Betting big at Limited Brands
It's been a long time since top executives at the Victoria's Secret parent loaded up on company stock. Now they're buying more than $20 million worth.
(Fortune) -- Limited Brands insiders are treating themselves to an early holiday present in the form of $20.6 million in company stock purchases, a bullish sign for the struggling owner of the Victoria's Secret and Bath & Body Works retail chains.
Nine insiders, including CEO Les Wexner, have purchased $7.6 million of stock in the last three trading days, and plan to buy $13 million more during the next week, according to regulatory filings.
The insider buying is unusual for the Columbus, Ohio-based company. Directors and executives have not tended to be big purchasers of Limited stock in recent years. Buying now, at a time when the company's stock is trading near its 52-week-low, is a vote of confidence in Limited's future prospects, analysts said.
"The last time we remember an insider stepping up to the plate was in 2002, when director David Kollat [bought $2.5 million shares]," wrote Todd Slater of Lazard Capital Markets in a research note to investors Wednesday. "This time around, we are witnessing a much stronger vote of confidence."
Limited (Charts, Fortune 500) shares climbed 94 cents, or more than 5 percent, to $18.87 in trading Wednesday. 
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