Monday 3/2 Insider Buying Report: BK, S Monday, March 2, 11:06 AM ET
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 Bank of New York Mellon (BK), a filing with the SEC revealed that on Wednesday, Director Edward P. Garden bought 784,769 shares of BK, at a cost of $39.78 each, for a total investment of $31.22M. Bargain hunters have the opportunity to snag BK even cheaper than Garden did, with the stock changing hands as low as $39.10 at last check today -- that's 1.7% below Garden's purchase price. Bank of New York Mellon is trading up about 0.6% on the day Monday. Before this latest buy, Garden made one other purchase in the past twelve months, buying $10M shares for a cost of $36.63 each.
And at Sprint (S), there was insider buying on Thursday, by CEO Raul Marcelo Claure who purchased 5,080,000 shares for a cost of $4.92 each, for a trade totaling $25.01M. Sprint is trading up about 0.7% on the day Monday. Claure was up about 4.8% on the purchase at the high point of today's trading session, with S trading as high as $5.16 in trading on Monday.
For MarketNewsVideo.com, I'm Sayoko Murase.
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