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.
On Thursday, Southern Copper (NYSE:SCCO)'s Chairman of the Board, German Larrea Mota Velasco, made a $3.14M buy of SCCO, purchasing 100,000 shares at a cost of $31.36 a piece. Southern Copper is trading up about 1.3% on the day Friday. Before this latest buy, Velasco bought SCCO at 3 other times during the past twelve months, for a total investment of $8.92M at an average of $32.73 per share.
And at Nexpoint Credit Strategies Fund (NYSE:NHF), there was insider buying on Wednesday, by James D. Dondero who bought 118,364 shares at a cost of $11.54 each, for a total investment of $1.37M. Before this latest buy, Dondero purchased NHF at 11 other times during the past year, for a total investment of $14.22M at an average of $9.96 per share. Nexpoint Credit Strategies Fund is trading down about 1.6% on the day Friday. So far Dondero is in the green, up about 3.5% on their buy based on today's trading high of $11.94.
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