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 cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Monday, Simon Property Group's, Larry C. Glasscock, made a $63,079 purchase of SPG, buying 396 shares at a cost of $159.29 each. So far Glasscock is in the green, up about 4.3% on their buy based on today's trading high of $166.12. Simon Property Group is trading up about 0.6% on the day Wednesday. Before this latest buy, Glasscock bought SPG at 3 other times during the past twelve months, for a total cost of $174,878 at an average of $166.87 per share.
And at M-tron Industries, there was insider buying on Friday, by President William Arnold Drafts who bought 1,000 shares at a cost of $40.50 each, for a trade totaling $40,500. M-tron Industries is trading up about 0.3% on the day Wednesday. Investors can pick up MPTI at a price even lower than Drafts did, with the stock changing hands as low as $39.69 at last check today -- that's 2.0% below Drafts's purchase price.
VIDEO: Wednesday 7/2 Insider Buying Report: SPG, MPTI
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
