Notable Insider Buys Of The Past Week: Mylan, Sonabank, Steak 'N Shake, U-Haul, And More

Notable Insider Buys of the Past Week: Mylan, Sonabank, Steak 'n Shake, U-Haul And More

Photo by Tim Trad on Unsplash.

  • Insider buying can be an encouraging signal for potential investors when markets face uncertainty.
  • Some chief executive officers were among the insiders making notable purchases this past week.
  • Insiders made return trips to the buy window to increase their stakes, and one took advantage of a secondary offering.

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 there is uncertainty in the markets, as has been the case as new COVID-19 cases surge.

Here are some of the most noteworthy insider purchases that were reported in the past week, as the year winds down and investors ponder the new year.

A 10% owner purchased a big block of Lexicon Pharmaceuticals, Inc. (LXRX) shares at $3.20 apiece. The total for the more than 10.93 million shares that the owner acquired added up to about $35 million. The shares ended the week's trading at $33.38.

Southern National Banc. of Virginia, Inc. (SONA) CEO Dennis Zember acquired 100,000 shares of this bank holding company, while other insiders bought more than 10,500 shares, as well. Prices ranged from $11.57 to $12.47 per share, and altogether these transactions added up to more than $12.77 million.

A Net 1 UEPS Technologies Inc. (UEPS) director returned last week to purchase almost 732,300 more shares of this South African tech company at $3.43 to $3.60 apiece. That totaled less than $2.84 million, and it raised that director's stake to more than 11.95 million shares.

Moving and insurance company AMERCO (UHAL) saw President Edward Schoen scoop up 5,000 shares at $428.13 to $430.05 per share. That added up to more than $2.14 million. Shares of this Reno, Nevada-based company ended last week's trading at $443.49 apiece.

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

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

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