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 Wednesday, Devon Energy (NYSE:DVN)'s Director, John E. Bethancourt, made a $499,972 purchase of DVN, buying 9,150 shares at a cost of $54.64 each. Devon Energy is trading down about 0.5% on the day Thursday. This purchase marks the first one filed by Bethancourt in the past twelve months.
And at General American Investors (NYSE:GAM), there was insider buying on Tuesday, by CEO Jeffrey W. Priest who purchased 3,700 shares at a cost of $34.82 each, for a trade totaling $128,822. Before this latest buy, Priest purchased GAM at 3 other times during the past twelve months, for a total cost of $934,542 at an average of $33.98 per share. General American Investors is trading down about 0.8% on the day Thursday. Investors are able to bag GAM even cheaper than Priest did, with the stock changing hands as low as $34.00 at last check today which is 2.3% below Priest's purchase price.
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