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.
On Friday, Anadarko Petroleum ( APC )'s Director, Peter J. Fluor, made a $3.04M buy of APC, purchasing 50,000 shares at a cost of $60.81 each. Anadarko Petroleum Corp is trading down about 2.3% on the day Tuesday.
And also on Friday, Richard A. Kayne purchased $531,967 worth of Kayne Anderson MLP Investment Company ( KYN ), purchasing 26,665 shares at a cost of $19.95 a piece. Before this latest buy, Kayne made one other purchase in the past twelve months, buying $111,320 shares for a cost of $27.83 each. Kayne Anderson MLP Investment Company is trading down about 2.3% on the day Tuesday. So far Kayne is in the green, up about 7.4% on their buy based on today's trading high of $21.42.