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, Schlumberger's Chief Executive Officer, Peuch Olivier Le, made a $448,850 purchase of SLB, buying 25,000 shares at a cost of $17.95 each. Le was up about 3.7% on the buy at the high point of today's trading session, with SLB trading as high as $18.62 at last check today. Schlumberger is trading up about 2.1% on the day Wednesday. Before this latest buy, Le made one other purchase in the past year, buying $137,650 shares at a cost of $13.77 each.
And also on Monday, Director Mark Robert Patterson bought $402,750 worth of HomeStreet, buying 15,000 shares at a cost of $26.85 each. Before this latest buy, Patterson purchased HMST at 4 other times during the past twelve months, for a total investment of $1.02M at an average of $23.77 per share. HomeStreet is trading up about 1.3% on the day Wednesday. So far Patterson is in the green, up about 3.0% on their purchase based on today's trading high of $27.65.
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