Canadian billionaire and investment mogul Jim Pattison has continued to buy into Westshore Terminals Investment Corporation (TSX:WTE), acquiring more shares during March in an account which he owns, acquiring more than 165,000 shares at an average price of $22.85, bringing his total ownership in the company to more than 10 million shares, or more than 14% of the company's overall float.
Pattison has been a heavy investor in B.C.-based companies such as Westshore and Canfor, continuing to acquire shares over time and compound his ownership in these companies toward very meaningful levels.
As a key shareholder of such companies, Pattison has bought a significant amount of influence in British Columbia's overall economy. His investment in Westshore and Canfor have turned out to be massive successes, with Westshore experiencing a one year return of approximately 25% - not a shabby return at all.
For any company with a key shareholder who continues to acquire shares over time, a floor of sorts is often set below a given level, as such a whale will realize the dip and continue buying into weakness, providing support to any near-term drops and insulating existing investors to the extent that such an investor continues to buy.
With no indications from Pattison that he intends to liquidate any portion of his key investments, Westshore remains a very interesting play for long-term investors in this complicated market.
As always, a reminder that insider selling is in no way an indication of the direction a stock is expected to move in the near-term, and long-term investors should assess the fundamentals of said company and consult an investment advisor before making any purchases.
Invest wisely, my friends.
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