Edward S. Lampert, the hedge fund manager of ESL Investments and chief executive of Sears Holdings Corp (NASDAQ:SHLD), bought 32,720 shares of Sears Hometown and Outlet Stores Inc (NASDAQ:SHOS).
Large shareholders owning over 10% of a company’s stock are mandated to disclose their sales and purchases with the SEC.
Open market transactions
Lampert purchased Sears Hometown and Outlet Stores Inc (NASDAQ:SHOS)’s stock at an average price of $19.97 per share, for a total transaction of $653,418.40.
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The following are the open market insider buys of SHOS:
As reported last month, Sears Hometown and Outlet Stores Inc shares are down over 20% since it was spun off in late 2012, while the market as a whole has been rallying.
Sears Hometown and Outlet Stores Inc (NASDAQ:SHOS) is a retailer primarily focused on selling home appliances, hardware, tools and lawn and garden equipment. The company’s stock was down 0.54% at the close on Tuesday, trading at $20.30.
The retailer announced its earnings results last week, reporting $0.16 earnings per share for the quarter. Revenue of $589.90 million for the quarter fell short of the consensus analyst estimate of $601.10 million.
Following its announcement of results, Sears Hometown and Outlet Stores Inc (NASDAQ:SHOS) shares dipped -8.74% last week, as the company missed the mark on income, sales and earnings per share.
Edward Lampert is a major shareholder of SHOS. He owns nearly six million shares.
Last week, Edward Lampert reportedly sought the advice of Allan Mulally, the chief executive officer of Ford Motor Company (NYSE:F), on how to turn around the struggling retailer. Observers in the industry believe that Lampert’s meeting with Mulally demonstrated that Sears Holdings Corp (NASDAQ:SHLD) and other big retailers in the United States are facing difficult problems, particularly in finding executives with experience and skills to match current trends in the industry. Recruiters say that most candidates in the retail industry either do not have much experience in e-commerce or lack experience in managing retail chains.