In what was a pretty volatile market week, many of the insiders looking to sell stock appeared to take a hiatus. While the slowdown was nothing like we saw when the market plummeted earlier this year, there was a significant slowdown compared with the heavy selling volumes we say through most of May and early this month.
One thing is for sure, with second-quarter earnings just under three weeks away, the opportunities for many insiders may not be available again until August.
We cover insider selling every week at 24/7 Wall St., and we like to remind our readers that just because an individual or 10% institutional owner sells 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 notable insider selling last week.
The man at the top sold shares of oil field services giant Schlumberger Ltd. (NYSE: SLB) last week. The chief executive officer, Paal Kibsgaard, parted with a total of 32,857 shares of the stock at $80 per share. The total for the trade was posted at $3 million.
The company supplies technology, integrated project management and information solutions to the oil and gas exploration and production industry worldwide. The shares were trading on Friday’s close at $77.50, so the timing looks solid.
Also last week, Carlisle Companies Inc. (NYSE: CSL) had its executive chairman parting with some shares. David Roberts sold 24,740 shares of the stock at prices that ranged from $99.29 to $100.06 apiece. The total for the sale came in right at $3 million.
Charlotte, North Carolina-based Carlisle Companies operates as a diversified manufacturing company in the United States and internationally. The stock was changing hands on Friday’s close at $101.16, so some money was left on the table it seems.
The president and a director at J.M. Smucker Co. (NYSE: SJM) both parted with some shares last week. The pair sold a total of 19,965 shares of the stock, and per-share prices ranged from $144.55 to $145.00 apiece.
The company manufactures and markets branded food products worldwide. It operates through four segments: U.S. Retail Coffee, U.S. Retail Consumer Foods, U.S. Retail Pet Foods, and International, Foodservice and Natural Foods. The stock closed at $144.72 on Friday.
Advertising Goliath Omnicom Group Inc. (NYSE: OMC) had its chairman shedding some stock last week. The chairman sold a total of 22,800 shares at prices that ranged from $84.30 to $84.32 per share. The total for the sale was posted at $2 million.
The company provides advertising, marketing and corporate communications services. It offers a range of services in advertising, customer relationship management, public relations and specialty communications areas. The stock ended the week at $81.35, so the timing looks good here too.
As we have explained in the past, every quarter when earnings come out, companies close windows to executives for trading shares of company stock. This is intended to make sure that nobody trades on knowledge related to the earnings presentation. With just weeks left in the quarter, insiders may get busy selling again next week, as the opportunities will become limited after that.