The directors of a company tend to have a unique inside view into the business, so when directors make major buys, investors are wise to take notice. Presumably the only reason a director of a company would choose to take their hard-earned cash and use it to buy stock in the open market, is that they expect to make money — maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by company directors over the trailing six month period, one of which was a total of $508.8K by Daniel F. Akerson, CEO at General Motors Co. (NYSE:GM).
Akerson bets big on GM:
Daniel F. Akerson
Chairman & CEO
Akerson's average cost works out to $20.35/share. In trading on Thursday, bargain hunters could buy shares of General Motors Co. (NYSE:GM) and achieve a cost basis lower than Akerson, with shares changing hands as low as $20.21 per share. Shares of General Motors Co. were changing hands at $20.67 at last check, trading up about 1.4% on Thursday. The chart below shows the one year performance of GM shares, versus its 200 day moving average:
Looking at the chart above, GM's low point in its 52 week range is $18.72 per share, with $27.68 as the 52 week high point — that compares with a last trade of $20.67.
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