Insider Purchase at Legacy Reserves (LGCY): 2 Insiders Purchase 200,000 Shares

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Yesterday, Chairman, President, and CEO of Legacy Reserves LP (NASDAQ:LGCY), Cary Brown, purchased 200,000 Series B Preferred Units, indirectly, at a price of $25 per share. Dale Brown, Director of the oil and gas company, also acquired the same amount of shares, indirectly, at the aforementioned price per unit. This marks the first insider purchase since January of 2013, when Director William Granberry acquired 550 company shares.

Furthermore, while the 1.7 billion market capital company Director, Larry Lawrence, sold 5,000 of his shares at $26.44 per share earlier this month, many hedge funds remain satisfied with their company holdings. Robert Gillam’s hedge fund, Mckinley Capital Management, still holds 41,191 shares, with a value of $1 million, while Jim Simon’s Renaissance Technologies entered a shareholder position during Q1 of fiscal 2014, with 22,786 shares, worth $566,000. However, the strongest hedge fund position in the company is still held by Magnetar Capital, the hedge fund run by Alec Litowitz and Ross Laser, which owns over 2 million shares with a value of over $57 million.

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