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 MGM Resorts International (NYSE:MGM), a filing with the SEC revealed that on Thursday, Director Keith A. Meister purchased 338,374 shares of MGM, for a cost of $27.84 each, for a total investment of $9.42M. MGM Resorts International is trading up about 2.8% on the day Monday. Before this latest buy, Meister purchased MGM at 3 other times during the past twelve months, for a total investment of $104.89M at an average of $26.60 per share.
And on Wednesday, Director Bernard Lanigan Jr. bought $250,019 worth of CNX Resources Corp (NYSE:CNX), buying 34,150 shares at a cost of $7.32 a piece. Before this latest buy, Lanigan Jr. purchased CNX at 4 other times during the past twelve months, for a total cost of $3.19M at an average of $8.68 per share. CNX Resources Corp is trading up about 1.3% on the day Monday.
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