Samuel Lyon, a division president at Ampco-Pittsburgh (AP), recently bought 6,000 more shares. The buy increased his stake by 9.5 percent, and came to a total price of just over $34,000.
This is the first insider activity of the year. Over the past three years, company insiders have been a mix of buyers and sellers. There were some large-scale buys in 2018 and 2019 when shares dove to a multi-year low.
Overall, company insiders own nearly 28 percent of shares. The company has rallied 130 percent in the past year, beating the S&P 500 by 90 points. That’s in spite of a collapse in revenue and a mere 1.2 percent profit margin.
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However, the company’s specialty steel and aluminum products, among others, look like a win for a rebounding economy.
Action to take: Despite the rally higher in shares, they’ve largely been trading in a range since February. With steel, iron ore, and other metals prices on the rise, the company can likely see higher profits in the future and break out of its trading range. Seeing additional insiders buy now makes the trade look attractive.
Besides buying shares, the company does have some options to trade. The September $7.50 calls, going for about $1.00, are a near-the-money trade capable of delivering high-double digit gains if shares break higher from their range.
Disclosure: The author of this article has no positions in the stock mentioned here, but may make a trade on this company after the next 72 hours. The author receives no compensation from any of the companies mentioned in this article.