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 Thursday, Freeport-McMoran Copper & Gold's, Courtney Mather, made a $1.61M buy of FCX, purchasing 150,000 shares at a cost of $10.72 each. So far Mather is in the green, up about 3.0% on their buy based on today's trading high of $11.04. Freeport-McMoran Copper & Gold is trading up about 0.8% on the day Monday.
And also on Thursday, Director Kathryn Hayley purchased $310,400 worth of First Midwest Bancorp, purchasing 16,000 shares at a cost of $19.40 each. This buy marks the first one filed by Hayley in the past twelve months. First Midwest Bancorp is trading up about 0.3% on the day Monday. Bargain hunters have the opportunity to buy FMBI even cheaper than Hayley did, with shares changing hands as low as $19.11 at last check today which is 1.5% below Hayley's purchase price.
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