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 Tuesday, Cousins Properties (NYSE:CUZ)'s , Thomas G. Cousins, made a $3.32M purchase of CUZ, buying 260,000 shares at a cost of $12.75 a piece. So far Cousins is in the green, up about 3.4% on their buy based on today's trading high of $13.18. Cousins Properties is trading up about 1.4% on the day Friday. Before this latest buy, Cousins made one other buy in the past year, purchasing $404,050 shares for a cost of $12.65 a piece.
And also on Tuesday, CEO Richard E. Muncrief purchased $262,364 worth of WPX Energy (NYSE:WPX), purchasing 10,000 shares at a cost of $26.24 each. Before this latest buy, Muncrief made one other purchase in the past twelve months, buying $303,870 shares at a cost of $21.70 each. WPX Energy is trading up about 1.3% on the day Friday.
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