Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Friday, A.M. Castle & Co. (NYSE:CAS)'s CEO, Scott J. Dolan, made a $145,275 purchase of CAS, buying 14,900 shares at a cost of $9.75 a piece. A.M. Castle & Co. is trading up about 2.7% on the day Monday. Before this latest buy, Dolan bought CAS at 4 other times during the past twelve months, for a total cost of $865,200 at an average of $11.80 per share.
And on Thursday, CEO and President Michael A. Commaroto purchased $99,690 worth of Apollo Residential Mortgage (NYSE:AMTG), purchasing 6,000 shares at a cost of $16.61 a piece. Before this latest buy, Commaroto made one other purchase in the past year, buying $98,910 shares at a cost of $16.48 each. Apollo Residential Mortgage is trading down about 0.2% on the day Monday. Bargain hunters can pick up AMTG even cheaper than Commaroto did, with shares trading as low as $16.21 in trading on Monday -- that's 2.4% under Commaroto's purchase price.
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