While global investors fret over the U.S. economy, HudBay Minerals Inc. president and CEO David Garofalo has been buying company stock. Since Aug. 9, he has acquired 77,000 shares in the public market at an average price of $12.85. Mr. Garofalo was appointed head of the Canadian and Central American base metals miner in late June.
Other insiders at the company have also been buying recently. So far this month, a director has bought 18,500 shares while an officer picked up 15,000. We also note that between April 1 and June 30, HudBay Minerals spent $37-million buying back its own stock according to SEDI filings. It is generally an encouraging sign to see executives buying around the same time that the firm is repurchasing shares on the stock exchange.
Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section at www.inkresearch.com . Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities.