Tuesday 6/4 Insider Buying Report: IO, PSXP Tuesday, June 4, 11:02 AM ET
As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy — they expect to make money. So let's look at two noteworthy recent insider buys.
At ION Geophysical Corp (IO), a filing with the SEC revealed that on Friday, Director James M. Lapeyre Jr. purchased 60,000 shares of IO, at a cost of $6.79 each, for a total investment of $407,436. Lapeyre Jr. was up about 20.2% on the purchase at the high point of today's trading session, with IO trading as high as $8.16 at last check today. ION Geophysical Corp is trading up about 9.8% on the day Tuesday. Before this latest buy, Lapeyre Jr. purchased IO at 2 other times during the past year, for a total investment of $787,284 at an average of $13.12 per share.
And at Phillips 66 Partners LP (PSXP), there was insider buying on Thursday, by CFO Kevin J. Mitchell who purchased 7,349 shares at a cost of $48.50 each, for a total investment of $356,409. Before this latest buy, Mitchell made one other purchase in the past twelve months, buying $130,283 shares for a cost of $49.14 each. Phillips 66 Partners LP is trading down about 0.1% on the day Tuesday. Bargain hunters can pick up PSXP even cheaper than Mitchell did, with the stock trading as low as $47.95 in trading on Tuesday — that's 1.1% under Mitchell's purchase price.
For MarketNewsVideo.com, I'm Sayoko Murase.
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