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Top Buys by Directors: Lanigan Jr.'s $3.8M Bet on CNX

The directors of a company tend to have a unique inside view into the business, so when directors make major buys, investors are wise to take notice. Presumably the only reason a director of a company would choose to take their hard-earned cash and use it to buy stock in the open market, is that they expect to make money — maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by company directors over the trailing six month period, one of which was a total of $3.8M invested across 6 purchases by Bernard Lanigan Jr., Director at CNX Resources Corp (Symbol: CNX).

Purchased Insider Title Shares Price/Share Value
05/31/2019 Bernard Lanigan Jr. Director 198,000 $7.56 $1,496,880.00
06/11/2019 Bernard Lanigan Jr. Director 34,200 $7.30 $249,803.64
06/12/2019 Bernard Lanigan Jr. Director 35,400 $7.06 $249,750.54
06/19/2019 Bernard Lanigan Jr. Director 34,150 $7.32 $250,018.98
06/25/2019 Bernard Lanigan Jr. Director 36,200 $6.91 $250,123.90
07/26/2019 Bernard Lanigan Jr. Director 200,000 $6.39 $1,277,600.00

Lanigan Jr.'s average cost works out to $7.02/share. Shares of CNX Resources Corp were changing hands at $8.67 at last check, trading up about 5.9% on Monday. The chart below shows the one year performance of CNX shares, versus its 200 day moving average:

CNX Resources Corp Chart

Looking at the chart above, CNX's low point in its 52 week range is $6.14 per share, with $16.09 as the 52 week high point — that compares with a last trade of $8.67.

Click here to find out which other top insider buys by company directors you need to know about »

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

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