Top Executive at Iconix Brand Group Buys Sizable Block of Shares
The Executive Chairman of Iconix Brand Group Inc. (NASDAQ:ICON), F. Peter Cuneo, bought a 50,000-share block on Monday at prices between $7.94 and $8.00 per share. After the aforementioned sizable purchase, Mr. Cuneo owns a stake of 310,838 shares.
Iconix Brand Group operates as a brand management company that owns a portfolio of more than 35 global consumer brands across several industry segments. The company’s business operations focus on the monetization of the Intellectual Property related to its brands. Iconix Brand Group Inc. (NASDAQ:ICON)’s total licensing revenue for the first quarter reached $94.6 million, down from $95.8 million recorded for the same quarter of 2015. The top-line figure was impacted by a $1 million decrease due to the sale of the Badgley Mischka brand in February for $13.8 million in cash. The shares of the brand management company have gained 14% since the beginning of 2016, but are down by 71% over the past 52 weeks. David Keidan’s Buckingham Capital Management acquired a stake of 570,000 shares of Iconix Brand Group Inc. (NASDAQ:ICON) during the March quarter.
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The Most Informed and Influential Executives at Heritage Insurance Bought Shares This Week
To begin with, Heritage Insurance Holdings Inc. (NYSE:HRTG)’s Chairman and Chief Executive Officer, Bruce Lucas, snapped up 18,500 shares on Monday at prices that fell between $13.10 and $13.58 per share, pushing the CEO’s direct ownership stake to 794,655 shares. Mr. Lucas also owns 122,020 shares indirectly through IIM Holdings LLC and IIM Holdings II LLC, as well as 494,612 shares through the Alec Lucas Trust. Stephen L. Rohde, Chief Financial Officer, Treasurer and Secretary, purchased 3,000 units of common stock on the same day for $13.40 each, boosting his ownership to 22,996 shares.
The heavy insider buying comes after the property and casualty insurance firm released a disappointing first quarter earnings report on May 5, which reflected the worst tornado losses in the company’s history. At the end of March, Heritage Insurance Holdings Inc. (NYSE:HRTG) acquired specialty property insurance provider Zephyr, which provides windstorm-hurricane insurance policies for residential customers in Hawaii. The stock is now priced at 4.5-times expected earnings after sliding by 39% this year, significantly below the forward P/E multiple of 12.5 for the property and casualty insurance sector. Robert B. Gillam’s McKinley Capital Management reported ownership of 201,800 shares of Heritage Insurance Holdings Inc. (NYSE:HRTG) as of March 31.
