It hardly seems possible that we have already covered six months of 2025. Of course at times it has seemed like 2025 has already lasted a decade.
This week I want to take a look at large C-Suite purchases that happened in the first six months of the year that have not yet delivered the hoped for gains. These stocks are trading at several times below their purchase price and may represent opportunities for patient investors willing to follow management’s lead.
Petco Health and Wellness Company (Ticker: WOOF)
Petco is a category defining health and wellness company focused on improving the lives of pets, pet parents and partners. They operate more than 1,500 pet care centers across the U.S., Mexico, and Puerto Rico. For fiscal 2024, the company reported net revenue of $6.1 billion, down 2.2% year over year, with a net loss of $101.8 million compared to a $1.3 billion loss in 2023. That previous year loss included a $1.2 billion goodwill impairment charge, so the underlying business actually improved significantly.
The business model encompasses retail stores, services, e-commerce, and veterinary care across comprehensive pet wellness categories. Management expects double digit Adjusted EBITDA growth in 2025 and has reaffirmed its fiscal 2025 outlook despite incorporating tariff impacts. The company generated positive free cash flow of $49.7 million in 2024 compared to negative $9.9 million in 2023, demonstrating improved cash generation.
The pet industry’s defensive characteristics and ongoing premiumization trends support long term growth, though margin pressure from competitive dynamics and supply chain costs remain challenges. The company’s focus on health and wellness services provides differentiation opportunities.
Back in March CEO Joel Anderson bought $4.7 million worth of stock at around $3 a share. Clearly he is not looking for a few percentage points but is hoping that the stock regains some lost ground and becomes a five bagger or better for patient aggressive investors.
Bruker Corporation (Ticker: BRKR)
Bruker drives profitable growth by enabling scientific discoveries and delivering high performance analytical, life science and diagnostic solutions as a market leader in high value analytical technologies. In 2024, Bruker’s revenue was $3.37 billion, an increase of 13.56% compared to the previous year’s $2.96 billion. The company holds over 1,200 patents globally and generated approximately $150 million in revenue from licensing in 2023, while allocating around 10% of annual revenue to R&D.
Bruker reported preliminary Q1 2025 revenue of $795 to $800 million, implying approximately 10% year over year growth with low double digit constant currency growth. The company has consistently delivered above market organic revenue growth and double digit constant currency revenue growth, demonstrating the success of its Project Accelerate transformation.
Growth drivers include expansion in life sciences applications, particularly in proteomics and spatial biology, plus strong positioning in semiconductor metrology for AI applications. The company’s recurring service revenue and installed base provide stability, while innovation investments support premium pricing power.
CEO Frank Laukien has spent over $1.1 million so far this year buying stock in the open market. The stock is trading at about half of the 2024 highs, and it is clear the guy in charge thinks the shares can get back to there and beyond.
Heartland Express (Ticker: HTLD)
Heartland Express operates as a short, medium, and long haul truckload carrier and transportation services provider in the United States, Mexico, and Canada. The company reported Q1 2025 operating revenues of $219.4 million compared to $270.3 million in Q1 2024, with a net loss of $13.9 million. For full year 2024, operating revenue was $1.0 billion with a net loss of $29.7 million. As of 2024, Heartland Express operates a fleet of 1,890 tractors and 6,100 trailers with 14 strategic terminal locations.
CEO Mike Gerdin noted a “positive shift in customer rate and volume negotiations that we expect to strengthen as the year unfolds” despite ongoing freight market challenges. The global cold chain logistics market is projected to reach $340.3 billion by 2025 with a 9.6% compound annual growth rate, providing opportunities for Heartland’s specialized refrigerated transportation capabilities.
However, the company faces headwinds from elevated fuel costs, driver shortages, and cyclical freight market weakness. Recovery potential exists as freight markets normalize, and the company’s operational improvements gain traction.
Gerdin has backed up his optimism with cash as he has spent more than $2.4 million so far buying shares of Heartland this year.
Tidewater (Ticker: TDW)
Tidewater owns and operates one of the largest fleets of offshore support vessels in the industry, with over 60 years of experience supporting offshore energy exploration and production activities worldwide. For 2024, Tidewater reported record revenue of $1.35 billion, up 33% from 2023, with net income of $180.7 million nearly doubling from $97.2 million in 2023. The average day rate increased 26.6% to $21,273 per day with Adjusted EBITDA growing 44.7% to $559.6 million.
Management provided 2025 revenue guidance of $1.32 to $1.38 billion with gross margin guidance of 48% to 50%, expecting similar or slightly better performance than 2024. According to management, “The offshore vessel supply situation remains favorable, with limited newbuilds on order and no deliveries expected in 2025.” The supply demand imbalance in offshore vessels supports continued rate improvements. Energy transition investments in offshore wind also present growth opportunities. Key risks include oil price volatility, regulatory changes, and potential new vessel capacity additions.
In December CEO Quintin Kneen spent $2 million buying shares. Noted value investor and board member Robert Robotti has spent over $2 million on stock this year as well.
Amcor (Ticker: AMCR)
Amcor develops, produces, and sells packaging products globally, operating in two segments: Flexibles and Rigid Packaging across food and beverage, medical and pharmaceutical, fresh produce, and personal care industries. In fiscal 2024, 41,000 Amcor people generated $13.6 billion in annual sales from operations spanning 212 locations in 40 countries. Net sales of $13.64 billion were 7% lower than the previous year, reflecting approximately 5% lower volumes and unfavorable price/mix impact.
Amcor is committed to 100% recyclable or reusable packaging by 2025, currently at 95.7%, and 30% recycled content by 2030, positioning the company well for sustainability driven demand. The company’s focus on innovation, sustainability leadership, and customer centricity provides competitive advantages in premiumization trends. Growth drivers include e-commerce packaging demand, healthcare packaging expansion, and sustainable packaging solutions. Challenges include raw material cost volatility, competitive pricing pressure, and economic sensitivity affecting packaging demand.
CEO Peter Konieczny has invested an additional $1 million in Amcor shares so far in 2025 at higher prices.
Arbor Realty Trust (Ticker: ABR)
Arbor Realty Trust is a nationwide real estate investment trust and direct lender providing loan origination and servicing for multifamily, single family rental portfolios, and other diverse commercial real estate assets. For 2024, the company reported distributable earnings of $1.74 per share with a return on equity of approximately 14%. The servicing portfolio grew 8% year over year to $33.5 billion. As of Q1 2025, the company’s loan and investment portfolio averaged $11.39 billion with a weighted average yield of 8.15%.
Management expects distributable earnings of $0.30 to $0.35 per quarter in 2025, down from $0.40 in Q4 2024, reflecting elevated interest rate challenges. The company closed a $1.15 billion repurchase facility with JPMorgan, generating approximately $80 million in additional liquidity. Single family rental business achieved $1.7 billion in new loans in 2024, surpassing previous year production.
Growth potential exists in the expanding single family rental market and eventual interest rate normalization, though near term earnings face pressure from real estate owned repositioning costs and elevated funding costs.
CEO Ivan Kaufman has spent about $2 million buying stock this year and several other officers and directors have also been buying stock in hopes of a multi-bagger rebound.
VF Corporation (Ticker: VFC)
VF Corporation is a portfolio of leading outdoor, active and workwear brands, including The North Face, Vans, Timberland, and Dickies. The company completed the sale of Supreme brand on October 1, 2024, and used proceeds to pay down its $1 billion term loan. VF operates through a diversified portfolio strategy spanning outdoor recreation, lifestyle footwear, and workwear categories with global reach across multiple distribution channels.
Management noted “sequential and broad based improvement in year on year trends” with progress on four Reinvent priorities and tracking toward $300 million savings target by end of fiscal year 2025. The company is implementing transformation program “Reinvent” to build new capabilities and leverage its brand portfolio for sustainable profitable growth. Recovery potential exists through brand repositioning, operational efficiency improvements, and market share gains in outdoor/active categories. However, challenges include Vans brand struggles.
CEO Bracken Darell has purchased over $1 million of stock recently and CFO Abhishek Dalmia spent almost $600,000 buying additional shares as well.
The Bottom Line
When CEOs and other insiders are putting their own money where their mouth is, it’s worth paying attention. These seven companies represent different sectors and different challenges, but they all have one thing in common: management believes strongly enough in the turnaround story to risk significant personal capital. Of course, insider buying doesn’t guarantee success. Management can be wrong about their own companies. But it does provide a useful screen for finding potential opportunities where the people who know the business best are betting on recovery. For patient investors willing to do their homework and accept the risks, these conviction plays may offer the potential for outsized returns as these businesses work through their current challenges.
