Although U.S. stocks closed higher 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.
Selective Insurance
- The Trade: Selective Insurance Group, Inc. (NASDAQ:SIGI) President and CEO John J. Marchioni acquired a total of 2,400 shares at an average price of $83.56. To acquire these shares, it cost around $200,532.
- What's Happening: On July 18, Selective Insurance posted weak quarterly results,.
- What Selective Insurance Does: Selective Insurance Group Inc is a regional property-casualty insurer based in New Jersey, with its operations focused in the New York metropolitan area.
Kayne Anderson BDC
- The Trade: Kayne Anderson BDC, Inc. (NYSE:KBDC) Director Mariel A Joliet acquired a total of 13,000 shares at an average price of $16.14. To acquire these shares, it cost around $209,847.
- What's Happening: Kayne Anderson BDC will release its financial results for the second quarter on Tuesday, Aug. 13, after the closing bell.
- What Kayne Anderson BDC Does: Kayne Anderson BDC Inc is a business development company that invests primarily in first-lien senior secured loans, with a secondary focus on unitranche and split-lien loans to middle-market companies.
Culp
- The Trade: Culp, Inc. (NYSE:CULP) Director Jonathan Lee Kelly bought a total of 1,145 shares at an average price of $5.30. To acquire these shares, it cost around $6,069.
- What's Happening: On July 22, Culp named Mary Beth Hunsberger as President of Culp Upholstery Fabrics.
- What Culp Does: Culp Inc manufactures, sources, and markets mattress fabrics and sewn covers used for covering mattresses and box springs and upholstery fabrics including cut and sewn kits used in the production of upholstered furniture.
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