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 Tuesday, AGCO Corp. (NYSE:AGCO)'s Director, Mallika Srinivasan, made a $3.83M purchase of AGCO, buying 84,000 shares at a cost of $45.60 each. Srinivasan was up about 2.5% on the buy at the high point of today's trading session, with AGCO trading as high as $46.74 in trading on Thursday. AGCO Corp. is trading up about 0.9% on the day Thursday. Before this latest buy, Srinivasan purchased AGCO at 26 other times during the past year, for a total investment of $127.24M at an average of $44.65 per share.
And at Chesapeake Energy Corp. (NYSE:CHK), there was insider buying on Monday, by Director R. Brad Martin who bought 40,000 shares at a cost of $17.24 each, for a trade totaling $689,600. Before this latest buy, Martin made one other buy in the past twelve months, purchasing $355,000 shares for a cost of $17.75 a piece. Chesapeake Energy Corp. is trading up about 0.9% on the day Thursday. So far Martin is in the green, up about 3.1% on their buy based on today's trading high of $17.77.
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