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 Occidental Petroleum (NYSE:OXY), a filing with the SEC revealed that on Tuesday, Director William R. Klesse purchased 5,000 shares of OXY, for a cost of $94.70 each, for a total investment of $473,520. Investors have the opportunity to buy OXY even cheaper than Klesse did, with shares changing hands as low as $93.05 at last check today -- that's 1.7% below Klesse's purchase price. Occidental Petroleum Corp is trading trading flat on the day Thursday.
And on Monday, Director Mark H. Mishler purchased $170,000 worth of Paylocity Holding (NASDAQ:PCTY), purchasing 10,000 shares at a cost of $17.00 each. This buy marks the first one filed by Mishler in the past year. Paylocity Holding Corp is trading up about 0.5% on the day Thursday. Mishler was up about 36.2% on the buy at the high point of today's trading session, with PCTY trading as high as $23.15 at last check today.
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