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.
At Cliffs Natural Resources (NYSE:CLF), a filing with the SEC revealed that on Thursday, CEO Lourenco Goncalves bought 100,000 shares of CLF, for a cost of $7.19 each, for a total investment of $719,180. Cliffs Natural Resources is trading up about 0.3% on the day Friday. Before this latest buy, Goncalves made one other purchase in the past year, buying $1.26M shares at a cost of $6.31 a piece.
And at Taubman Centers (NYSE:TCO), there was insider buying on Wednesday, by Director Myron E. Ullman III who purchased 12,325 shares at a cost of $56.90 each, for a total investment of $701,308. This buy marks the first one filed by Ullman III in the past year. Taubman Centers is trading down about 1.3% on the day Friday. Investors have the opportunity to pick up TCO even cheaper than Ullman III did, with the stock changing hands as low as $54.00 in trading on Friday which is 5.1% below Ullman III's purchase price.
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