Insider Buying Stays Steady as Q2 Kicks Off

Lee Jackson

With the very volatile first quarter in the rear-view mirror, the start of the second quarter means earnings season and possibly the shutdown of the window for insiders to buy and sell the company stocks they own. Typically when a company is poised to announce quarterly earnings, insiders are prohibited from selling shares, and sometimes the windows can close for as much as 60 days.

We cover insider buying every week at 24/7 Wall St., and like we have seen through the first 90 days of 2015, there has been a steady march of insiders adding to the positions they have of company stock. While not as high in volume as last year, the buying is still consistent, and that is a good sign for the overall equity markets.

These companies reported notable insider buying this past week.

Eagle Bulk Shipping Inc. (NASDAQ: EGLE) had a 10% owner step in last week and purchase shares. Goldentree Asset Management bought a block of 500,000 shares at $8.50 apiece. The total for the buy came to $4.25 million. The shares closed trading on Friday at $8.19.

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Vince Holding Corp. (NYSE: VNCE) is on our report for the second week in a row, and it also had a 10% owner come in again to purchase shares. SK Financial Services bought 114,041 shares at prices that ranged from $18.42 to $18.96. That came to $2.1 million. The company designs, merchandises and sells various contemporary fashion brand products in the United States and internationally. Shares ended the week at $20.09, so a very well-timed purchase indeed.

Luby’s Inc. (NYSE: LUB) had a C suite executive buy stock this past week. The chief executive of the cafeteria giant bought a block of 185,000 shares of the stock at $5.07 per share. The total of the purchase came to $937,000. Luby’s shares were trading on Friday’s close at $5.34, so another buy well timed.

Famous Dave’s of America Inc. (NASDAQ: DAVE) was another company that had a 10% owner purchasing shares this past week. LionEye Capital Management bought 28,800 shares at a price of $27.53. The total for the trade came to $792,000. The company develops, owns, operates and franchises restaurants under the Famous Dave’s name. The shares closed trading on Friday at $28.78, so another good buy.

Ebix Inc. (NASDAQ: EBIX) is another on this week’s screen with a 10% owner adding to a position. The Rennes Foundation bought 14,200 shares of the stock at $29.87 apiece. The total for the buy came to $424,000. The company provides software and e-commerce solutions to the insurance industry. The stock ended trading on Friday at $29.23.

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These companies also reported insider buying this week: Alico Inc. (NASDAQ: ALCO), Five Below Inc. (NASDAQ: FIVE), Gordmans Stores Inc. (NASDAQ: GMAN), Karyopharm Therapeutics Inc. (NASDAQ: KPTI) and UniFirst Corp. (NYSE: UNF).

Slow but steady was the course for this week. As mentioned, things may slow down as the earnings season announcements start coming fast and furious next week.