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.
At MGM Resorts International, a filing with the SEC revealed that on Monday, Director Paul J. Salem bought 147,500 shares of MGM, at a cost of $33.80 each, for a total investment of $4.99M. Salem was up about 11.2% on the buy at the high point of today's trading session, with MGM trading as high as $37.58 in trading on Wednesday. MGM Resorts International is trading up about 5.5% on the day Wednesday. This buy marks the first one filed by Salem in the past twelve months.
And at Blackstone Mortgage Trust, there was insider buying on Friday, by Director Timothy Steven Johnson who bought 57,050 shares for a cost of $17.50 each, for a trade totaling $998,375. This purchase marks the first one filed by Johnson in the past year. Blackstone Mortgage Trust is trading up about 2.6% on the day Wednesday.
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