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 Churchill Downs, a filing with the SEC revealed that on Friday, Director Richard L. Duchossois purchased 5,550 shares of CHDN, at a cost of $272.24 each, for a total investment of $1.51M. Investors are able to snag CHDN even cheaper than Duchossois did, with shares trading as low as $263.30 in trading on Monday — that's 3.3% below Duchossois's purchase price. Churchill Downs is trading off about 0.5% on the day Monday. Before this latest buy, Duchossois purchased CHDN on 6 other occasions during the past year, for a total investment of $4.51M at an average of $263.48 per
And at Cooper-Standard Holdings, there was insider buying on Wednesday, by CEO Jeffrey S. Edwards who bought 13,200 shares at a cost of $74.12 each, for a trade totaling $978,384. Cooper-Standard Holdings is trading down about 1.6% on the day Monday. Bargain hunters have the opportunity to buy CPS even cheaper than Edwards did, with shares trading as low as $71.43 at last check today — that's 3.6% below Edwards's purchase.
For MarketNewsVideo.com, I'm Sayoko Murase.