10 Stocks Insiders Are Buying This Year

6. Lakeland Industries Inc (NASDAQ:LAKE)

Number of Insiders Buying: 7

Lakeland Industries is a global manufacturer of protective clothing for industry, healthcare, and first responders, and one of 10 stocks insiders have been buying this year. The company produces and sells a plethora of industrial protective clothing and accessories for the industrial and public protective clothing market. It supplies end users across various industries, including automobile, transportation, steel, glass, chemical/petrochemical, high technology electronics manufacturers, construction, smelting, cleanroom, janitorial, pharmaceutical, etc. Among its customers are also federal, state and local governmental agencies and departments, such as fire and law enforcement, airport crash rescue units, the Department of Defense, the Department of Homeland Security and the Centers for Disease Control.

In December, Lakeland acquired Veridian, a provider of firefighter protective apparel, including fire and rescue garments, gloves and boots, with an annual revenue of around $21 million, in an all-cash transaction valued at approximately $25 million.

In January, the company announced a proposed underwritten public offering of shares of its common stock. Lakeland said it expects to grant to the underwriters of the offering a 45-day option to purchase up to an additional 15% of the shares of its common stock in the underwritten public offering on the same terms and conditions.

Under the offering, seven insiders, including the President, CEO and Exec. Chair, CFO, acquired a total of $297,174 worth of Lakeland shares at an average price of $22.18 per share. Out of those seven insiders, the company’s President, CEO and Exec. Chair, M. James Jenkins, bought 1,136 shares worth $24,992, increasing his holdings to 66,830 shares.

Two analysts have an average “Strong Buy” rating on the stock, with a price target of $27.5, which represents an increase of 14.44% from the latest price, as per data from StockAnalysis. The stock is currently trading at $24.03, having lost 5.95% per share year-to-date, and having gained 76.69% over the past 12 months.