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 dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Friday, Fastenal Co. (NASDAQ:FAST)'s Executive Vice-President, Nicholas J. Lundquist, made a $433,050 purchase of FAST, buying 10,000 shares at a cost of $43.30 a piece. So far Lundquist is in the green, up about 2.3% on their buy based on today's trading high of $44.28. Fastenal Co. is trading up about 0.1% on the day Wednesday. Before this latest buy, Lundquist made one other purchase in the past twelve months, buying $110,670 shares at a cost of $32.55 a piece. In the past twelve months, 4 other insiders purchased FAST, in 7 transactions, for a total investment of $347,911 at an average of $48.12 per share.
And at Bonanza Creek Energy, Inc. (BCEI), there was insider buying on Tuesday, by CFO James R. Casperson who purchased 1,000 shares for a cost of $13.25 each, for a trade totaling $13,251. Before this latest buy, Casperson made one other buy in the past twelve months, purchasing $14,940 shares for a cost of $14.94 a piece. In the past year, 3 other insiders purchased BCEI, in 5 transactions, for a total investment of $111,143 at an average of $13.89 per share. Bonanza Creek Energy, Inc. is trading off about 1.5% on the day Wednesday.
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