Wednesday 2/3 Insider Buying Report: CFR, UTX Wednesday, February 3, 10:35 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.
At Cullen/Frost Bankers (CFR), a filing with the SEC revealed that on Friday, Director Carlos Alvarez bought 40,000 shares of CFR, for a cost of $47.24 each, for a total investment of $1.89M. Investors are able to snag CFR even cheaper than Alvarez did, with the stock trading as low as $44.88 in trading on Wednesday which is 5.0% below Alvarez's purchase price. Cullen/Frost Bankers is trading off about 1.7% on the day Wednesday. This purchase marks the first one filed by Alvarez in the past twelve months.
And on Tuesday, Director Fredric G. Reynolds purchased $1.03M worth of United Technologies (UTX), purchasing 12,000 shares at a cost of $86.20 each. United Technologies is trading off about 0.6% on the day Wednesday.
For MarketNewsVideo.com, I'm Sayoko Murase.
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