Monday, December 21st, 2009
Top 3 Stocks with Insider Buying – NAFC, RLOG, EBTC
Nash-Finch Company (NASDAQ:NAFC), Rand Logistics, Inc. (NASDAQ:RLOG), and Enterprise Bancorp, Inc. (NASDAQ:EBTC) are this week’s top three stocks with significant open market insider purchases, according to data from Form4Oracle’s insider monitoring service.
Insiders Do Some Shopping at Nash-Finch
Nash-Finch Company (NAFC), food distributor catering to the retail grocery industry and the military, saw significant open market purchases amounting to $165,760 by Director Sam Duncan in late November. At an average price of $33.15 per share, the purchase was the very first by the notable company insider.
The transaction came just after Nash-Finch announced its third quarter financial results and an accompanying stock repurchase plan. During the quarter, the company saw a 15.3% increase in sales o $1.633 billion and net income that increased from $7.7 million, or $0.58 per share, to $21.9 million, or $1.64 per diluted share.
View Free Insider Trading Report for NAFC
Rand Logistics Insiders Don’t See a Sinking Ship
Rand Logistics, Inc. (RLOG), a shipping company engaged in the operation of bulk carriers on the Great Lakes, saw significant open market purchasing amounting to $1.33 million by the company’s President and Ramius Capital Group LLC. At average prices of between $3.00 and $3.15 per share, the purchases represented very significant 13-23% increases in their holdings.
The transactions come after the company announced sharp declines in business during the second quarter. Marine freight revenues dropped 13% to $28.1 million, marine freight per sailing day declined 5% to $28,136, and vessel operating expenses dropped 29.5% to $19,608. Meanwhile, shareholders and investors are betting on a recovery in shipping demand.
View Free Insider Trading Report for RLOG
Insiders Bank on Enterprise Bancorp
Enterprise Bancorp, Inc. (EBTC), the holding company of Enterprise Bank and Trust, saw significant open market insider purchasing amounting to $1.74 million by several directors and company insiders, including CEO John Clancy and CFO James Marcotte. At an average price of $10.85 per share, the purchases represented significant increases in their respective portfolios.
The transactions come just before the close of the company’s stock rights offering, which was increased to the maximum allowable amount of $8.9 million due to high demand. Meanwhile, the bank has also demonstrated significant growth in deposits, which grew 19% from December 31, 2008 to September 30, 2009 despite the challenging economic environment.
View Free Insider Trading Report for EBTC
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Written by Simon Monger
