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 Occidental Petroleum (NYSE:OXY), a filing with the SEC revealed that on Tuesday, Director William R. Klesse bought 5,000 shares of OXY, at a cost of $95.50 each, for a total investment of $477,485. So far Klesse is in the green, up about 2.3% on their purchase based on today's trading high of $97.69. Occidental Petroleum is trading trading flat on the day Friday. Before this latest buy, Klesse made one other purchase in the past year, buying $473,520 shares at a cost of $94.70 each.
And also on Tuesday, William H. Gross bought $441,681 worth of PIMCO Municipal Income Fund (NYSE:PMF), buying 30,681 shares at a cost of $14.40 a piece. Before this latest buy, Gross purchased PMF on 10 other occasions during the past year, for a total investment of $4.68M at an average of $13.77 per share. PIMCO Municipal Income Fund is trading up about 0.7% on the day Friday. Investors can pick up PMF at a price even lower than Gross did, with the stock changing hands as low as $14.19 at last check today which is 1.4% below Gross's purchase price.
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