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 Summit Midstream Partners (NYSE:SMLP), a filing with the SEC revealed that on Wednesday, Director Thomas K. Lane purchased 40,000 shares of SMLP, for a cost of $20.00 each, for a total investment of $800,000. Lane was up about 4.3% on the buy at the high point of today's trading session, with SMLP trading as high as $20.86 at last check today. Summit Midstream Partners LP is trading off about 0.4% on the day Monday.
And at Texas Industries Inc. (NYSE:TXI), there was insider buying on Wednesday, by Director Bernard Lanigan Jr. who purchased 5,083 shares for a cost of $41.23 each, for a total investment of $209,567. Before this latest buy, Lanigan Jr. purchased TXI on 2 other occasions during the past year, for a total investment of $216,998 at an average of $41.59 per share. Texas Industries Inc. is trading off about 0.7% on the day Monday. So far Lanigan Jr. is in the green, up about 2.3% on their buy based on today's trading high of $42.19.
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