Tuesday 6/16 Insider Buying Report: OCIP, SCTY
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 Friday, OCI Partners ( OCIP )'s Director, Nassef Sawiris, made a $588,096 purchase of OCIP, buying 34,000 shares at a cost of $17.30 a piece. Bargain hunters can grab OCIP even cheaper than Sawiris did, with shares changing hands as low as $17.02 in trading on Tuesday which is 1.6% under Sawiris's purchase price. OCI Partners is trading down about 0.3% on the day Tuesday. Before this latest buy, Sawiris purchased OCIP at 6 other times during the past year, for a total investment of $3.62M at an average of $17.03 per share.
And on Monday, Chief Financial Officer Brad W. Buss purchased $329,220 worth of SolarCity Corp ( SCTY ), purchasing 6,000 shares at a cost of $54.87 each. Before this latest buy, Buss made one other purchase in the past year, buying $331,920 shares at a cost of $55.32 each. SolarCity Corp is trading up about 3.2% on the day Tuesday. So far Buss is in the green, up about 3.9% on their buy based on today's trading high of $57.00.