With Q3 Earnings on Deck Insider Buying Slows: Endurance International, Lands' End and More
It was inevitable, and we have warned that it was coming, but the slamming of transaction windows at major corporations across the country showed up in this week’s insider data. With the fourth quarter underway and third-quarter earnings ready to start hitting the tape next week, many executives and 10% institutional owners have had to put plans of buying stock on hold as the windows to buy and sell have closed.
We cover insider buying each 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 still remains an overall positive indicator.
Here are some of the companies that reported notable insider buying last week.
Endurance International Group Holdings Inc. (NASDAQ: EIGI) has seen a ton of buying over the past month, and more was reported last week. Warburg Pincus, which is a director of the company, purchased an additional 418,600 shares of the stock at prices that ranged from $8.65 to $8.68 per share. The total for the buy was posted at $4 million.
The company provides cloud-based platform solutions for small and medium-sized businesses worldwide. It offers domain registration, management and resale services; proprietary, third-party and open source website building tools that enable subscribers with varying degrees of technical sophistication to create a customized web presence; web-hosting services, including entry-level shared hosting; and virtual private server and dedicated hosting services. The shares closed last Friday at $8.68.
A 10% owner of Colliers International Group Inc. (NASDAQ: CIGI) was adding to holdings last week. Spruce House Partners bought a total of 133,800 shares of the company at $42.05 per share. The total for the buy was listed at $6 million.
The company provides commercial real estate services to real estate occupiers, owners and investors worldwide. Its stock ended last week at $41.86 per share.
Kingsway Financial Services
Kingsway Financial Services Inc. (NYSE: KFS) had a 10% owner, which also serves as a director at the company, adding to a position last week. Stillwell Value Partners bought a total of 1,148,263 shares of the stock at $5.74 apiece. The total for the buy was posted at $7 million.
The company, through its subsidiaries, provides property and casualty insurance products in the United States. Its shares ended the trading day last Friday at $5.69 apiece.
Hitting our 24/7 Wall St. screens for the second week running was L.B. Foster Co. (NASDAQ: FSTR). Another 10% owner that serves as a director scooped up shares this past week: Legion Partners bought 35,211 shares of the stock at prices that ranged from $11.83 to $12.00. The total for the buy was posted at $400,000.
The company manufactures, fabricates and distributes products and services for the rail, construction, energy and utility markets worldwide. The stock closed Friday at $12.17.
A director at Lands’ End Inc. (NASDAQ: LE) also was buying stock last week. That director bought a total of 10,500 shares at prices that ranged from $14.97 to $15.17 per share. The total for the trade was set at $200,000.
The company operates as a multi-channel retailer that offers casual clothing, accessories, footwear and home products. The company sells its products through its e-commerce, direct mail catalogs, dedicated Lands’ End shops at Sears, stand-alone Lands’ End Inlet stores and international shop-in-shops. The stock ended last week’s trading at $14.97.
These companies also reported insider buying last week: General Communications Inc. (NASDAQ: GNCMA), Guaranty Federal Bancshares (NASDAQ: GFED), Ion Geophysical Corp. (NYSE: IO), Omnova Solutions Inc. (NYSE: OMN) and Pantheon Holdings N.V. (NYSE: PTHN).
We can expect similar slow weeks as the market grinds through earnings in October. You can bet there will be a big pick up in November, especially when the results of the presidential election are known.