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.
At Mid-Con Energy Partners (NASDAQ:MCEP), a filing with the SEC revealed that on Tuesday, Director Robert W. Berry purchased 2,000 shares of MCEP, for a cost of $21.23 each, for a total investment of $42,456. So far Berry is in the green, up about 4.8% on their buy based on today's trading high of $22.25. Mid-Con Energy Partners LP is trading up about 1.7% on the day Friday. This buy marks the first one filed by Berry in the past year.
And at Alcoa, Inc. (NYSE:AA), there was insider buying on Monday, by Director Martin Sorrell who bought 1,848 shares at a cost of $9.85 each, for a total investment of $18,197. Alcoa, Inc. is trading up about 0.6% on the day Friday.
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