There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on February 24, Flowserve Corp's Director, Sujeet Chand, invested $43,879.00 into 1,000 shares of FLS, for a cost per share of $43.88. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.
In trading on Monday, bargain hunters could buy shares of Flowserve Corp (NYSE:FLS) and achieve a cost basis 9.0% cheaper than Chand, with shares changing hands as low as $39.91 per share. Flowserve Corp shares are currently trading down about 0.3% on the day. The chart below shows the one year performance of FLS shares, versus its 200 day moving average:
Looking at the chart above, FLS's low point in its 52 week range is $38.7392 per share, with $54.16 as the 52 week high point — that compares with a last trade of $40.27. By comparison, below is a table showing the prices at which FLS insider buying was recorded over the last six months:
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