Dive Summary:
- Sears Holdings Corp. CEO Edward Lampert directly purchased 1,239,056 shares of the company Monday at a price of $44.36 per share, or $54.97 million.
- Lampert was already a 10% owner in the company, and the purchase increases his total number of directly owned shares to 25,041,046.
- Reuters reports that shares in the company were up 2.3% to $45.20 during premarket trading Tuesday morning as a result of the news.
From the article:
When insiders conduct large market purchases, investors should pay attention. Open market purchases in particular can often express an opportunistic decision to gain an increasing stake in the company at a undervalued price. Sometimes, the purchase itself can translate into the trigger that leads to a higher valuation in the sense of a self-fulfilling prophecy. ...
