Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
At Phillips 66 Partners LP ( PSXP ), a filing with the SEC revealed that on Wednesday, Director Mark Haney purchased 1,392 shares of PSXP, for a cost of $49.31 each, for a total investment of $68,641. Bargain hunters are able to pick up PSXP even cheaper than Haney did, with shares trading as low as $48.79 at last check today which is 1.1% below Haney's purchase price. Phillips 66 Partners LP is trading up about 0.3% on the day Friday. This buy marks the first one filed by Haney in the past year.
And on Tuesday, Chairman and Secretary Phillip Goldstein purchased $38,718 worth of Special Opportunities Fund ( SPE ), purchasing 3,100 shares at a cost of $12.49 a piece. Before this latest buy, Goldstein purchased SPE on 9 other occasions during the past year, for a total investment of $249,587 at an average of $14.84 per share. Special Opportunities Fund is trading down about 0.4% on the day Friday. Goldstein was up about 2.1% on the buy at the high point of today's trading session, with SPE trading as high as $12.75 at last check today.