Isle of Capri Casinos Sees Heavy Insider Buying (ISLE)

During March, shares of Isle of Capri Casinos (Nasdaq: ISLE) saw substantial insider buying: executives purchased over $500K worth of stock at prices between $7.09-$7.98. Last month's buying was topped off with today's announcement of large purchases by management during the last several days in March.

• Vice Chairman and Director Robert Goldstein disclosed a purchase of 31,415 shares between 3/28-3/31 at prices ranging from $7.09-$7.24.
  
• Director Jeffrey Goldstein disclosed a purchase of 34,432 shares between 3/28-3/31 at prices ranging from $7.09-$7.24.

These insider trades are very significant as Isle of Capri's stock price hasn't traded at current levels (around $7) since 2001. Furthermore, the purchases show a vote of confidence in Isle of Capri's new CEO, Jim Perry, who just started his role as the top exec on March 10.

Since management began buying in the open market earlier last month, shares of Isle of Capri have traded relatively flat. Although no drastic move in stock price has come from the purchases, ISLE shareholders certainly must be feeling a lot less pressure as management is clearly confident in itself in regards to its restructuring plan.

Isle of Capri Casinos, Inc. and its subsidiaries engage in the development, ownership, and operation of gaming facilities and related lodging and entertainment facilities in the United States and internationally. [BCS]

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