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 a noteworthy recent insider buy.
On Tuesday, CFO Barbara Smith purchased $29,768 worth of Commercial Metals Co. (NYSE:CMC), purchasing 2,000 shares at a cost of $14.88 a piece. This purchase marks the first one filed by Smith in the past twelve months. In the past year, 3 other insiders bought CMC, in 4 separate transactions, for a total investment of $225,778 at an average of $13.05 per share. Commercial Metals Co. is trading down about 5.3% on the day Wednesday. Bargain hunters are able to grab CMC even cheaper than Smith did, with the stock trading as low as $13.95 at last check today -- that's 6.3% below Smith's purchase price.
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