General Electric Co. (NYSE: GE) insiders are buying shares of their battered company stock. Two Form-4s filed with the SEC show that CEO Jeff Immelt and Vice Chairman Michael Neal each bought stock. Neal’s purchase was 50,000 shares at a price of $7.90 for $395,000. His direct holdings are now listed as 753,341 shares. Immelt’s acquired 50,000 shares at $8.26 for some $413,000.00. His direct holdings are now 1,724,936 shares of GE stock.
Insiders buying stock is no assurance that a slide is over. Ask Immelt, as he has paid over $30.00 per share just last year. But insider buying is often a sign that management believes enough is enough. GE’s stock is down about 9% at $7.72 on very active trading, Its $7.51 intra-day low is almost $0.90 under Friday’s low (also a multi-year low).
UPDATE AT 3:10 PM EST: Director Ralph Larsen acquired 30,000 shares at $7.65 per share for $229,500.00 today as well. He now holds 157,784 shares.
Jon C. Ogg
March 2, 2009
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