Although the Dow Jones dropped 880 points on Friday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out Benzinga's insider transactions platform.
Royal Caribbean Cruises
- The Trade: Royal Caribbean Cruises Ltd. (NYSE: RCL) Director Vagn O Sorensen acquired a total of 2,785 shares at at an average price of $53.73. To acquire these shares, it cost around $149.64 thousand.
- What’s Happening: Morgan Stanley (NYSE:MS), last week, maintained Royal Caribbean with an Underweight and lowered the price target from $59 to $54.
- What Royal Caribbean Cruises Does: Royal Caribbean is the world's second-largest cruise company, operating 63 ships across five global and partner brands in the cruise vacation industry, with 11 more ships on order.
- The Trade: Shoe Carnival, Inc. (NASDAQ: SCVL) Director Charles B Tomm acquired a total of 2,000 shares at an average price of $27.30. To acquire these shares, it cost around $54.6 thousand.
- What’s Happening: The company, last month, posted upbeat quarterly results.
- What Shoe Carnival Does: Shoe Carnival Inc is a footwear retailer with hundreds of stores in the United States. It offers moderately priced, name-brand dress, casual, and athletic footwear for men, women, and children.
Also check this: Insiders Are Selling Monster Beverage (NASDAQ:MNST) And 4 Other Stocks
American Eagle Outfitters
- The Trade: American Eagle Outfitters, Inc. (NYSE: AEO) Director David Sable bought a total of 1,500 shares at an average price of $12.52. To acquire these shares, it cost around $18.77 thousand.
- What’s Happening: American Eagle Outfitters recently entered into an accelerated share repurchase agreement (ASR) with JPMorgan Chase (NYSE:JPM) Bank, National Association to repurchase $200 million of the company's shares.
- What American Eagle Outfitters Does: American Eagle Outfitters Inc (NYSE:AEO) is an apparel and accessory retailer with company stores in U.S., Canada, Mexico, and Hong Kong.
Read at Benzinga