Friday 12/12 Insider Buying Report: FCX, CCI
updated Friday, December 12, 12:59 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 Thursday, Freeport-McMoran Copper & Gold (FCX)'s Vice Chairman of the Board, James C. Flores, made a $11.8M buy of FCX, purchasing 500,000 shares at a cost of $23.60 a piece. Investors have the opportunity to grab FCX even cheaper than Flores did, with shares trading as low as $22.54 in trading on Friday -- that's 4.5% under Flores's purchase price. Freeport-McMoran Copper & Gold is trading down about 1.1% on the day Friday.
And on Wednesday, Director J. Landis Martin bought $3.89M worth of Crown Castle International Corp (CCI), buying 50,000 shares at a cost of $77.83 a piece. Before this latest buy, Martin made one other buy in the past year, purchasing $4.77M shares for a cost of $79.47 a piece. Crown Castle International Corp is trading off about 0.2% on the day Friday. Investors have the opportunity to bag CCI even cheaper than Martin did, with shares trading as low as $76.23 at last check today which is 2.1% below Martin's purchase price.
For MarketNewsVideo.com, I'm Kristin Bianco.