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.
On Thursday, Energen Corp. (EGN)'s , Carl C. Icahn, made a $7.79M purchase of EGN, buying 122,363 shares at a cost of $63.65 a piece. So far Icahn is in the green, up about 5.2% on their buy based on today's trading high of $66.96. Energen Corp. is trading up about 1.6% on the day Tuesday.
And on Friday, Chairman Emeritus Joseph M. Field purchased $2.88M worth of Entercom Communications Corp (ETM), purchasing 370,000 shares at a cost of $7.79 each. Before this latest buy, Field bought ETM on 16 other occasions during the past year, for a total investment of $39.41M at an average of $9.19 per share. Entercom Communications Corp is trading up about 1.3% on the day Tuesday.
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