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 Invesco, a filing with the SEC revealed that on Wednesday, CEO Martin L. Flanagan purchased 294,507 shares of IVZ, for a cost of $10.19 each, for a total investment of $3M. So far Flanagan is in the green, up about 12.6% on their buy based on today's trading high of $11.47. Invesco is trading up about 5% on the day Thursday. This buy marks the first one filed by Flanagan in the past twelve months.
And at Baker Hughes, there was insider buying on Wednesday, by CEO Lorenzo Simonelli who bought 71,275 shares at a cost of $14.12 each, for a total investment of $1.01M. Before this latest buy, Simonelli bought BKR on 2 other occasions during the past twelve months, for a total cost of $499,195 at an average of $18.75 per share. Baker Hughes is trading up about 3.5% on the day Thursday. So far Simonelli is in the green, up about 5.2% on their purchase based on today's trading high of $14.85.
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