One thing we have noticed as the market has crept steadily higher this year is that insider buying has never hit a total wall. There has been consistent purchasing, and although the dollar volumes sometimes do not match the insider selling numbers, it is still a very impressive ongoing cycle, especially with the market at current levels.
We cover insider buying every week at 24/7 Wall St., and the sheer number of directors, executives and 10% institutional buyers continuing to add to positions is a very bullish sign for long-term stock investors. We are also seeing buying in beaten-down sectors like energy, and that is refreshing for shareholders after a painful nine-month sell-off.
Here are this past week’s top insider buying reports.
Enterprise Products Partners L.P. (NYSE: EPD) is a top master limited partnership, which saw a gigantic buy this past week. A director purchased a huge block of 1.5 million shares of the stock at $34 apiece. The total came to a massive $50.9 million. The shares were trading at $31.99 on Friday’s close.
Sprint Corp. (NYSE: S) shareholders had something to cheer about last week. Sprint’s chief executive stepped up and made a huge purchase of the stock. Marcelo Claure bought a block of 5.08 million shares of the carrier at prices between $4.92 and $4.94. The total for the buy came to a whopping $25 million. Shares closed trading on Friday at $5.23, so a very well-timed buy.
ALSO READ: Insiders Sell Huge Blocks of Stock as Market Rise Continues
Seattle Genetics Inc. (NASDAQ: SGEN) had a director come in and make a big buy. That director bought a stunning 448,841 shares of stock at a price of $34.80. The total purchase came to $15.6 million. The biotech stock ended Friday at $35.32.
FS Investment Corp. (NYSE: FSIC) had a director and one of the firm’s senior portfolio managers purchase shares this week. The pair bought a total of 120,170 shares at prices that ranged from $9.89 to $9.97. The total for the buy came to $1.2 million. Shares closed trading Friday at $9.94.
Solar Capital Ltd. (NASDAQ: SLRC) had the CEO and the chief financial officer purchase stock this week. The two teamed up to purchase a total of 91,278 shares at prices that ranged from $20.20 to $20.30. The total for the buy came to $2.1 million. The stock was trading at $20.19 at Friday’s closing bell.
These additional companies also reported insider buying this past week: A.M. Castle & Co. (NYSE: CAS), American Express Co. (NYSE: AXP), CARBO Ceramics Inc. (NYSE: CRR), Medivation Inc. (NASDAQ: MDVN) and Mondelez International Inc. (NASDAQ: MDLZ).
Many of the companies mentioned are seeing return buyers. That is a solid sign for shareholders, especially for good companies that have taken a hit on earnings or a headline event.
ALSO READ: 12 Companies Expected to Raise Their Dividends Very Soon
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