Goldman Sachs: Insider Buying In Huntsman Corp. (HUN)
According to a company note released by Goldman Sachs today, the Huntsman Cancer Foundation completed the purchase this week of 1.55 million shares of Huntsman Corporation (NYSE: HUN) at an average price of $8.68. According to the report, this transaction follows on the heels of a similar share purchase by the Foundation in May 2010 of 1.1 million HUN shares at an average price of $9.32.
The Goldman analysts wrote, "As we wrote in our previous note 'The Huntsmans are buying HUN, should you?' published May 25, we agree with this strategy of buying shares at these depressed levels and encourage investors to follow suit."
They added, "We believe HUN remains undervalued and are convinced it gets limited investor attention and suffers from Street misperceptions. We encourage investors to take a deeper dive into this transformation story. We reiterate or Conviction List - Buy rating."
During today's trading session, HUN shares have jumped 3.21% to $8.99.
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