Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Although U.S. stocks closed mixed on Thursday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company’s prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out Benzinga’s insider transactions platform.
Exxon Mobil
- The Trade: Exxon Mobil Corporation (NYSE:XOM) Director Maria S. Dreyfus acquired a total of 18,310 shares at an average price of $109.25. To acquire these shares, it cost around $2 million.
- What's Happening: Chevron and Exxon Mobil reportedly plan to file a federal lawsuit on Thursday to oppose the Biden administration's efforts to cut emissions from cars and light trucks and promote electric vehicle.
- What Exxon Mobil Does: ExxonMobil is an integrated oil and gas company that explores for, produces, and refines oil around the world.
- The Trade: Citi Trends, Inc. (NASDAQ:CTRN) 10% owner Pleasant Lake Partners LLC acquired a total of 74,190 shares at an average price of $21.75. To acquire these shares, it cost around $1.61 million.
- What's Happening: On June 5, Craig-Hallum analyst Jeremy Hamblin maintained Citi Trends with a Hold and lowered the price target from $27 to $25.
- What Citi Trends Does: Citi Trends Inc is a retailer of urban fashion apparel and accessories in the United States.
Franklin Resources
- The Trade: Franklin Resources, Inc. (NYSE:BEN) 10% owner James H Dahl bought a total of 10,000 shares at an average price of $18.88. To acquire these shares, it cost around $188,792.
- What's Happening: On March 8, AMREP reported earnings of 2 cents per share for its 2024 fiscal third quarter, versus year-ago earnings of $3.12 per share.
- What Franklin Resources Does: Amrep Corp through its subsidiaries is engaged in the Real estate business.
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