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.
Kevin Reynolds at Wunderlich Securities has raised his price target for shares of Pinnacle Financial Partners to $40 from $37 after the bank holding company reported its Q2 numbers. Reynolds says investors shouldn't put too much stock in the earnings beat because of a smaller loan loss provision, but he nonetheless likes Pinnacle's long-term prospects. Pinnacle shares (Ticker: PNFP) closed Thursday trading at $36.05 and are up 11 percent so far in 2014.
At Robert W. Baird, analyst Richard Eastman has hiked his rating on Clarcor shares to 'outperform' from 'neutral,' citing better fundamentals, the benefit of recent acquisitions and a decent valuation. He sees Clarcor (Ticker: CLC), which closed Thursday at $60.46, climbing to $67 in the coming quarters.
Investors appear to like the look of Franklin manufacturing holding company Clarcor's pending acquisition of a profitable fuel filter business. So does BB&T Capital Markets analyst Kevin Maczka, who on Tuesday hiked his rating on the company to 'buy' from 'hold' and said he likes the use of its balance sheet. Maczka now sees the stock (Ticker: CLC) climbing to $65. At about 2:15 p.m., it was up 5.5 percent at $58.16.
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.
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