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.
On Wednesday, Consolidated Edison's CFO, Robert N. Hoglund, made a $143,300 purchase of ED, buying 2,000 shares at a cost of $71.65 each. Consolidated Edison is trading up about 0.8% on the day Friday. Before this latest buy, Hoglund purchased ED on 12 other occasions during the past year, for a total cost of $58,945 at an average of $86.79 per share.
And at Eastman Kodak, there was insider buying on Tuesday, by Executive Chairman James V. Continenza who purchased 46,737 shares at a cost of $2.22 each, for a total investment of $103,756. Before this latest buy, Continenza purchased KODK at 3 other times during the past twelve months, for a total cost of $1.22M at an average of $2.42 per share. Eastman Kodak is trading off about 4.1% on the day Friday. Continenza was up about 9.5% on the purchase at the high point of today's trading session, with KODK trading as high as $2.43 in trading on Friday.
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