Tuesday 5/5 Insider Buying Report: TXT, ACGL
Tuesday, May 5, 2:05 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.
At Textron, a filing with the SEC revealed that on Friday, Director Thomas A. Kennedy bought 10,300 shares of TXT, for a cost of $95.98 each, for a total investment of $988,594. Bargain hunters have the opportunity to buy TXT at a price even lower than Kennedy did, with the stock trading as low as $90.30 in trading on Tuesday -- that's 5.9% below Kennedy's purchase price. Textron is trading up about 1.3% on the day Tuesday. This buy marks the first one filed by Kennedy in the past year.
And on Thursday, Director Daniel Joseph Houston bought $498,650 worth of Arch Capital Group Ltd (ACGL), buying 5,300 shares at a cost of $94.08 each. Arch Capital Group is trading up about 0.4% on the day Tuesday.
For MarketNewsVideo.com, I'm Sayoko Murase.
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