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 Friday, Black Stone Minerals' CEO and Chairman, Thomas L. Carter Jr., made a $744,172 buy of BSM, purchasing 50,000 shares at a cost of $14.88 a piece. Investors have the opportunity to pick up BSM even cheaper than Carter Jr. did, with the stock changing hands as low as $14.52 at last check today which is 2.4% below Carter Jr.'s purchase price. Black Stone Minerals LP is trading down about 0.4% on the day Wednesday. This purchase marks the first one filed by Carter Jr. in the past year.
And at Rocket Companies, there was insider buying on Monday, by Chief Executive Officer Jay Farner who purchased 60,700 shares at a cost of $9.85 each, for a total investment of $598,005. Before this latest buy, Farner purchased RKT at 37 other times during the past twelve months, for a total cost of $17.03M at an average of $8.66 per share. Rocket Companies is trading up about 2.6% on the day Wednesday.
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