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 Cognizant Technology Solutions, a filing with the SEC revealed that on Thursday, Chief Executive Officer Brian Humphries bought 19,000 shares of CTSH, for a cost of $61.09 each, for a total investment of $1.16M. Humphries was up about 1.4% on the buy at the high point of today's trading session, with CTSH trading as high as $61.93 at last check today. Cognizant Technology Solutions is trading up about 1.3% on the day Friday.
And on Wednesday, President James C. Baker bought $633,200 worth of Kayne Anderson MLP Investment, buying 40,000 shares at a cost of $15.83 a piece. Before this latest buy, Baker purchased KYN at 3 other times during the past year, for a total investment of $540,842 at an average of $13.52 per share. Kayne Anderson MLP Investment is trading up about 0.1% on the day Friday. Investors can bag KYN even cheaper than Baker did, with shares changing hands as low as $15.26 in trading on Friday which is 3.6% below Baker's purchase price.
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