updated Thursday, September 11, 12:13 PM
As 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 Tuesday, Southern Copper (SCCO)'s Chairman of the Board, German Larrea Mota Velasco, made a $3.19M buy of SCCO, purchasing 100,000 shares at a cost of $31.89 each. Bargain hunters can pick up SCCO even cheaper than Velasco did, with the stock trading as low as $31.25 at last check today which is 2.0% under Velasco's purchase price. Southern Copper is trading up about 0.4% on the day Thursday. Before this latest buy, Velasco purchased SCCO at 8 other times during the past twelve months, for a total cost of $21.76M at an average of $32.35 per share.
And also on Tuesday, Carlos Domenech bought $323,774 worth of TerraForm Power (TERP), buying 10,000 shares at a cost of $32.38 a piece. Before this latest buy, Domenech made one other buy in the past year, purchasing $1M shares for a cost of $25.00 each. TerraForm Power is trading up about 1.4% on the day Thursday.
For MarketNewsVideo.com, I'm Sayoko Murase.
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