Tuesday 6/24 Insider Buying Report: PSX, QPAC
By: BNK Invest
Posted: 6/24/2014 12:09:00 PM
Referenced Stocks: PSX;QPAC
As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
On Friday, Phillips 66 ( PSX )'s Director, William R. Loomis Jr., made a $299,841 purchase of PSX, buying 3,485 shares at a cost of $86.04 a piece. Phillips 66 is trading down about 0.1% on the day Tuesday. Before this latest buy, Loomis Jr. purchased PSX on 3 other occasions during the past twelve months, for a total investment of $2M at an average of $73.34 per share.
And at Quinpario Acquisition ( QPAC ), there was insider buying on Monday, by Vice President, Operations Craig Ivey who purchased 25,000 shares for a cost of $10.16 each, for a trade totaling $254,088. Quinpario Acquisition is trading down about 0.1% on the day Tuesday. Ivey was up about 1.0% on the purchase at the high point of today's trading session, with QPAC trading as high as $10.27 in trading on Tuesday.