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| Top Buys by Top Brass: President Baker's $376.6K Bet on KYNBy Preferred Stock Channel Staff, Thursday, November 30, 10:12 AM ET
A company's own top management tend to have the best inside view into the business, so when company officers make major buys, investors are wise to take notice. 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 — maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by the ''top brass'' over the trailing six month period, one of which was a total of $376.6K by James C. Baker, President at Kayne Anderson MLP Investment Company (NYSE:KYN). Baker bets big on KYN:
Baker's average cost works out to $10.03/share. In trading on Thursday, bargain hunters could buy shares of Kayne Anderson MLP Investment Company (NYSE:KYN) and achieve a cost basis lower than Baker, with shares changing hands as low as $8.38 per share. Shares of Kayne Anderson MLP Investment Company were changing hands at $8.47 at last check, trading up about 1.2% on Thursday. The chart below shows the one year performance of KYN shares, versus its 200 day moving average:
Looking at the chart above, KYN's low point in its 52 week range is $7.84 per share, with $9.34 as the 52 week high point — that compares with a last trade of $8.47. Special Offer: Receive our best dividend ideas directly to your inbox each afternoon with the Dividend Channel Premium Newsletter
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