U.S. stocks closed lower on Monday, but amidst the downturn, a few notable insider trades emerged.
When insiders purchase shares, it signifies confidence in the company’s prospects or a belief that the stock is undervalued. This presents an opportunity for long-term investment. While insider purchases are not the sole basis for investment decisions, they can bolster the conviction behind a buying decision.
Here’s a glimpse of some recent significant insider purchases. For further insights, explore Benzinga’s insider transactions platform.
Occidental Petroleum
- The Trade: Warren Buffett, a 10% owner of Occidental Petroleum Corporation (OXY), acquired a total of 4,302,324 shares at an average price of $57.15, amounting to around $245,879,813.
- What’s Happening: Raymond James analyst John Freeman maintained a Strong Buy rating for Occidental Petroleum but lowered the price target from $70 to $68.
- What Occidental Petroleum Does: Occidental Petroleum is an independent exploration and production company operating in the United States, Latin America, and the Middle East.
Teradyne
- The Trade: Director Ernest E Maddock bought 1,000 shares of Teradyne, Inc. (TER) at an average price of $94.07, with a total cost of around $94,070.
- What’s Happening: Teradyne reported mixed fourth-quarter financial results and issued first-quarter guidance below estimates.
- What Teradyne Does: Teradyne provides testing equipment, including automated test equipment for semiconductors, system testing for hard disk drives, circuit boards, and electronics systems, as well as wireless testing for devices.
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Citizens Holding
- The Trade: CEO Stacy M Brantley purchased 13,649 shares of Citizens Holding Company (CIZN) at an average price of $7.73, totaling approximately $105,507.
- What’s Happening: The company reported a net loss for the three months ended Dec. 31, 2023, amounting to $794, or 14 cents per share-basic.
- What Citizens Holding Does: Citizens Holding Co is a bank holding company engaged in various commercial and personal banking activities, such as accepting demand deposits, savings, and time deposit accounts, making secured and unsecured loans, issuing letters of credit, originating mortgage loans, and providing personal and corporate trust services.
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