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 Cullen/Frost Bankers (NYSE:CFR), a filing with the SEC revealed that on Friday, Director Carlos Alvarez bought 30,000 shares of CFR, at a cost of $85.08 each, for a total investment of $2.55M. So far Alvarez is in the green, up about 2.0% on their purchase based on today's trading high of $86.74. Cullen/Frost Bankers is trading up about 1.6% on the day Monday. Before this latest buy, Alvarez made one other buy in the past twelve months, purchasing $5.06M shares at a cost of $93.71 a piece.
And on Wednesday, Director Edward Shapiro bought $820,000 worth of United Airlines Holdings (NASDAQ:UAL), buying 10,000 shares at a cost of $82.00 each. Before this latest buy, Shapiro bought UAL at 2 other times during the past year, for a total cost of $4.1M at an average of $91.07 per share. United Airlines Holdings is trading up about 1.6% on the day Monday. Shapiro was up about 3.6% on the buy at the high point of today's trading session, with UAL trading as high as $84.92 at last check today.
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