As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
At Hess Corp (NYSE:HES), a filing with the SEC revealed that on Thursday, Director John H. Mullin III purchased 10,000 shares of HES, at a cost of $53.63 each, for a total investment of $536,257. Hess Corp is trading down about 2.6% on the day Thursday. Before this latest buy, Mullin purchased HES at 2 other times during the past year, for a total investment of $573,561 at an average of $55.22 per share.
And on Tuesday, Director Duncan M. McFarland bought $254,800 worth of NYSE Euronext (NYX), buying 10,000 shares at a cost of $25.48 a piece. Before this latest buy, McFarland purchased NYX at 3 other times during the past year, for a total investment of $827,804 at an average of $27.59 per share. NYSE Euronext is trading off about 1.4% on the day Thursday.
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