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 Monday, Fox Corp (NASDAQ:FOX)'s Chairman, Keith Rupert Murdoch, made a $20.56M buy of FOX, purchasing 600,000 shares at a cost of $34.27 each. Bargain hunters are able to pick up FOX at a price even lower than Murdoch did, with shares trading as low as $33.68 in trading on Tuesday — that's 1.7% below Murdoch's purchase price. Fox Corp is trading down about 0.1% on the day Tuesday. This buy marks the first one filed by Murdoch in the past twelve months.
And at Occidental Petroleum Corp (NYSE:OXY), there was insider buying on Monday, by CEO Vicki A. Hollub who purchased 37,460 shares at a cost of $48.15 each, for a total investment of $1.80M. Occidental Petroleum Corp is trading up about 0.9% on the day Tuesday. Hollub was up about 1.4% on the buy at the high point of today's trading session, with OXY trading as high as $48.82 at last check today.
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