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.
At Franklin Covey Co. (NYSE:FC), a filing with the SEC revealed that on Thursday, Director Donald J. McNamara bought 9,000 shares of FC, for a cost of $8.25 each, for a total investment of $74,241. Bargain hunters can pick up FC even cheaper than McNamara did, with the stock changing hands as low as $8.11 in trading on Friday which is 1.7% under McNamara's purchase price.
And also on Thursday, Director Roy Robinson bought $16,326 worth of Aerosonic Corp. (AMEX:AIM), buying 5,000 shares at a cost of $3.27 a piece. In the past year, 2 other insiders purchased AIM, in 3 separate transactions, for a total cost of $22,700 at an average of $2.84 per share. Aerosonic Corp. is trading off about 0.7% on the day Friday. Investors are able to pick up AIM at a price even lower than Robinson did, with the stock changing hands as low as $2.85 in trading on Friday -- that's 12.7% under Robinson's purchase price.
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