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Insiders buying big time at Stewart Enterprises (STEI)

Today's Financial News - Posted March 24, 2009

More shares have been purchased by Stewart Enterprises Insiders in the past week than in the past 2 years. The question is… why?

by Laura Cadden, TodaysFinancialNews.com

Baltimore (TFN): Even in the lead up to the ill-fated buyout offer from Service Corporation International (NYSE:SCI) last summer, not one insider moved to purchase shares of  Stewart Enterprises, Inc. (NASDAQ:STEI).

Yet last week, not just one but five executives and directors coughed up their own cash and purchased shares:

  • Senior VP of Ops Kenneth G. Myers, Jr. picked up 10,000 shares for $24,300.
  • Senior VP of Marketing Larry L. Merington purchased 7,000 shares for $15,330.
  • Director James W. McFarland aquired 10,000 shares for $24,000.
  • Director Ronald H. Patron procured 10,000 shares for $22,000.
  • President and CEO Thomas J. Crawford bought 25,000 for $57,000 in three separate transactions.

Stewart’s Q1 results came in better than anticipated.

Earlier this month, the company eliminated divisional president positions to better streamline operations, it was reported.

Could it be that SCI has again initiated buyout overtures? After all, they once offered $11 per share and now the price is down to a much more reasonable $3.24 per share.

Regardless, it’s clear that something’s in the works when you have this many insiders buying.

If you still are holding onto shares of Stewart from our buy recommendation back on Feb. 28, 2008 — keep ‘em. If you haven’t picked up shares already, now may be the time.

Past articles on Stewart Enterprises and Service Corporation International:


Next Article: Goldman Sachs (GS) may be first to say “thanks, but no thanks” to TARP

Posted by Laura Cadden · Filed Under Editor's Pic, US Stocks and Markets 

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