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.
On Monday, CSX Corp (NASDAQ:CSX)'s CEO & President, E. Hunter Harrison, made a $15.06M purchase of CSX, buying 300,000 shares at a cost of $50.20 each. Harrison was up about 2.7% on the buy at the high point of today's trading session, with CSX trading as high as $51.55 in trading on Wednesday. CSX Corp is trading up about 0.9% on the day Wednesday.
And at General Electric (NYSE:GE), there was insider buying on Monday, by Director Marijn E. Dekkers who purchased 20,000 shares for a cost of $29.90 each, for a total investment of $598,000. This buy marks the first one filed by Dekkers in the past year. General Electric is trading up about 0.1% on the day Wednesday. Investors have the opportunity to buy GE at a price even lower than Dekkers did, with shares trading as low as $29.45 at last check today -- that's 1.5% below Dekkers's purchase price.
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