Monday 11/3 Insider Buying Report: SCCO, SONS
updated Monday, November 3, 4:03 PMAs 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.
On Friday, Southern Copper (SCCO)'s Chairman of the Board, German Larrea Mota Velasco, made a $5.66M purchase of SCCO, buying 200,000 shares at a cost of $28.29 each. So far Velasco is in the green, up about 4.3% on their buy based on today's trading high of $29.52. Southern Copper is trading up about 2.5% on the day Monday. Before this latest buy, Velasco purchased SCCO at 10 other times during the past year, for a total cost of $34.92M at an average of $31.11 per share.
And at Sonus Networks (SONS), there was insider buying on Friday, by CEO and President Raymond P. Dolan who purchased 1,000,000 shares for a cost of $3.43 each, for a trade totaling $3.43M. Before this latest buy, Dolan made one other buy in the past year, purchasing $2.98M shares for a cost of $2.98 each. Sonus Networks is trading up about 4.8% on the day Monday.
For MarketNewsVideo.com, I'm Kristin Bianco.