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.
At Kinder Morgan (NYSE:KMI), a filing with the SEC revealed that on Thursday, Director Fayez Sarofim purchased 500,000 shares of KMI, at a cost of $35.33 each, for a total investment of $17.66M. Bargain hunters are able to bag KMI at a price even lower than Sarofim did, with shares trading as low as $34.78 in trading on Friday which is 1.6% below Sarofim's purchase price. Kinder Morgan is trading trading flat on the day Friday.
And also on Thursday, CEO Layle Kiplind Smith purchased $99,196 worth of Noranda Aluminum Holding (NOR), purchasing 196,000 shares at a cost of $0.51 a piece. Noranda Aluminum Holding is trading up about 2.9% on the day Friday. Smith was up about 14.6% on the purchase at the high point of today's trading session, with NOR trading as high as $0.58 at last check today.
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