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.
At Texas Industries Inc. (TXI), a filing with the SEC revealed that on Monday, Director John D. Baker II purchased 10,000 shares of TXI, for a cost of $28.00 each, for a total investment of $280,000. So far Baker II is in the green, up about 10.9% on their buy based on today's trading high of $31.06. This purchase marks the first one filed by Baker II in the past year. In the past year, 1 other insider bought TXI, buying $75,120 shares at a cost of $37.56 each.
And at Hot Topic Inc. (HOTT), there was insider buying on Tuesday, by Director Steven R. Becker who bought 33,200 shares at a cost of $7.03 each, for a total investment of $233,390. Before this latest buy, Becker bought HOTT at 3 other times during the past twelve months, for a total cost of $5.43M at an average of $6.17 per share. In the past year, 1 other insider bought HOTT, purchasing $5.66M shares for a cost of $6.21 a piece. Hot Topic Inc. is trading up about 2.7% on the day Thursday.
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