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Notable Insider Buys This Past Week: Air Products, Crown Castle

Courtesy of Benzinga.

Notable Insider Buys This Past Week: Air Products, Crown Castle

Insider buying can be an encouraging signal for potential investors.

A couple of insiders took advantage of buy windows opening after earnings.

One of those insider purchasers was a board chair and CEO.

Conventional wisdom says that insiders and 10% owners really only buy shares of a company for one reason — they believe the stock price will rise and they want to profit. So insider buying can be an encouraging signal for potential investors, particularly with markets near all-time highs.

The following are two notable insider purchases reported in the past week.

Air Products

Air Products & Chemicals, Inc. (NYSE: APD) CEO Seifi Ghasemi, who is also board chair and president, stepped up to the buy window in the wake of a quarterly report. At $226.66 to $228.40 each, the 20,000 shares acquired totaled more than $4.54 million. Note that another insider sold fewer than 3,000 shares back in May.

This industrial gases supplier is a dividend aristocrat; that is, it has hiked its dividend annually for more than 25 years. Its shares ended the final full week of July more than 2% higher, better than the rise in the S&P 500 in that time.

The stock closed most recently at $230.55, above the CEO’s purchase price range. Note that shares have traded as high as $231.45 in the past 52 weeks, but the analysts’ consensus price target is just $226.53.

Crown Castle

A director at Crown Castle International Corporation (NYSE: CCI) purchased 16,300 shares of this cell tower company last week. At prices ranging from $127.22 to $127.48 per share, that cost more than $2.07 million. Note that some of the shares are held in trust for family members.

The company recently posted better-than-expected earnings but soft site rental sales. The stock ended the past week at $130.58 per share, which is higher than the director’s purchase range. While the consensus analyst target was last seen at $131.83, the stock has traded as high as $137.85 in the past 12 months.

See also: 7 Concepts Entrepreneurs Pitched At Chase’s Advancing Black Pathways Event In Detroit

At the time of this writing, the author had no position in the mentioned equities.

Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter.

Posted-In: News Insider Trades Best of Benzinga


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