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.
On Wednesday, Andeavor Logistics (NYSE:ANDX)'s Director, Jeff A. Stevens, made a $1.98M purchase of ANDX, buying 41,835 shares at a cost of $47.29 a piece. Investors are able to bag ANDX even cheaper than Stevens did, with shares trading as low as $45.31 in trading on Friday -- that's 4.2% below Stevens's purchase price. Andeavor Logistics is trading off about 1% on the day Friday. Before this latest buy, Stevens made one other purchase in the past year, buying $53,481 shares for a cost of $46.75 a piece.
And at Agree Realty Corp. (NYSE:ADC), there was insider buying on Thursday, by Director John Rakolta Jr. who purchased 12,500 shares for a cost of $47.19 each, for a total investment of $589,875. Before this latest buy, Rakolta Jr. bought ADC at 2 other times during the past twelve months, for a total cost of $612,111 at an average of $46.02 per share. Agree Realty Corp. is trading up about 0.3% on the day Friday.
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