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 Tuesday, MVC Capital Incorporated (NYSE:MVC)'s Managing Director, Bruce W. Shewmaker, made a $11,950 buy of MVC, purchasing 1,000 shares at a cost of $11.95 a piece. Shewmaker was up about 2.5% on the buy at the high point of today's trading session, with MVC trading as high as $12.25 in trading on Friday. MVC Capital Incorporated is trading trading flat on the day Friday.
And on Thursday, Senior Vice President Brian J. Keeney bought $6,223 worth of First of Long Island Corp. (NASDAQ:FLIC), buying 236 shares at a cost of $26.41 each. Before this latest buy, Keeney bought FLIC at 2 other times during the past year, for a total investment of $12,436 at an average of $26.11 per share. First of Long Island Corp. is trading up about 0.3% on the day Friday.
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