Genesco Chief Accounting Officer Paul Williams last week trimmed his holdings in the apparel retailer by more than a third, selling more than 4,600 shares. The sale grossed Williams more than $350,000 and leaves him with about $600,000 of Genesco shares, which have fallen slightly over the past three months (Ticker: GCO) but are up almost 5 percent year to date.
It's time to add Clarcor to the list of local companies whose executives and board members are taking profits in the stock market. Early this week, three of the company's board members and two of its executives collectively booked gains of more than $2 million on stock option transactions. Leading the way was Chief Administrative Officer David Lindsay, whose gains topped $1.4 million. Directors Philip Lochner and Robert Jenkins booked about $640,000 and $285,000, respectively, in profits while former Bridgestone boss Mark Emkes pocketed gains of about $140,000 and General Counsel Richard Wolfson booked a profit of about $80,000.
Shares of Clarcor (Ticker: CLC) closed Thursday at $63.16. They have climbed about 10 percent over the past six months.
Cracker Barrel Old Country Store President and CEO Sandy Cochran last Friday saw the chance to capitalize on a recent run in the Lebanon-based company's shares, which are trading near eight-month highs. The day after she received more than 62,000 shares under Cracker Barrel's long-term incentive plans, Cochran sold 40,000 shares for more than $4.1 million. She still owns more than $13 million of Cracker Barrel stock (Ticker: CBRL), which is down about 7 percent year to date.
Several of Cochran's lieutenants made similar moves early this week: Marketing chief Chris Ciavarra sold about $450,000 worth of his stock while Senior Vice President of Strategic Initiatives Edward Greene trimmed his stake by about $410,000 and Senior VP of Operations Nicholas Flanagan grossed $310,000 from his sales.
The pace of insider selling at Middle Tennessee companies has slowed some of late, but there were a few deals last week worth passing along. The biggest among them was from Delek US Holdings CFO Assi Ginzburg, who sold about 40 percent of his holdings in the Brentwood-based company for about $900,000. Delek shares (Ticker: DK) have climbed about 15 percent since the beginning of August but are flat for all of 2014.
Also selling was Scott Croft, president of Noranda Aluminum's downstream division: He took down his holdings in the aluminum maker by about a sixth, booking proceeds of $107,000. Noranda shares (Ticker: NOR) have gained 22 percent in the past month and 55 percent year to date.
And on the (rare) flip side, Tractor Supply Senior VP Alex Stanton last week added to his direct stock holdings by exercising 5,000 options but keeping the resulting shares for now. Stanton, who joined Tractor Supply in the spring of 2006, spent more than $303,000. Tractor Supply shares (Ticker: TSCO) are down slightly over the past three months but off more than 20 percent year to date.
Genesco CFO Jim Gulmi has in the past week sold 10,000 of his shares in the shoe and hat retailer, trimming his stake to about 127,000 shares. Like his boss Bob Dennis a few days before, Gulmi grossed about $800,000 from his sales. Genesco shares (Ticker: GCO) are down slightly this morning to $77.55 and up about 6 percent so far this year.
Genesco Chairman, President and CEO Bob Dennis last week trimmed his stake in the apparel retailer by 10,000 shares, about 5 percent of his holdings. The sales generated almost $800,000 for Dennis, who earlier this year booked profits of more than $3 million on some other transactions.
The pace of stock sales among local insiders shows little sign of slowing down soon. David Miller, who was named Community Health Systems' first COO earlier this year, this week exercised 100,000 stock options that would have expired next July and then sold 100,000 shares at market prices. His gains on the deal — which was consummated shortly after Miller's CEO, Wayne Smith, made a similar move — topped $1.2 million.
At Acadia Healthcare, board member William Grieco has lately been trimming his stake in the Franklin-based behavioral health care company. Last week, he sold 7,000 shares for more than $350,000. This week, he unloaded roughly 4,500 more, banking almost $230,000.
Pinnacle Financial Partners Chairman Rob McCabe this week sold almost 10 percent of his shares in the downtown-based bank holding company for about $1.7 million. McCabe, who helped launch Pinnacle in 2000, also exercised a batch of options that would have expired in January for about $470,000 and said he is holding on to those. He still owns more than $16 million worth of Pinnacle stock.
Separately, Pinnacle CAO Hugh Queener on Tuesday sold about $110,000 worth of shares.
SEE ALSO: Other notable recent insider trades from execs at Brookdale and the area's largest hospital companies
Community Health Systems Chairman and CEO Wayne Smith on Monday exercised 100,000 stock options that would have expired in February. He then sold most of the resulting shares, booking a profit of about $609,000 in the process. Smith directly and indirectly still holds more than $76 million of CHS shares, which have climbed more than 30 percent (Ticker: CYH) so far this year.
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