As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
At Piedmont Natural Gas Co., Inc. (NYSE:PNY), a filing with the SEC revealed that on Thursday, Director Phillip D. Wright purchased 13,000 shares of PNY, at a cost of $30.69 each, for a total investment of $398,990. Piedmont Natural Gas Co., Inc. is trading up about 0.2% on the day Monday. This purchase marks the first one filed by Wright in the past year.
And on Friday, Senior VP and Treasurer Kenneth P. Malvey purchased $129,764 worth of Tortoise Energy Independence Fund (NYSE:NDP), purchasing 6,046 shares at a cost of $21.46 a piece. Before this latest buy, Malvey made one other purchase in the past year, buying $25,000 shares for a cost of $25.00 a piece. Tortoise Energy Independence Fund is trading up about 0.5% on the day Monday. Bargain hunters are able to snag NDP even cheaper than Malvey did, with the stock changing hands as low as $21.22 at last check today which is 1.1% below Malvey's purchase price.
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