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.
At Sotheby's, a filing with the SEC revealed that on Wednesday, CEO Thomas S. Smith, Jr. purchased 15,250 shares of BID, for a cost of $40.96 each, for a total investment of $624,616. Sotheby's is trading up about 0.6% on the day Thursday. This purchase marks the first one filed by Smith, Jr. in the past twelve months.
And on Tuesday, Chief Executive Officer H. Michael Krimbill bought $287,664 worth of NGL Energy Partners, buying 30,000 shares at a cost of $9.59 a piece. Before this latest buy, Krimbill purchased NGL at 2 other times during the past twelve months, for a total cost of $569,652 at an average of $11.39 per share. NGL Energy Partners is trading down about 1% on the day Thursday.
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