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 Thursday, CenturyLink's CEO, Jeffrey K. Storey, made a $491,480 purchase of CTL, buying 50,000 shares at a cost of $9.83 a piece. So far Storey is in the green, up about 4.9% on their buy based on today's trading high of $10.31. CenturyLink is trading up about 1.5% on the day Tuesday. Before this latest buy, Storey made one other purchase in the past year, buying $991,261 shares at a cost of $11.94 each.
And at Macerich, there was insider buying on Thursday, by Chief Executive Officer Thomas E. O'Hern who purchased 5,000 shares for a cost of $39.69 each, for a trade totaling $198,450. Before this latest buy, O'Hern made one other purchase in the past twelve months, buying $409,850 shares at a cost of $40.98 a piece. Macerich is trading off about 1.4% on the day Tuesday. O'Hern was up about 2.7% on the buy at the high point of today's trading session, with MAC trading as high as $40.76 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.