Monday 5/11 Insider Buying Report: WYNN, CVA Monday, May 11, 10:32 AM ET
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 Wednesday, Wynn Resorts (WYNN)'s Director, John J. Hagenbuch, made a $676,750 purchase of WYNN, buying 5,850 shares at a cost of $115.68 a piece. Hagenbuch was up about 1.8% on the buy at the high point of today's trading session, with WYNN trading as high as $117.79 in trading on Monday. Wynn Resorts is trading down about 1.3% on the day Monday. This buy marks the first one filed by Hagenbuch in the past year.
And also on Wednesday, CEO Stephen J. Jones purchased $525,000 worth of Covanta Holding Corp (CVA), purchasing 25,000 shares at a cost of $21.00 each. Before this latest buy, Jones made one other purchase in the past twelve months, buying $1.06M shares at a cost of $21.15 a piece. Covanta Holding Corp is trading up about 2.6% on the day Monday. So far Jones is in the green, up about 4.4% on their buy based on today's trading high of $21.93.
For MarketNewsVideo.com, I'm Sayoko Murase.
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