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Snag This Bargain Metals Stock Even Cheaper Than Director Corvi Did

By Metals Channel Staff, Tuesday, November 13, 4:30 PM ET
Play Video: One Reason For Insiders to Buy


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There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on November 7, Allegheny Technologies, Inc's Director, Carolyn Corvi, invested $27,218.70 into 1,000 shares of ATI, for a cost per share of $27.22. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.

In trading on Tuesday, bargain hunters could buy shares of Allegheny Technologies, Inc (NYSE:ATI) and achieve a cost basis even cheaper than Corvi, with shares changing hands as low as $27.09 per share. Allegheny Technologies, Inc shares are currently trading down about 4.2% on the day. The chart below shows the one year performance of ATI shares, versus its 200 day moving average:

Allegheny Technologies, Inc Chart

Looking at the chart above, ATI's low point in its 52 week range is $26.26 per share, with $53.00 as the 52 week high point that compares with a last trade of $27.06. By comparison, below is a table showing the prices at which insider buying was recorded over the last six months:

Purchased Insider Title Shares Price/Share Value
11/07/2012 Carolyn Corvi Director 1,000 $27.22 $27,218.70

According to the ETF Finder at ETF Channel, ATI makes up 4.00% of the Steel ETF (AMEX:SLX) which is trading lower by about 1.1% on the day Tuesday.

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This Article's Word Cloud:   Allegheny   Buying   Carolyn   Corvi   Definition   Director   ETFs   Earnings   Find   Form   Importance   Insider   Price   Steel   Technologies   Tuesday   Value   What   about   above   around   below   buying   chart   comparison   cost   currently   hunters   insider   last   months   most   only   open   other   point   reason   recorded   share   shares   showing   stock   table   that   their   trading   week   what   which   with

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