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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
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:
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:
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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