General Electric (NYSE:GE) has seeing massive insider buying. Yesterday, GE closed modestly higher after board member James Tisch disclosed a 3M-share purchase, becoming the third company insider to buy shares in the past week including another director’s purchase of nearly $1M in shares. This is massive insider buying at GE. So what kind of numbers are we talking?
Well we are certainly not making an understatement when we say there is massive insider buying at GE.
The SEC filing released after Wednesday’s close shows several trades on Nov. 21 that give Tisch indirect ownership of 3M shares at a weighted average price of $17.90, which values the stake at $53.7M.
This insider buying at GE is much needed for a stock that has been absolutely battered.
The gain Friday was small but it was enough for the stock’s first back-to-back increase in five weeks.
Tisch now owns 3M GE shares through Loews – he is the company’s CEO – and 540K shares through a trust.
Quad 7 Capital is now neutral on the stock, up from the strong sell rating we held on shares since 2016.
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