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 Wednesday, Genesis Energy's Director, Kenneth M. Jastrow II, made a $727,300 buy of GEL, purchasing 27,196 shares at a cost of $26.74 a piece. Jastrow II was up about 3.0% on the buy at the high point of today's trading session, with GEL trading as high as $27.54 at last check today. Genesis Energy is trading up about 1.9% on the day Thursday. This buy marks the first one filed by Jastrow II in the past year.
And at Lakeland Financial, there was insider buying on Wednesday, by Director M. Scott Welch who purchased 4,443 shares at a cost of $42.30 each, for a total investment of $187,939. Before this latest buy, Welch made one other buy in the past twelve months, purchasing $287,936 shares at a cost of $42.55 each. Lakeland Financial is trading off about 0.8% on the day Thursday.