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.
At First Horizon National Corp (NYSE:FHN), a filing with the SEC revealed that on Wednesday, Director John C. Compton purchased 30,000 shares of FHN, for a cost of $8.01 each, for a total investment of $240,300. So far Compton is in the green, up about 2.9% on their purchase based on today's trading high of $8.24. First Horizon National Corp is trading up about 1.2% on the day Friday. This purchase marks the first one filed by Compton in the past year.
And on Tuesday, Director Sergio Marchionne purchased $87,880 worth of Philip Morris International Inc (NYSE:PM), purchasing 1,000 shares at a cost of $87.88 a piece. Before this latest buy, Marchionne bought PM on 4 other occasions during the past twelve months, for a total investment of $321,063 at an average of $76.44 per share. Philip Morris International Inc is trading up about 0.9% on the day Friday.
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