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.
Storied Boston investment firm Eaton Vance in 2013 added a little bit to its holdings of Franklin-based Clarcor. This week, the firm filed papers showing that it controlled 6.15 percent of the filtration and packaging manufacturer as of Dec. 31. Eaton Vance, which manages more than $280 billion, held about 5.8 percent of Clarcor's stock a year ago.
Richard Eastman at Robert W. Baird says investors should take a more cautious stance on Clarcor following the Franklin-based filtration company's earnings report. He has cut his rating to 'neutral' from 'outperform' and trimmed his price target to $59 from $62. Clarcor (Ticker: CLC) was changing hands at $58.40 in early Friday trading.
Analysts at JPMorgan have similarly lowered their opinion of Healthcare Realty Trust to 'neutral' from 'overweight' and taken down their target to $23 from $26. Shares of Healthcare Realty (Ticker: HR) were down slightly at $22.32 this morning. They've fallen about 8 percent in the past three months.
Filtration and packaging manufacturer Clarcor reported fourth-quarter profits of $32.9 million, down 10 percent from its year-prior results, as gross margins slipped on slightly higher revenues. Clarcor's EPS of 65 cents was 5 cents below analysts' expectations but includes $2.7 million, or 4 cents per share, in costs related to the company's recent GE and Bekaert acquisitions. CEO Chris Conway and his team also released early 2014 EPS guidance of $2.55 to $2.70, below the Street's $2.73.
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