A trio of prominent local executives late last week gave themselves a little more cash for Christmas shopping by selling some of their shares. Leading the way was Genesco Chairman, President and CEO Bob Dennis, who on Friday pocketed more than $720,000 from the sale of 10,000 shares of the retailer. Dennis, who still owns more than $12 million worth of Genesco, sold the shares a week after the company reported disappointing Q3 numbers that took the stock (Ticker: GCO) down more than 10 percent.
Tony Crudele, the CFO of ranch and farm products retailer Tractor Supply, exercised more than 11,000 options that would have expired in 2020 and 2021 before selling the same number of shares of market prices. His profit on the transactions — executed under the umbrella of a stock trading plan — came to almost $650,000. Tractor Supply (Ticker: TSCO) are up about 30 percent over the past three months.
Jeff Wagner, executive vice president of oriented strand board at Louisiana-Pacific Corp., sold more than a quarter of his shares for almost $550,000. Wagner still owns about $1.4 million worth of LP, which has risen 10 percent (Ticker: LPX) since September.
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.
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.
It's time to add a few more names to the list of local public-company executives who have been taking profits in the past month. Most notable among the latest batch of trades is Genesco Chairman, President and CEO Bob Dennis, who on Monday exercised 40,000 options that would have expired this fall and then sold the resulting shares. His profit on the transactions was just short of $2 million.
Meanwhile, at Acadia Healthcare, CFO David Duckworth followed the lead of some of his colleagues by selling 7,500 shares late last week, trimming his holdings in the Franklin-based company to about 30,000 shares. His gain on the sales was almost $345,000.
And lastly, Corrections Corp. of America Chief Development Officer Anthony Grande exercised 15,000 options that would have expired in 2017 and 2018 and then sold the resulting shares. The take-home on those deals was $155,000.
By our count, the total profits booked by local execs on significant insider trades since the beginning of this year now stands at $13 million.
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