Thursday 8/27 Insider Buying Report: SCCO, PAH Thursday, August 27, 10:38 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 cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Monday, Southern Copper (SCCO)'s Chairman of the Board Mota, made a $6.27M buy of SCCO, purchasing 250,000 shares at a cost of $25.07 a piece. Southern Copper is trading up about 5% on the day Thursday. Before this latest buy, Velasco bought SCCO on 5 other occasions during the past year, for a total investment of $21.40M at an average of $30.36 per share.
And at Platform Specialty Products (PAH), there was insider buying on Wednesday, by Director Martin E. Franklin who bought 224,100 shares for a cost of $17.81 each, for a total investment of $3.99M. Before this latest buy, Franklin made one other purchase in the past twelve months, buying $5.30M shares at a cost of $21.21 a piece. Platform Specialty Products is trading up about 9.7% on the day Thursday. Franklin was up about 9.2% on the buy at the high point of today's trading session, with PAH trading as high as $19.44 in trading on Thursday.
For MarketNewsVideo.com, I'm Sayoko Murase.
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