Although US stocks closed slightly lower on Monday, 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.
Occidental Petroleum
- The Trade: Occidental Petroleum Corporation (NYSE:OXY) 10% owner Warren E Buffett acquired a total of 794,389 shares at an average price of $55.39. To acquire these shares, it cost around $44 million.
- What’s Happening: Morgan Stanley recently maintained Occidental Petroleum with an Equal-Weight and raised the price target from $73 to $74.
- What Occidental Petroleum Does: Occidental Petroleum is an independent exploration and production company with operations in the United States, Latin America, and the Middle East.
Consumer Portfolio Services
- The Trade: Consumer Portfolio Services, Inc. (NASDAQ:CPSS) 10% owner Stephen Deckoff acquired a total of 284,312 shares at an average price of $10.42. To acquire these shares, it cost around $2.96 million.
- What’s Happening: The company’s stock gained around 4% over the past six months.
- What Consumer Portfolio Services Does: Consumer Portfolio Services Inc is a US-based company operating in the specialty finance sector.
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DaVita
- The Trade: DaVita Inc. (NYSE:DVA) Chief Operating Officer David Michael Staffieri bought a total of 20,000 shares at an average price of $77.70. To acquire these shares, it cost around $1.55 million.
- What’s Happening: Four Corners Property Trust recently announced the acquisition of a DaVita Kidney Care property for $2.2 million.
- What DaVita Does: DaVita is the largest provider of dialysis services in the United States, boasting market share that eclipses 35% when measured by both patients and clinics.
