Last Week's Notable Insider Buys: IBM, Intel, Raytheon And More

Insider buying can be an encouraging signal for potential investors when markets face uncertainty. Insiders were buying shares of a couple of semiconductor makers and an old-school tech giant last week. Some chief executives were among the insiders making trips to the buy window.

Conventional wisdom says that insiders and 10% owners really only buy shares of a company for one reason -- they believe the stock price will rise and they want to profit from it. So insider buying can be an encouraging signal for potential investors, particularly when markets are near all-time highs.

Though buy windows have closed for many insiders during earnings-reporting season, plenty of others continued to add shares despite market volatility and economic uncertainty. Here are some of the most noteworthy insider purchases reported in the past week.

The Live Oak Bancshares Inc. LOB 1.28% CEO, James Mahan, via trust purchased over 154,300 shares of this North Carolina-based bank at prices ranging from $33.02 to $35.00 apiece. That cost him more than $5.27 million. Note that Mahan also bought 233,000 shares back in August.

An executive and two other insiders at newly public Foghorn Therapeutics Inc FHTX 0.12% bought more than 305,000 shares at the IPO price of $16.00. That totaled almost $4.90 million. Note that one of those insiders, listed as a former 10% owner, was the Abu Dhabi Investment Authority.

Raytheon Technologies Corp. RTX 2.18% saw Chief Executive Officer Gregory Hayes pick up 55,000 shares of this aerospace and defense company. Four other insiders cumulatively bought more than 30,000 shares as well. At $52.28 to $55.20 per share, those transactions totaled over $4.59 million altogether.

A beneficial owner at Safety Insurance Group Inc. SAFT returned to add to a stake. The more than 48,500 shares of this Boston-based company indirectly scooped up, at prices ranging from $68.25 to $69.94, totaled almost $3.35 million. That owner bought 100 shares in the previous week as well.

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Disclosure: At the time of this writing, the author had no position in the mentioned equities.

© 2020 Benzinga does not provide investment advice. All rights reserved.

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