Over $1.5M Bet On Cleveland-Cliffs? Check Out These 4 Stocks Insiders Are Buying

© Reuters. Over $1.5M Bet On Cleveland-Cliffs? Check Out These 4 Stocks Insiders Are Buying

Benzinga - Although US stocks closed higher 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.

Cleveland-Cliffs

• The Trade: Cleveland-Cliffs Inc (NYSE: CLF) Chairman, President and CEO Lourenco Goncalves acquired a total of 100,000 shares an average price of $14.96. To acquire these shares, it cost around $1.5 million. The company’s EVP and president, CC Services also purchased the company’s stock.
• What’s Happening: Cleveland-Cliffs reported a narrower-than-expected Q1 loss.
• What Cleveland-Cliffs Does: Cleveland-Cliffs Inc is a flat-rolled steel producer and manufacturer of iron ore pellets in North America.

• The Trade: MainStreet Bancshares, Inc. (NASDAQ: MNSB) Chairman, President and CEO Jeff Dick acquired a total of 10,914 shares at an average price of $21.40. To acquire these shares, it cost around $233.56 thousand.
• What’s Happening: MainStreet Bancshares posted better-than-expected Q1 results.
• What MainStreet Bancshares Does: MainStreet Bancshares Inc is a bank holding company. It is focused on serving the borrowing, cash management and depository needs of small to medium-sized businesses, and professional practices and retail customers.

Delta Air Lines

• The Trade: Delta Air Lines, Inc. (NYSE: DAL) Director David S Taylor bought a total of 5,000 shares at an average price of $32.83. To acquire these shares, it cost around $164.13 thousand.
• What’s Happening: Delta Air reported a first-quarter FY23 adjusted operating revenue growth of 45% year-over-year and +14% from 1Q19 to $11.8 billion, missing the consensus of $11.98 billion.
• What Delta Air Lines Does: Atlanta-based Delta Air Lines is one of the world's largest airlines, with a network of over 300 destinations in more than 50 countries.

• The Trade: Huntington Bancshares Incorporated (NASDAQ: HBAN) Director Kenneth Phelan bought a total 23,482.676 shares at an average price of $10.85. The insider spent around $254.75 thousand to buy those shares.
• What’s Happening: Huntington Bancshares reported better-than-expected Q1 earnings.
• What Huntington Bancshares Does: Huntington Bancshares is a regional bank holding company headquartered in Columbus, Ohio. The bank has a network of branches and ATMs across eight Midwestern states.

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