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As we have been expecting, as the second quarter earnings reporting period starts to come to a close, the windows at public companies for insiders to make transactions are starting to open again. After three very slow weeks of insider selling reports, we are starting to see executives and 10% holders selling shares and in some cases taking advantage of higher prices after earnings.

We cover insider selling every week at 24/7 Wall St., and we like to always remind our readers that just because an individual or 10% institutional owner is selling stock, that is no cause for immediate alarm. Many top executives and even directors are compensated with stock, and often sell just to diversify or purchase other assets.

Here are companies that reported insider selling this week.

GoPro, Inc. (NASDAQ: GPRO) got a lift on earnings and one of the directors at the company took advantage and sold a massive 253,400 shares of the mobile camera stock. Edward Gilhuly received a huge $16.3 million as shares were sold at prices between $64.20 and $64.82. GoPro, Inc. markets and sells its products through retailers and distributors, as well as through its Website in the United States and internationally and the stock continues to be a hot momentum traders favorite. Shares were trading on Friday at $63 or so on the heels of a key Citi analyst upgrade.

Microsoft Inc. (NASDAQ: MSFT) had a C suite member selling share this week. The COO of the company Brian Turner sold 69,158 shares of the software giant’s shares at $45.64. The total for the sale came to $3.2 million. Microsoft shares have been mixed in choppy trading since reporting second quarter numbers. The stock was trading on Friday at $46.78 so some money was left on the table. Bill Gates also sold another 2 million shares on July 28, but that is a routine event now and Gates still has over 226 million shares.

Philip Morris International. Inc.(NYSE: PM) had the man at the top-selling stock this week. The CEO of the company sold a 25,000 share block of the company stock at $85.37. The total for the sale came to $2.1 million. The company manufactures and sells cigarettes, tobacco products, and other nicotine-containing products. Its portfolio of brands is comprised of Marlboro, Merit, Parliament, Virginia Slims, L&M, Chesterfield, Bond Street, Lark, Muratti, Next, Philip Morris, and Red & White. Shares were trading on Friday at $85.87.

Packaging Corporation of America (NYSE: PKG) had two senior executives of the company selling shares this past week. The CFO and a senior vice president at the company sold a combined 30,600 share of the stock at $70.39. The total for the sale came to $2.2 million. The company manufactures and sells container board and corrugated packaging products in the United States, Europe, Mexico, and Canada. The stock was trading on Friday at $70.99.

The Bank of New York Mellon Corporation (NYSE: BK) had the top executive at the company selling shares this week. The CEO Gerald Hassell sold 80,000 shares of the stock at $43.06. The total for the sale came to $3.5 million. The company is an investment firm that provides financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The shares were trading on Friday at $43.60.

These companies also reported insider selling this week. Boyd Gaming Corporation (NYSE: BYD), Eli Lilly and Company (NYSE: LLY), Honeywell International Inc. (NYSE: HON), Align Technology, Inc (NASDAQ: ALGN) and Manpower Group, Inc. (NYSE: MAN).

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With the most selling activity since June, the insiders are back. We can probably expect to see the pace really pick up in August as more corporate windows come open. As always we keep a sharp eye out for any selling that looks desperate or is at a company with declining fundamentals.