Although US stocks traded sharply lower on Friday, 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.
- The Trade: HF Sinclair Corporation DINO Director Franklin Myers acquired a total of 7,250 shares at an average price of $55.94. To acquire these shares, it cost around $405.56 thousand.
- What’s Happening: HF Sinclair recently reported a buyback of 2.4 million shares for $51.95 per share.
- What HF Sinclair Does: HF Sinclair is an integrated petroleum refiner that owns and operates seven refineries serving the Rockies, midcontinent, Southwest, and Pacific Northwest, with a total crude oil throughput capacity of 678,000 barrels per day.
MGM Resorts International
- The Trade: MGM Resorts International MGM Director Janet Swartz acquired a total 14,230 shares at an average price of $35.05. To acquire these shares, it cost around $498.78 thousand.
- What’s Happening: MGM China Holdings, a unit of MGM Resorts International, is planning to invest $594 million in its Macau casino operator, the Wall Street Journal reported.
- What MGM Resorts International Does: MGM Resorts is the largest resort operator on the Las Vegas Strip with 35,000 guest rooms and suites, representing about one fourth of all units in the market.
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- The Trade: Kennedy-Wilson Holdings, Inc. KW Director Stanley R Zax bought a total of 35,000 shares at an average price of $18.15. To acquire these shares, it cost around $635.25 thousand.
- What’s Happening: Kennedy-Wilson recently posted a Q2 loss of $0.07 per share.
- What Kennedy-Wilson Does: Kennedy-Wilson Holdings Inc is a global real investment company that owns, operates, and invests in real estate on its own and through its investment management platform.
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