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 Plains All American Pipeline, L.P. (NYSE:PAA), a filing with the SEC revealed that on Thursday, Director Gary R. Petersen purchased 5,000 shares of PAA, for a cost of $79.47 each, for a total investment of $397,364. Bargain hunters are able to bag PAA at a price even lower than Petersen did, with shares changing hands as low as $77.15 in trading on Monday -- that's 2.9% below Petersen's purchase price. Plains All American Pipeline, L.P. is trading off about 0.1% on the day Monday. This purchase marks the first one filed by Petersen in the past twelve months.
And also on Thursday, Director Lou Holtz purchased $365,480 worth of Heckmann Corp (HEK), purchasing 100,000 shares at a cost of $3.65 each. This purchase marks the first one filed by Holtz in the past twelve months. Heckmann Corp is trading up about 1.7% on the day Monday. Bargain hunters are able to pick up HEK at a price even lower than Holtz did, with shares trading as low as $3.50 in trading on Monday -- that's 4.2% below Holtz's purchase price.
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