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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
