the following year, with a 57% win rate (1y return >0), and a 40% win rate v the S&P (1y return > S&P 1y return). If you want to read our write up with all 33 stocks, comment "CEO" and we'll send it to you.

🚨 INSIDER TRADE ALERT A Director at Orion Group Holdings (ORN) purchased $192.43K. Infrastructure names are interesting because we’ve seen a lot of insider dip buying, but I don’t think this is the most interesting of those names. Trading at median multiple, relatively modest insider buying, and there are cheaper peers. Orion is a specialty project contractor, not a recurring-service utility: Marine supplies most revenue and nearly all positive segment EBITDA, while Concrete adds faster-cycle growth, increasingly through data-center work. Marine engineers, builds, dredges, repairs, and maintains ports, waterways, bridges, coastal assets, and naval facilities using a largely owned fleet; Concrete self-performs structural and site-civil work for commercial, industrial, residential, public, and data-center projects. Marine work spans the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin; Concrete operates principally in Texas, Florida, and Arizona. The owned fleet includes barges, dayboats, tugs, dredges, cranes, pump trucks, and laser screeds, which supports capacity but creates fixed-cost exposure when projects are delayed. Mgmt believes the Q2 issues were timing. Large jobs wound down while the replacements did not fully ramp up yet. Mgmt says that 90% of H2 marine work is contracted. This is likely the main driver. Concrete adds some extra upside potential from data centers (50% of Q2 Concrete rev was from data center projects). I have decent confidence that mgmt is correct that this is mostly a timing issue for Marine, but I think the stock is already fairly priced for that. Data center exposure has some upside, but there are a bunch of infra names that are cheaper and have sold off if you want that exposure.

🚨 INSIDER TRADE ALERT CEO Elect at Tyson Foods (TSN) purchased $1.00M. Tyson Foods is a large, vertically integrated protein company spanning Beef, Chicken, Pork and Prepared Foods. Its commodity processing businesses monetize live-animal spreads and plant throughput, while branded prepared foods and value-added chicken add pricing, mix and demand visibility. They process cattle and hogs, raise and process chickens, supply poultry breeding stock, and manufacture branded and private-label prepared foods. It sells through retail, foodservice, industrial and export channels; Walmart represented about 18.7% of FY2025 consolidated sales. Stock is trading at lowest EV/EBITDA since 2022. It’s only really gotten down this low during tough markets (2022, COVID, early 2019). It’s even cheaper on a P/FCF basis, trading at just 11.4x v 17.1x median (lowest since COVID) No matter how you slice it, the company is cheap and experiencing cycle problems (mostly with beef). However, the open question is when that cycle will end. But the company is expected to grow FCF by nearly 6% next year + has 50% upside to its median P/FCF multiple. If you’d rather use P/E, then it is expected to grow EPS by 11.2% and has 16% upside to its median P/E. Either one gives you good returns if the re-rating happens in 2027, but if the re-rating take another 3 years, then the upside is less compelling.

Earnings season is (mostly) over, and 33 stocks have fallen 10%+ on earnings and have had multiple insiders stepping in to buy the dip. There have been 531 post-earnings cluster dip buys over the last 12 quarters. On average, they have outperformed the S&P by 17 points over the following year, with a 57% win rate (1y return >0), and a 40% win rate v the S&P (1y return > S&P 1y return). If you want to read our write up with all 33 stocks, comment "CEO" and we'll send it to you.

🚨 INSIDER TRADE ALERT A Director at Orion Group Holdings (ORN) purchased $192.43K. Infrastructure names are interesting because we’ve seen a lot of insider dip buying, but I don’t think this is the most interesting of those names. Trading at median multiple, relatively modest insider buying, and there are cheaper peers. Orion is a specialty project contractor, not a recurring-service utility: Marine supplies most revenue and nearly all positive segment EBITDA, while Concrete adds faster-cycle growth, increasingly through data-center work. Marine engineers, builds, dredges, repairs, and maintains ports, waterways, bridges, coastal assets, and naval facilities using a largely owned fleet; Concrete self-performs structural and site-civil work for commercial, industrial, residential, public, and data-center projects. Marine work spans the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin; Concrete operates principally in Texas, Florida, and Arizona. The owned fleet includes barges, dayboats, tugs, dredges, cranes, pump trucks, and laser screeds, which supports capacity but creates fixed-cost exposure when projects are delayed. Mgmt believes the Q2 issues were timing. Large jobs wound down while the replacements did not fully ramp up yet. Mgmt says that 90% of H2 marine work is contracted. This is likely the main driver. Concrete adds some extra upside potential from data centers (50% of Q2 Concrete rev was from data center projects). I have decent confidence that mgmt is correct that this is mostly a timing issue for Marine, but I think the stock is already fairly priced for that. Data center exposure has some upside, but there are a bunch of infra names that are cheaper and have sold off if you want that exposure.

🚨 INSIDER TRADE ALERT CEO Elect at Tyson Foods (TSN) purchased $1.00M. Tyson Foods is a large, vertically integrated protein company spanning Beef, Chicken, Pork and Prepared Foods. Its commodity processing businesses monetize live-animal spreads and plant throughput, while branded prepared foods and value-added chicken add pricing, mix and demand visibility. They process cattle and hogs, raise and process chickens, supply poultry breeding stock, and manufacture branded and private-label prepared foods. It sells through retail, foodservice, industrial and export channels; Walmart represented about 18.7% of FY2025 consolidated sales. Stock is trading at lowest EV/EBITDA since 2022. It’s only really gotten down this low during tough markets (2022, COVID, early 2019). It’s even cheaper on a P/FCF basis, trading at just 11.4x v 17.1x median (lowest since COVID) No matter how you slice it, the company is cheap and experiencing cycle problems (mostly with beef). However, the open question is when that cycle will end. But the company is expected to grow FCF by nearly 6% next year + has 50% upside to its median P/FCF multiple. If you’d rather use P/E, then it is expected to grow EPS by 11.2% and has 16% upside to its median P/E. Either one gives you good returns if the re-rating happens in 2027, but if the re-rating take another 3 years, then the upside is less compelling.

Earnings season is (mostly) over, and 33 stocks have fallen 10%+ on earnings and have had multiple insiders stepping in to buy the dip. There have been 531 post-earnings cluster dip buys over the last 12 quarters. On average, they have outperformed the S&P by 17 points over the following year, with a 57% win rate (1y return >0), and a 40% win rate v the S&P (1y return > S&P 1y return). If you want to read our write up with all 33 stocks, comment "CEO" and we'll send it to you.

🚨 INSIDER TRADE ALERT A Director at Orion Group Holdings (ORN) purchased $192.43K. Infrastructure names are interesting because we’ve seen a lot of insider dip buying, but I don’t think this is the most interesting of those names. Trading at median multiple, relatively modest insider buying, and there are cheaper peers. Orion is a specialty project contractor, not a recurring-service utility: Marine supplies most revenue and nearly all positive segment EBITDA, while Concrete adds faster-cycle growth, increasingly through data-center work. Marine engineers, builds, dredges, repairs, and maintains ports, waterways, bridges, coastal assets, and naval facilities using a largely owned fleet; Concrete self-performs structural and site-civil work for commercial, industrial, residential, public, and data-center projects. Marine work spans the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin; Concrete operates principally in Texas, Florida, and Arizona. The owned fleet includes barges, dayboats, tugs, dredges, cranes, pump trucks, and laser screeds, which supports capacity but creates fixed-cost exposure when projects are delayed. Mgmt believes the Q2 issues were timing. Large jobs wound down while the replacements did not fully ramp up yet. Mgmt says that 90% of H2 marine work is contracted. This is likely the main driver. Concrete adds some extra upside potential from data centers (50% of Q2 Concrete rev was from data center projects). I have decent confidence that mgmt is correct that this is mostly a timing issue for Marine, but I think the stock is already fairly priced for that. Data center exposure has some upside, but there are a bunch of infra names that are cheaper and have sold off if you want that exposure.

🚨 INSIDER TRADE ALERT CEO Elect at Tyson Foods (TSN) purchased $1.00M. Tyson Foods is a large, vertically integrated protein company spanning Beef, Chicken, Pork and Prepared Foods. Its commodity processing businesses monetize live-animal spreads and plant throughput, while branded prepared foods and value-added chicken add pricing, mix and demand visibility. They process cattle and hogs, raise and process chickens, supply poultry breeding stock, and manufacture branded and private-label prepared foods. It sells through retail, foodservice, industrial and export channels; Walmart represented about 18.7% of FY2025 consolidated sales. Stock is trading at lowest EV/EBITDA since 2022. It’s only really gotten down this low during tough markets (2022, COVID, early 2019). It’s even cheaper on a P/FCF basis, trading at just 11.4x v 17.1x median (lowest since COVID) No matter how you slice it, the company is cheap and experiencing cycle problems (mostly with beef). However, the open question is when that cycle will end. But the company is expected to grow FCF by nearly 6% next year + has 50% upside to its median P/FCF multiple. If you’d rather use P/E, then it is expected to grow EPS by 11.2% and has 16% upside to its median P/E. Either one gives you good returns if the re-rating happens in 2027, but if the re-rating take another 3 years, then the upside is less compelling.

Earnings season is (mostly) over, and 33 stocks have fallen 10%+ on earnings and have had multiple insiders stepping in to buy the dip. There have been 531 post-earnings cluster dip buys over the last 12 quarters. On average, they have outperformed the S&P by 17 points over the following year, with a 57% win rate (1y return >0), and a 40% win rate v the S&P (1y return > S&P 1y return). If you want to read our write up with all 33 stocks, comment "CEO" and we'll send it to you.

🚨 INSIDER TRADE ALERT A Director at Orion Group Holdings (ORN) purchased $192.43K. Infrastructure names are interesting because we’ve seen a lot of insider dip buying, but I don’t think this is the most interesting of those names. Trading at median multiple, relatively modest insider buying, and there are cheaper peers. Orion is a specialty project contractor, not a recurring-service utility: Marine supplies most revenue and nearly all positive segment EBITDA, while Concrete adds faster-cycle growth, increasingly through data-center work. Marine engineers, builds, dredges, repairs, and maintains ports, waterways, bridges, coastal assets, and naval facilities using a largely owned fleet; Concrete self-performs structural and site-civil work for commercial, industrial, residential, public, and data-center projects. Marine work spans the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin; Concrete operates principally in Texas, Florida, and Arizona. The owned fleet includes barges, dayboats, tugs, dredges, cranes, pump trucks, and laser screeds, which supports capacity but creates fixed-cost exposure when projects are delayed. Mgmt believes the Q2 issues were timing. Large jobs wound down while the replacements did not fully ramp up yet. Mgmt says that 90% of H2 marine work is contracted. This is likely the main driver. Concrete adds some extra upside potential from data centers (50% of Q2 Concrete rev was from data center projects). I have decent confidence that mgmt is correct that this is mostly a timing issue for Marine, but I think the stock is already fairly priced for that. Data center exposure has some upside, but there are a bunch of infra names that are cheaper and have sold off if you want that exposure.

🚨 INSIDER TRADE ALERT CEO Elect at Tyson Foods (TSN) purchased $1.00M. Tyson Foods is a large, vertically integrated protein company spanning Beef, Chicken, Pork and Prepared Foods. Its commodity processing businesses monetize live-animal spreads and plant throughput, while branded prepared foods and value-added chicken add pricing, mix and demand visibility. They process cattle and hogs, raise and process chickens, supply poultry breeding stock, and manufacture branded and private-label prepared foods. It sells through retail, foodservice, industrial and export channels; Walmart represented about 18.7% of FY2025 consolidated sales. Stock is trading at lowest EV/EBITDA since 2022. It’s only really gotten down this low during tough markets (2022, COVID, early 2019). It’s even cheaper on a P/FCF basis, trading at just 11.4x v 17.1x median (lowest since COVID) No matter how you slice it, the company is cheap and experiencing cycle problems (mostly with beef). However, the open question is when that cycle will end. But the company is expected to grow FCF by nearly 6% next year + has 50% upside to its median P/FCF multiple. If you’d rather use P/E, then it is expected to grow EPS by 11.2% and has 16% upside to its median P/E. Either one gives you good returns if the re-rating happens in 2027, but if the re-rating take another 3 years, then the upside is less compelling.

Earnings season is (mostly) over, and 33 stocks have fallen 10%+ on earnings and have had multiple insiders stepping in to buy the dip. There have been 531 post-earnings cluster dip buys over the last 12 quarters. On average, they have outperformed the S&P by 17 points over the following year, with a 57% win rate (1y return >0), and a 40% win rate v the S&P (1y return > S&P 1y return). If you want to read our write up with all 33 stocks, comment "CEO" and we'll send it to you.

🚨 INSIDER TRADE ALERT A Director at Orion Group Holdings (ORN) purchased $192.43K. Infrastructure names are interesting because we’ve seen a lot of insider dip buying, but I don’t think this is the most interesting of those names. Trading at median multiple, relatively modest insider buying, and there are cheaper peers. Orion is a specialty project contractor, not a recurring-service utility: Marine supplies most revenue and nearly all positive segment EBITDA, while Concrete adds faster-cycle growth, increasingly through data-center work. Marine engineers, builds, dredges, repairs, and maintains ports, waterways, bridges, coastal assets, and naval facilities using a largely owned fleet; Concrete self-performs structural and site-civil work for commercial, industrial, residential, public, and data-center projects. Marine work spans the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin; Concrete operates principally in Texas, Florida, and Arizona. The owned fleet includes barges, dayboats, tugs, dredges, cranes, pump trucks, and laser screeds, which supports capacity but creates fixed-cost exposure when projects are delayed. Mgmt believes the Q2 issues were timing. Large jobs wound down while the replacements did not fully ramp up yet. Mgmt says that 90% of H2 marine work is contracted. This is likely the main driver. Concrete adds some extra upside potential from data centers (50% of Q2 Concrete rev was from data center projects). I have decent confidence that mgmt is correct that this is mostly a timing issue for Marine, but I think the stock is already fairly priced for that. Data center exposure has some upside, but there are a bunch of infra names that are cheaper and have sold off if you want that exposure.

🚨 INSIDER TRADE ALERT CEO Elect at Tyson Foods (TSN) purchased $1.00M. Tyson Foods is a large, vertically integrated protein company spanning Beef, Chicken, Pork and Prepared Foods. Its commodity processing businesses monetize live-animal spreads and plant throughput, while branded prepared foods and value-added chicken add pricing, mix and demand visibility. They process cattle and hogs, raise and process chickens, supply poultry breeding stock, and manufacture branded and private-label prepared foods. It sells through retail, foodservice, industrial and export channels; Walmart represented about 18.7% of FY2025 consolidated sales. Stock is trading at lowest EV/EBITDA since 2022. It’s only really gotten down this low during tough markets (2022, COVID, early 2019). It’s even cheaper on a P/FCF basis, trading at just 11.4x v 17.1x median (lowest since COVID) No matter how you slice it, the company is cheap and experiencing cycle problems (mostly with beef). However, the open question is when that cycle will end. But the company is expected to grow FCF by nearly 6% next year + has 50% upside to its median P/FCF multiple. If you’d rather use P/E, then it is expected to grow EPS by 11.2% and has 16% upside to its median P/E. Either one gives you good returns if the re-rating happens in 2027, but if the re-rating take another 3 years, then the upside is less compelling.

Earnings season is (mostly) over, and 33 stocks have fallen 10%+ on earnings and have had multiple insiders stepping in to buy the dip. There have been 531 post-earnings cluster dip buys over the last 12 quarters. On average, they have outperformed the S&P by 17 points over the following year, with a 57% win rate (1y return >0), and a 40% win rate v the S&P (1y return > S&P 1y return). If you want to read our write up with all 33 stocks, comment "CEO" and we'll send it to you.

🚨 INSIDER TRADE ALERT A Director at Orion Group Holdings (ORN) purchased $192.43K. Infrastructure names are interesting because we’ve seen a lot of insider dip buying, but I don’t think this is the most interesting of those names. Trading at median multiple, relatively modest insider buying, and there are cheaper peers. Orion is a specialty project contractor, not a recurring-service utility: Marine supplies most revenue and nearly all positive segment EBITDA, while Concrete adds faster-cycle growth, increasingly through data-center work. Marine engineers, builds, dredges, repairs, and maintains ports, waterways, bridges, coastal assets, and naval facilities using a largely owned fleet; Concrete self-performs structural and site-civil work for commercial, industrial, residential, public, and data-center projects. Marine work spans the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin; Concrete operates principally in Texas, Florida, and Arizona. The owned fleet includes barges, dayboats, tugs, dredges, cranes, pump trucks, and laser screeds, which supports capacity but creates fixed-cost exposure when projects are delayed. Mgmt believes the Q2 issues were timing. Large jobs wound down while the replacements did not fully ramp up yet. Mgmt says that 90% of H2 marine work is contracted. This is likely the main driver. Concrete adds some extra upside potential from data centers (50% of Q2 Concrete rev was from data center projects). I have decent confidence that mgmt is correct that this is mostly a timing issue for Marine, but I think the stock is already fairly priced for that. Data center exposure has some upside, but there are a bunch of infra names that are cheaper and have sold off if you want that exposure.

🚨 INSIDER TRADE ALERT CEO Elect at Tyson Foods (TSN) purchased $1.00M. Tyson Foods is a large, vertically integrated protein company spanning Beef, Chicken, Pork and Prepared Foods. Its commodity processing businesses monetize live-animal spreads and plant throughput, while branded prepared foods and value-added chicken add pricing, mix and demand visibility. They process cattle and hogs, raise and process chickens, supply poultry breeding stock, and manufacture branded and private-label prepared foods. It sells through retail, foodservice, industrial and export channels; Walmart represented about 18.7% of FY2025 consolidated sales. Stock is trading at lowest EV/EBITDA since 2022. It’s only really gotten down this low during tough markets (2022, COVID, early 2019). It’s even cheaper on a P/FCF basis, trading at just 11.4x v 17.1x median (lowest since COVID) No matter how you slice it, the company is cheap and experiencing cycle problems (mostly with beef). However, the open question is when that cycle will end. But the company is expected to grow FCF by nearly 6% next year + has 50% upside to its median P/FCF multiple. If you’d rather use P/E, then it is expected to grow EPS by 11.2% and has 16% upside to its median P/E. Either one gives you good returns if the re-rating happens in 2027, but if the re-rating take another 3 years, then the upside is less compelling.

Earnings season is (mostly) over, and 33 stocks have fallen 10%+ on earnings and have had multiple insiders stepping in to buy the dip. There have been 531 post-earnings cluster dip buys over the last 12 quarters. On average, they have outperformed the S&P by 17 points over the following year, with a 57% win rate (1y return >0), and a 40% win rate v the S&P (1y return > S&P 1y return). If you want to read our write up with all 33 stocks, comment "CEO" and we'll send it to you.

🚨 INSIDER TRADE ALERT A Director at Orion Group Holdings (ORN) purchased $192.43K. Infrastructure names are interesting because we’ve seen a lot of insider dip buying, but I don’t think this is the most interesting of those names. Trading at median multiple, relatively modest insider buying, and there are cheaper peers. Orion is a specialty project contractor, not a recurring-service utility: Marine supplies most revenue and nearly all positive segment EBITDA, while Concrete adds faster-cycle growth, increasingly through data-center work. Marine engineers, builds, dredges, repairs, and maintains ports, waterways, bridges, coastal assets, and naval facilities using a largely owned fleet; Concrete self-performs structural and site-civil work for commercial, industrial, residential, public, and data-center projects. Marine work spans the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin; Concrete operates principally in Texas, Florida, and Arizona. The owned fleet includes barges, dayboats, tugs, dredges, cranes, pump trucks, and laser screeds, which supports capacity but creates fixed-cost exposure when projects are delayed. Mgmt believes the Q2 issues were timing. Large jobs wound down while the replacements did not fully ramp up yet. Mgmt says that 90% of H2 marine work is contracted. This is likely the main driver. Concrete adds some extra upside potential from data centers (50% of Q2 Concrete rev was from data center projects). I have decent confidence that mgmt is correct that this is mostly a timing issue for Marine, but I think the stock is already fairly priced for that. Data center exposure has some upside, but there are a bunch of infra names that are cheaper and have sold off if you want that exposure.

🚨 INSIDER TRADE ALERT CEO Elect at Tyson Foods (TSN) purchased $1.00M. Tyson Foods is a large, vertically integrated protein company spanning Beef, Chicken, Pork and Prepared Foods. Its commodity processing businesses monetize live-animal spreads and plant throughput, while branded prepared foods and value-added chicken add pricing, mix and demand visibility. They process cattle and hogs, raise and process chickens, supply poultry breeding stock, and manufacture branded and private-label prepared foods. It sells through retail, foodservice, industrial and export channels; Walmart represented about 18.7% of FY2025 consolidated sales. Stock is trading at lowest EV/EBITDA since 2022. It’s only really gotten down this low during tough markets (2022, COVID, early 2019). It’s even cheaper on a P/FCF basis, trading at just 11.4x v 17.1x median (lowest since COVID) No matter how you slice it, the company is cheap and experiencing cycle problems (mostly with beef). However, the open question is when that cycle will end. But the company is expected to grow FCF by nearly 6% next year + has 50% upside to its median P/FCF multiple. If you’d rather use P/E, then it is expected to grow EPS by 11.2% and has 16% upside to its median P/E. Either one gives you good returns if the re-rating happens in 2027, but if the re-rating take another 3 years, then the upside is less compelling.

Earnings season is (mostly) over, and 33 stocks have fallen 10%+ on earnings and have had multiple insiders stepping in to buy the dip. There have been 531 post-earnings cluster dip buys over the last 12 quarters. On average, they have outperformed the S&P by 17 points over the following year, with a 57% win rate (1y return >0), and a 40% win rate v the S&P (1y return > S&P 1y return). If you want to read our write up with all 33 stocks, comment "CEO" and we'll send it to you.

🚨 INSIDER TRADE ALERT A Director at Orion Group Holdings (ORN) purchased $192.43K. Infrastructure names are interesting because we’ve seen a lot of insider dip buying, but I don’t think this is the most interesting of those names. Trading at median multiple, relatively modest insider buying, and there are cheaper peers. Orion is a specialty project contractor, not a recurring-service utility: Marine supplies most revenue and nearly all positive segment EBITDA, while Concrete adds faster-cycle growth, increasingly through data-center work. Marine engineers, builds, dredges, repairs, and maintains ports, waterways, bridges, coastal assets, and naval facilities using a largely owned fleet; Concrete self-performs structural and site-civil work for commercial, industrial, residential, public, and data-center projects. Marine work spans the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin; Concrete operates principally in Texas, Florida, and Arizona. The owned fleet includes barges, dayboats, tugs, dredges, cranes, pump trucks, and laser screeds, which supports capacity but creates fixed-cost exposure when projects are delayed. Mgmt believes the Q2 issues were timing. Large jobs wound down while the replacements did not fully ramp up yet. Mgmt says that 90% of H2 marine work is contracted. This is likely the main driver. Concrete adds some extra upside potential from data centers (50% of Q2 Concrete rev was from data center projects). I have decent confidence that mgmt is correct that this is mostly a timing issue for Marine, but I think the stock is already fairly priced for that. Data center exposure has some upside, but there are a bunch of infra names that are cheaper and have sold off if you want that exposure.

🚨 INSIDER TRADE ALERT CEO Elect at Tyson Foods (TSN) purchased $1.00M. Tyson Foods is a large, vertically integrated protein company spanning Beef, Chicken, Pork and Prepared Foods. Its commodity processing businesses monetize live-animal spreads and plant throughput, while branded prepared foods and value-added chicken add pricing, mix and demand visibility. They process cattle and hogs, raise and process chickens, supply poultry breeding stock, and manufacture branded and private-label prepared foods. It sells through retail, foodservice, industrial and export channels; Walmart represented about 18.7% of FY2025 consolidated sales. Stock is trading at lowest EV/EBITDA since 2022. It’s only really gotten down this low during tough markets (2022, COVID, early 2019). It’s even cheaper on a P/FCF basis, trading at just 11.4x v 17.1x median (lowest since COVID) No matter how you slice it, the company is cheap and experiencing cycle problems (mostly with beef). However, the open question is when that cycle will end. But the company is expected to grow FCF by nearly 6% next year + has 50% upside to its median P/FCF multiple. If you’d rather use P/E, then it is expected to grow EPS by 11.2% and has 16% upside to its median P/E. Either one gives you good returns if the re-rating happens in 2027, but if the re-rating take another 3 years, then the upside is less compelling.

Earnings season is (mostly) over, and 33 stocks have fallen 10%+ on earnings and have had multiple insiders stepping in to buy the dip. There have been 531 post-earnings cluster dip buys over the last 12 quarters. On average, they have outperformed the S&P by 17 points over the following year, with a 57% win rate (1y return >0), and a 40% win rate v the S&P (1y return > S&P 1y return). If you want to read our write up with all 33 stocks, comment "CEO" and we'll send it to you.

🚨 INSIDER TRADE ALERT A Director at Orion Group Holdings (ORN) purchased $192.43K. Infrastructure names are interesting because we’ve seen a lot of insider dip buying, but I don’t think this is the most interesting of those names. Trading at median multiple, relatively modest insider buying, and there are cheaper peers. Orion is a specialty project contractor, not a recurring-service utility: Marine supplies most revenue and nearly all positive segment EBITDA, while Concrete adds faster-cycle growth, increasingly through data-center work. Marine engineers, builds, dredges, repairs, and maintains ports, waterways, bridges, coastal assets, and naval facilities using a largely owned fleet; Concrete self-performs structural and site-civil work for commercial, industrial, residential, public, and data-center projects. Marine work spans the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin; Concrete operates principally in Texas, Florida, and Arizona. The owned fleet includes barges, dayboats, tugs, dredges, cranes, pump trucks, and laser screeds, which supports capacity but creates fixed-cost exposure when projects are delayed. Mgmt believes the Q2 issues were timing. Large jobs wound down while the replacements did not fully ramp up yet. Mgmt says that 90% of H2 marine work is contracted. This is likely the main driver. Concrete adds some extra upside potential from data centers (50% of Q2 Concrete rev was from data center projects). I have decent confidence that mgmt is correct that this is mostly a timing issue for Marine, but I think the stock is already fairly priced for that. Data center exposure has some upside, but there are a bunch of infra names that are cheaper and have sold off if you want that exposure.

🚨 INSIDER TRADE ALERT CEO Elect at Tyson Foods (TSN) purchased $1.00M. Tyson Foods is a large, vertically integrated protein company spanning Beef, Chicken, Pork and Prepared Foods. Its commodity processing businesses monetize live-animal spreads and plant throughput, while branded prepared foods and value-added chicken add pricing, mix and demand visibility. They process cattle and hogs, raise and process chickens, supply poultry breeding stock, and manufacture branded and private-label prepared foods. It sells through retail, foodservice, industrial and export channels; Walmart represented about 18.7% of FY2025 consolidated sales. Stock is trading at lowest EV/EBITDA since 2022. It’s only really gotten down this low during tough markets (2022, COVID, early 2019). It’s even cheaper on a P/FCF basis, trading at just 11.4x v 17.1x median (lowest since COVID) No matter how you slice it, the company is cheap and experiencing cycle problems (mostly with beef). However, the open question is when that cycle will end. But the company is expected to grow FCF by nearly 6% next year + has 50% upside to its median P/FCF multiple. If you’d rather use P/E, then it is expected to grow EPS by 11.2% and has 16% upside to its median P/E. Either one gives you good returns if the re-rating happens in 2027, but if the re-rating take another 3 years, then the upside is less compelling.

Earnings season is (mostly) over, and 33 stocks have fallen 10%+ on earnings and have had multiple insiders stepping in to buy the dip. There have been 531 post-earnings cluster dip buys over the last 12 quarters. On average, they have outperformed the S&P by 17 points over the following year, with a 57% win rate (1y return >0), and a 40% win rate v the S&P (1y return > S&P 1y return). If you want to read our write up with all 33 stocks, comment "CEO" and we'll send it to you.