Friday 10/9 Insider Buying Report: ESI, CCXX Friday, October 9, 10:36 AM ET
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.
At Element Solutions, a filing with the SEC revealed that on Tuesday, Director Martin E. Franklin bought 500,000 shares of ESI, at a cost of $11.50 each, for a total investment of $5.75M. So far Franklin is in the green, up about 9.4% on their purchase based on today's trading high of $12.58. Element Solutions is trading up about 1.5% on the day Friday. This buy marks the first one filed by Franklin in the past year.
And at MultiPlan, there was insider buying on Wednesday, by Director Mark D. Klein who bought 481,711 shares for a cost of $10.30 each, for a trade totaling $4.96M. MultiPlan is trading off about 4% on the day Friday. Bargain hunters can buy CCXX at a price even lower than Klein did, with shares changing hands as low as $9.77 in trading on Friday -- that's 5.2% below Klein's purchase price.
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