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 Phillips 66 (NYSE:PSX), a filing with the SEC revealed that on Friday, Director William R. Loomis Jr. bought 13,600 shares of PSX, for a cost of $73.55 each, for a total investment of $1.00M. Bargain hunters can grab PSX at a price even lower than Loomis did, with shares trading as low as $68.78 in trading on Tuesday -- that's 6.5% below Loomis's purchase price. Before this latest buy, Loomis made one other buy in the past year, purchasing $499,905 shares for a cost of $64.42 a piece.
And on Thursday, EVP, Regional President Jeffrey K. Newgard bought $99,992 worth of HomeStreet (NASDAQ:HMST), buying 5,482 shares at a cost of $18.24 each. HomeStreet is trading up about 0.8% on the day Tuesday.
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