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 Ferrellgas Partners, L.P. (NYSE:FGP), a filing with the SEC revealed that on Friday, EVP Ferrellgas,Pres. BlueRhino Tod D. Brown bought 9,000 shares of FGP, at a cost of $11.63 each, for a total investment of $104,670. Brown was up about 72.5% on the purchase at the high point of today's trading session, with FGP trading as high as $20.06 in trading on Monday. Ferrellgas Partners, L.P. is trading up about 2.4% on the day Monday. Before this latest buy, Brown purchased FGP on 2 other occasions during the past year, for a total investment of $69,780 at an average of $11.63 per share.
And on Wednesday, Director Constantine Karayannopoulos purchased $100,000 worth of Molycorp Inc. (NYSE:MCP), purchasing 10,000 shares at a cost of $10.00 each. This purchase marks the first one filed by Karayannopoulos in the past year. Molycorp Inc. is trading off about 0.1% on the day Monday. Bargain hunters have the opportunity to grab MCP at a price even lower than Karayannopoulos did, with shares trading as low as $9.40 at last check today -- that's 6.0% below Karayannopoulos's purchase price.
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