"A well-known adage reminds us that corporate insiders and 10% owners really only buy shares of a company because they believe the stock price will rise and they want to profit from it. Thus, insider buying can be an encouraging signal for potential investors. This is all the more so during times of uncertainty in the markets, and even when markets are near all-time highs. With the third-quarter earnings-reporting season still underway, many insiders are prohibited from buying or selling shares."
"Shares of Monro retreated after it recently posted mixed quarterly results. Billionaire investor Icahn jumped in a made a big bet on the automotive repair and tire services provider, boosting his stake to more than $5 million shares. The share price has been trending downward for the past five years and hit a multiyear low of $12.20 earlier this year. The stock has recovered from its post-earnings pullback and was last seen trading above Icahn's purchase price range."
Significant insider purchases occurred recently despite market highs and earnings-season trading restrictions. Carl Icahn purchased almost 1.3 million shares of Monro at $15.19 to $17.48 per share, spending more than $20.8 million and increasing his stake to over 5 million shares. Monro shares had trended downward for five years and hit a multiyear low of $12.20 earlier in the year but recovered above Icahn’s purchase range. Mario Gabelli made a large investment in Gabelli Healthcare & WellnessRx Trust (GRX). Another 10% owner increased a Benitec Biopharma (BNTC) stake via a direct offering. Other notable insider buys were also reported.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]