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| Alcoa, Inc.: A 12.8% Better Bargain Than When Sorrell BoughtBy Metals Channel Staff, Wednesday, May 30, 1:44 PM ET
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 April 16, Alcoa, Inc.'s Director, Martin Sorrell, invested $18,197.07 into 1,848 shares of AA, for a cost per share of $9.85. 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 Wednesday, bargain hunters could buy shares of Alcoa, Inc. (NYSE:AA) and achieve a cost basis 12.8% cheaper than Sorrell, with shares changing hands as low as $8.59 per share. It should be noted that Sorrell has collected $0.03/share in dividends since the time of their purchase, so they are currently down 12.5% on their purchase from a total return basis. Alcoa, Inc. shares are currently trading off about 3.2% on the day. The chart below shows the one year performance of AA shares, versus its 200 day moving average:
Looking at the chart above, AA's low point in its 52 week range is $8.31 per share, with $16.83 as the 52 week high point — that compares with a last trade of $8.60. By comparison, below is a table showing the prices at which insider buying was recorded over the last six months:
According to the ETF Finder at ETF Channel, AA makes up 3.03% of the SPDR S&P Metals and Mining ETF (AMEX:XME) which is trading lower by about 3% on the day Wednesday. See what other ETFs contain AA » Special Offer: Small cap value stocks have outperformed the markets since the end of the recession — see what you've been missing with this free 30 day trial
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One Reason For Insiders to Buy
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