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 Tuesday, Methode Electronics (NYSE:MEI)'s Chief Executive Officer, Donald W. Duda, made a $1.69M purchase of MEI, buying 70,848 shares at a cost of $23.79 each. Duda was up about 2.5% on the purchase at the high point of today's trading session, with MEI trading as high as $24.39 in trading on Wednesday. Methode Electronics is trading up about 3.6% on the day Wednesday.
And at Platform Specialty Products Corp (PAH), there was insider buying on Monday, by Director Martin E. Franklin who bought 150,750 shares at a cost of $10.93 each, for a trade totaling $1.65M. Before this latest buy, Franklin purchased PAH on 7 other occasions during the past twelve months, for a total cost of $22.74M at an average of $10.99 per share. Platform Specialty Products Corp is trading up about 2.4% on the day Wednesday. Franklin was up about 3.9% on the purchase at the high point of today's trading session, with PAH trading as high as $11.36 at last check today.
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