Apr 15 2014, 10:32am CDT | by Forbes
There’s an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on March 19, Minerals Technologies, Inc.’s Director, Donald C. Winter, invested $24,008.00 into 400 shares of MTX, for a cost per share of $60.02. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.
In trading on Tuesday, bargain hunters could buy shares of Minerals Technologies, Inc. (NYSE: MTX) and achieve a cost basis even cheaper than Winter, with shares changing hands as low as $59.97 per share. Minerals Technologies, Inc. shares are currently trading off about 0.8% on the day. The chart below shows the one year performance of MTX shares, versus its 200 day moving average:
Looking at the chart above, MTX’s low point in its 52 week range is $38.24 per share, with $67.00 as the 52 week high point — that compares with a last trade of $60.29. By comparison, below is a table showing the prices at which insider buying was recorded over the last six months:
|03/19/2014||Donald C. Winter||Director||400||$60.02||$24,008.00|
According to the ETF Finder at ETFChannel.com, MTX makes up 1.06% of the PowerShares DWA Basic Materials Momentum Portfolio ETF (AMEX: PYZ) which is trading lower by about 0.1% on the day Tuesday.
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