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 dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
At Syros Pharmaceuticals, a filing with the SEC revealed that on Tuesday, Director Srinivas Akkaraju purchased 533,332 shares of SYRS, for a cost of $7.50 each, for a total investment of $4M. Bargain hunters are able to bag SYRS at a price even lower than Akkaraju did, with shares trading as low as $6.83 in trading on Friday — that's 8.9% under Akkaraju's purchase price. Syros Pharmaceuticals is trading up about 3.2% on the day Friday. This buy marks the first one filed by Akkaraju in the past twelve months.
And at Hyster-Yale Materials Handling, there was insider buying on Tuesday, by Victoire G. Rankin who bought 1,640 shares for a cost of $64.99 each, for a total investment of $106,583. Before this latest buy, Rankin bought HY on 88 other occasions during the past twelve months, for a total cost of $10.41M at an average of $62.20 per share. Hyster-Yale Materials Handling is trading up about 1% on the day Friday. So far Rankin is in the green, up about 3.6% on their purchase based on today's trading high of $67.33.
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