As the earnings landslide continued this past week, a nice rally in the markets has lifted spirits on Wall Street as all the indexes fight to get back in the black for 2015. As usual, with the earnings onslaught in full effect, many companies have closed the window for insiders to buy or sell stock during the reporting period.
We cover insider buying every week at 24/7 Wall St., and we like to remind readers that while insider buying is usually a very positive sign, it is not in of itself a reason to run out and buy a stock. Sometimes insiders and 10% owners have stock purchase plans set up at intervals to add to their holdings. That aside, it remains a positive indicator.
Here are some of the companies that reported notable insider buying this past week.
Wynn Resorts Ltd. (NASDAQ: WYNN) has taken a shot to the stock price on very poor Macau revenues, and a director at the company took advantage of the price dip to buy shares last week. That director bought a total of 40,000 shares of the stock at prices between $67.94 and $68.00. The total for the buy came to $2.7 million. Wynn shares were trading on Friday’s close at $67.60. That is down from $190 this time last year.
Alimera Sciences (NASDAQ: ALIM) had a 10% owner come back to the market and buy more shares this week. Deerfield Management bought an additional 390,040 shares of the company at prices that ranged from $2.73 to $3.09 per share. The total for the buy came to $1.2 million. Alimera Sciences engages in the research, development and commercialization of prescription ophthalmic pharmaceuticals in the United States and internationally. Shares closed trading on Friday at $3.09.
Charles Schwab Corp. (NYSE: SCHW) hit both our insider reports for the past week, as there was two-way insider trading in the stock. A director at the company bought 7,100 share of the stock at prices between $28.37 and $28.89 per share. That cost the director $203,000. Shares ended the week at $30.43, so a solid purchase.
Marriott Vacations Worldwide Corp. (NYSE: VAC) had the man at the top buying stock last week. CEO Stephen Weisz picked up 4,000 shares of the company at between $62.40 and $62.47 apiece. The total for the buy came to $250,000. This company develops, markets, sells and manages vacation ownership and related products under the Marriott Vacation Club and Grand Residences by Marriott brands. The stock closed trading on Friday at $62.84.
PacWest Bancorp (NASDAQ: PACW) had a top officer at the company buying shares this past week. The chief financial officer bought a total of 2,400 shares at $42.49 apiece. The total for the purchase came to $102,000. PacWest Bancorp operates as the holding company for Pacific Western Bank, which provides commercial banking products and services to individuals, professionals and small to mid-sized businesses in the United States. The stock was trading at $45.03 on Friday’s close, so a well-timed purchase.
Despite the volume dropping due to trading restrictions during earnings season, the insider buying still is coming in much stronger than insider selling. This is a positive for investors as the lack of selling indicates many insiders think prices are headed higher.
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