As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
On Wednesday, Bank of New York Mellon Corp (NYSE:BK)'s Director, Edward P. Garden, made a $10M purchase of BK, buying 273,000 shares at a cost of $36.63 a piece. Bargain hunters have the opportunity to snag BK at a price even lower than Garden did, with shares trading as low as $35.94 at last check today -- that's 1.9% below Garden's purchase price. Bank of New York Mellon Corp is trading off about 0.7% on the day Friday.
And at Microsoft Corporation (NASDAQ:MSFT), there was insider buying on Wednesday, by Director Charles W. Scharf who purchased 23,612 shares for a cost of $42.34 each, for a total investment of $999,654. Microsoft Corporation is trading off about 2.3% on the day Friday. Investors can buy MSFT at a price even lower than Scharf did, with the stock changing hands as low as $41.04 at last check today -- that's 3.1% under Scharf's purchase price.
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