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, PBF Energy (NYSE:PBF)'s , Carso, S.A. de C.V. Inversora, made a $12.47M purchase of PBF, buying 538,300 shares at a cost of $23.16 a piece. Investors can buy PBF at a price even lower than Inversora did, with shares trading as low as $22.42 in trading on Thursday — that's 3.2% below Inversora's purchase price. PBF Energy is trading up about 0.3% on the day Thursday. Before this latest buy, Inversora made one other purchase in the past year, buying $46.61M shares for a cost of $28.95 each.
And at Greenhill & Co (GHL), there was insider buying on Tuesday, by Chief Executive Officer Scott L. Bok who purchased 139,220 shares for a cost of $14.36 each, for a trade totaling $2M. Before this latest buy, Bok made one other purchase in the past year, buying $4.99M shares for a cost of $22.60 each. Greenhill & Co is trading up about 8.5% on the day Thursday. Bok was up about 8.2% on the purchase at the high point of today's trading session, with GHL trading as high as $15.53 in trading on Thursday.
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