Tuesday 5/26 Insider Buying Report: PSX, OFIX Tuesday, May 26, 2:01 PM 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 cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Friday, Phillips 66 (PSX)'s Director, William R. Loomis Jr., made a $996,786 buy of PSX, purchasing 12,300 shares at a cost of $81.04 each. Bargain hunters can bag PSX at a price even lower than Loomis Jr. did, with the stock trading as low as $79.03 at last check today -- that's 2.5% below Loomis Jr.'s purchase price. Phillips 66 is trading down about 2.1% on the day Tuesday. Before this latest buy, Loomis Jr. bought PSX at 3 other times during the past year, for a total investment of $1.05M at an average of $74.91 per share.
And at Orthofix International (OFIX), there was insider buying on Thursday, by Director James F. Hinrichs who purchased 10,000 shares at a cost of $33.17 each, for a trade totaling $331,694. This buy marks the first one filed by Hinrichs in the past twelve months. Orthofix International is trading off about 0.1% on the day Tuesday. So far Hinrichs is in the green, up about 3.5% on their purchase based on today's trading high of $34.32.
For MarketNewsVideo.com, I'm Sayoko Murase.
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