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 Alleghany Corp. (NYSE:Y), a filing with the SEC revealed that on Monday, Executive Vice President Joseph Patrick Brandon purchased 1,506 shares of Y, for a cost of $330.98 each, for a total investment of $498,449. So far Brandon is in the green, up about 2.1% on their buy based on today's trading high of $337.98. Alleghany Corp. is trading up about 0.7% on the day Friday. Before this latest buy, Brandon purchased Y at 10 other times during the past twelve months, for a total investment of $2.19M at an average of $331.24 per share.
And at Midstates Petroleum Co Inc (NYSE:MPO), there was insider buying on Wednesday, by CEO John A. Crum who bought 25,000 shares for a cost of $8.03 each, for a total investment of $200,638. Before this latest buy, Crum bought MPO on 2 other occasions during the past twelve months, for a total investment of $389,000 at an average of $7.78 per share. Midstates Petroleum Co Inc is trading up about 0.1% on the day Friday. Crum was up about 2.4% on the buy at the high point of today's trading session, with MPO trading as high as $8.22 in trading on Friday.
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