The major market correction is creating some new stock bargains that insiders are taking advantage of at certain companies. The companies below have seen recent insider buying with millions of dollars worth of stock being purchased, which can be a great sign that a stock is a real value or that it is probably going higher in the near future. When you see insider buying at depressed prices, it often means the shares are oversold and offer great long-term value. I have provided links for each stock to verify the insider buying filed with the SEC below. Here are the stocks:
Legg Mason (NYSE:LM) has pulled back sharply and is trading at $24.37 today. Legg Mason is a asset management firm. These shares have fallen, from a 52 week high of $37.82 and just today made a new 52 week low of $24.21. LM has earnings estimates of $1.89 per share for 2011, and $2.55 for 2012. Billionaire Nelson Peltz just bought over $20 million worth of shares. You can see the insider buying here.
Huntsman Corporation (NYSE:HUN) is trading around $11.21. Huntsman is a specialty chemical company and is based in Utah. These shares have traded in a range from $8.47 to $21.52 in the last 52 weeks. Earnings estimates for HUN are at $1.85 in 2011, and $2.24 in 2012. This stock has plunged close to 52-week lows over concerns that the economy is weak. However, the stock appears to be oversold and insiders have been buying repeatedly, Jon Huntsman just bought over $2 million worth of shares. See the insider buying here.
The data is sourced from Yahoo Finance and Prontosec.com. The information and data is believed to be accurate, but no guarantees or representations are made.