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 Wednesday, American Express (NYSE:AXP)'s Director, John Joseph Brennan, made a $318,940 purchase of AXP, buying 4,000 shares at a cost of $79.73 each. American Express is trading down about 0.6% on the day Friday.
And on Thursday, CEO Paul J. Taubman purchased $312,225 worth of PJT Partners (NYSE:PJT), purchasing 8,500 shares at a cost of $36.73 a piece. Before this latest buy, Taubman purchased PJT on 5 other occasions during the past twelve months, for a total investment of $2.32M at an average of $25.53 per share. PJT Partners is trading up about 0.7% on the day Friday. So far Taubman is in the green, up about 2.8% on their buy based on today's trading high of $37.77.
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