Monday 6/8 Insider Buying Report: FCX, ALEX
updated Monday, June 8, 10:48 AMAs 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.
At Freeport-McMoran Copper & Gold (FCX), a filing with the SEC revealed that on Wednesday, Vice Chairman of the Board James C. Flores bought 60,000 shares of FCX, at a cost of $20.52 each, for a total investment of $1.23M. Bargain hunters can pick up FCX even cheaper than Flores did, with the stock trading as low as $19.55 in trading on Monday which is 4.7% below Flores's purchase price. Freeport-McMoran Copper & Gold is trading off about 0.5% on the day Monday. Before this latest buy, Flores made one other buy in the past twelve months, purchasing $11.8M shares at a cost of $23.60 a piece.
And at Alexander & Baldwin (ALEX), there was insider buying on Friday, by Director David C. Hulihee who purchased 20,000 shares for a cost of $39.87 each, for a trade totaling $797,331. Before this latest buy, Hulihee made one other buy in the past year, purchasing $1.46M shares for a cost of $36.50 each. Alexander & Baldwin is trading trading flat on the day Monday. So far Hulihee is in the green, up about 1.3% on their purchase based on today's trading high of $40.40.
For MarketNewsVideo.com, I'm Sayoko Murase.