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.
On Monday, Chesapeake Energy Corp. (NYSE:CHK)'s Director, Frederic M. Poses, made a $4.50M buy of CHK, purchasing 266,000 shares at a cost of $16.92 each. Chesapeake Energy Corp. is trading up about 0.1% on the day Thursday.
And also on Monday, Director Mallika Srinivasan bought $4.32M worth of AGCO Corp. (NYSE:AGCO), buying 96,051 shares at a cost of $44.96 each. Before this latest buy, Srinivasan purchased AGCO on 16 other occasions during the past twelve months, for a total cost of $65.54M at an average of $45.29 per share. AGCO Corp. is trading off about 0.4% on the day Thursday. Investors are able to bag AGCO even cheaper than Srinivasan did, with shares trading as low as $43.03 in trading on Thursday -- that's 4.3% under Srinivasan's purchase price.
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