Although U.S. stocks traded 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.
HP
- The Trade: HP Inc. (NYSE: NYSE:HPQ) 10% owner T Warren E Buffett acquired a total of 11,133,565 shares at an average price of $35.80. To acquire these shares, it cost around $398.54 million.
- What’s Happening: Morgan Stanley (NYSE:MS) recently downgraded the stock from Equal-Weight to Underweight and lowered its price target from $34 to $31.
- What HP Does: HP Inc. is a leading provider of computers, printers, and printer supplies. The company's three operating business segments are its personal systems, containing notebooks, desktops, and workstations; and its printing segment which contains supplies, consumer hardware, and commercial hardware; and corporate investments.
- The Trade: Sensient Technologies Corporation (NYSE: SXT) 10% owner Freemont Capital Pte Ltd acquired a total of 23,659 shares at an average price of $85.74. To acquire these shares, it cost around $2.03 million.
- What’s Happening: The company’s stock gained around 11% over the past month.
- What Sensient Technologies Does: Sensient Technologies manufactures and markets natural and synthetic colors, flavors, and flavor extracts. The company has a widespread network of facilities around the globe, and its customers operate across a variety of end markets.
Rocket Companies
- The Trade: Rocket Companies, Inc. (NYSE: RKT) CEO Jay Farner bought a total of 46,300 shares at an average price of $10.76. To acquire these shares, it cost around $498.04 thousand.
- What’s Happening: Morgan Stanley maintained Rocket Companies with an Equal-Weight and lowered the price target from $12 to $11.
- What Rocket Companies Does: Rocket Companies is a financial services company that was originally founded as Rock Financial in 1985 and is currently based in Detroit.
Read at Benzinga