Friday 8/26 Insider Buying Report: WNR, JCP
The Online Investor - Fri., Aug. 26, 10:55 AM
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.
At Western Refining (WNR), a filing with the SEC revealed that on Wednesday, Chief Executive Officer Jeff A. Stevens purchased 100,000 shares of WNR, at a cost of $23.25 each, for a total investment of $2.32M. Stevens was up about 4.2% on the buy at the high point of today's trading session, with WNR trading as high as $24.23 in trading on Friday. Western Refining is trading up about 3.1% on the day Friday. Before this latest buy, Stevens bought WNR on 2 other occasions during the past twelve months, for a total cost of $5.97M at an average of $23.86 per share.
And at J.C. Penney (JCP), there was insider buying on Thursday, by CEO Marvin R. Ellison who bought 50,000 shares for a cost of $9.92 each, for a trade totaling $495,910. Before this latest buy, Ellison made one other buy in the past twelve months, purchasing $590,000 shares for a cost of $11.80 a piece. J.C. Penney is trading up about 1.1% on the day Friday. So far Ellison is in the green, up about 2.2% on their buy based on today's trading high of $10.14.