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.
On Friday, Phillips 66 Partners's Director, Phillip David Bairrington, made a $325,474 purchase of PSXP, buying 15,000 shares at a cost of $21.70 a piece. So far Bairrington is in the green, up about 9.6% on their purchase based on today's trading high of $23.78. Phillips 66 Partners is trading up about 1.1% on the day Wednesday. Before this latest buy, Bairrington purchased PSXP at 2 other times during the past year, for a total cost of $589,463 at an average of $35.42 per share.
And on Tuesday, CFO Mark Reynolds bought $300,920 worth of GeoVax Labs, buying 60,184 shares at a cost of $5.00 a piece. This purchase marks the first one filed by Reynolds in the past year. GeoVax Labs is trading up about 1.9% on the day Wednesday. Bargain hunters have the opportunity to snag GOVX even cheaper than Reynolds did, with the stock trading as low as $2.90 in trading on Wednesday which is 42.0% under Reynolds's purchase price.
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