Genesco's leading executives continued to trim their stakes in the company this week. On Tuesday and Wednesday, Chairman, President and CEO Bob Dennis sold $1.1 million worth of shares — a week after booking $2 million in profit on an options exercise — in a deal that still leaves him with about $16 million of Genesco stock. On the same days, CFO Jim Gulmi sold about 3 percent of his shares for roughly $320,000. Shares of Genesco (Ticker: GCO) are up slightly so far in 2014.
On a smaller scale, Clarcor director Philip Lochner on Wednesday exercised 7,500 stock options that would have expired in three years and then sold the resulting shares. His profit on the transactions was almost $190,000. Clarcor shares (Ticker: CLC) are down about 12 percent year to date.
These transactions were the latest in a series of noteworthy insider trades by local executives over the past few months. By our rough count, those deals have generated gains of about $35 million.
POSTDATA: WARRANTY DEEDS