There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on November 15, MDU Resources Group Inc.'s VP - Renewable Resources, William R Connors, invested $63,961.89 into 3,136 shares of MDU, for a cost per share of $20.40. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.
In trading on Monday, bargain hunters could buy shares of MDU Resources Group Inc. (NYSE:MDU) and achieve a cost basis 1.7% cheaper than Connors, with shares changing hands as low as $20.04 per share. MDU Resources Group Inc. shares are currently trading down about 2.9% on the day. The chart below shows the one year performance of MDU shares, versus its 200 day moving average:
Looking at the chart above, MDU's low point in its 52 week range is $18.00 per share, with $24.05 as the 52 week high point — that compares with a last trade of $20.03. By comparison, below is a table showing the prices at which insider buying was recorded over the last six months:
MDU operates in the Metals & Mining sector, among companies like CONSOL Energy Inc (NYSE:CNX) which is down about 3.7% today, and Peabody Energy Corp (NYSE:BTU) trading lower by about 4.4%. Below is a three month price history chart comparing the stock performance of MDU, versus CNX and BTU.
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