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 Tenneco, a filing with the SEC revealed that on Friday, Chief Executive Officer Brian J. Kesseler bought 21,500 shares of TEN, for a cost of $46.63 each, for a total investment of $1.00M. So far Kesseler is in the green, up about 4.3% on their purchase based on today's trading high of $48.63. Tenneco is trading up about 0.8% on the day Tuesday.
And also on Friday, Director M. Scott Welch bought $439,857 worth of Patrick Industries, buying 7,500 shares at a cost of $58.65 each. Before this latest buy, Welch bought PATK on 4 other occasions during the past year, for a total investment of $751,173 at an average of $63.32 per share. Patrick Industries is trading up about 0.8% on the day Tuesday.
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