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 cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Tuesday, Freeport-McMoran Copper & Gold (NYSE:FCX)'s , Gerald J. Ford, made a $9.94M buy of FCX, purchasing 1,000,000 shares at a cost of $9.94 a piece. Freeport-McMoran Copper & Gold is trading up about 2.8% on the day Thursday.
And at KCG Holdings (KCG), there was insider buying on Tuesday, by Non-Executive Chairman Charles E. Haldeman who purchased 50,000 shares at a cost of $10.40 each, for a trade totaling $520,000. KCG Holdings is trading up about 4% on the day Thursday. Haldeman was up about 6.7% on the buy at the high point of today's trading session, with KCG trading as high as $11.10 in trading on Thursday.
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