Insider Buying: American Eagle (AEOS)

Posted By Tate Dwinnell |  Subscribe in a reader | Comment 2

On Wednesday this past week, the Chairman of the Board of American Eagle Outfitters (AEOS)turned over the couch cushions and scrounged up enough loose change to make 80 insider buy transactions of the company’s stock totaling nearly 22 million.. yes, that was just in one day!  Apparently Jay Schottenstein feels the stock is a big bargain having plummeted around 40% since August 1st. 

While I’m not one to bottom fish, I couldn’t help but thinking the same thing myself.  Top retailers like American Eagle, Abercrombie and Fitch (ANF) and bebe stores (BEBE) have simply fallen off a cliff.  Top ranked retailer Urban Outfitters (URBN) has faired much better, getting a big bounce off support of the 200 day moving average last week.  With the holidays just around the corner, maybe its time for some Christmas shopping.

It should be noted that Jay Schottenstein wasn’t the only insider to make purchases on Wednesday.  Another Director picked up more than $800K worth of his company’s shares.

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Filed under Insider Buying by Tate Dwinnell

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