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.
On Wednesday, Kraft Heinz's Director, Elio Leoni Sceti, made a $2.99M buy of KHC, purchasing 90,000 shares at a cost of $33.22 a piece. Sceti was up about 2.0% on the buy at the high point of today's trading session, with KHC trading as high as $33.88 at last check today. Kraft Heinz is trading up about 1% on the day Friday.
And also on Wednesday, Senior Vice President Steven J. Lykken bought $322,815 worth of Hormel Foods, buying 6,873 shares at a cost of $46.97 a piece. This purchase marks the first one filed by Lykken in the past twelve months. Hormel Foods is trading down about 0.1% on the day Friday. So far Lykken is in the green, up about 1.0% on their purchase based on today's trading high of $47.44.
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