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 Virtus Global Multi Sector Income (NYSE:VGI), a filing with the SEC revealed that on Thursday, Director Willliam R. Moyer bought 2,500 shares of VGI, at a cost of $20.00 each, for a total investment of $49,997. Bargain hunters can buy VGI at a price even lower than Moyer did, with shares changing hands as low as $19.15 at last check today -- that's 4.2% under Moyer's purchase price. Virtus Global Multi Sector Income is trading down about 4% on the day Monday. This buy marks the first one filed by Moyer in the past year.
And at Methode Electronics, Inc. (NYSE:MEI), there was insider buying on Monday, by Director Paul G. Shelton who purchased 3,000 shares at a cost of $8.69 each, for a trade totaling $26,070. Before this latest buy, Shelton bought MEI on 2 other occasions during the past year, for a total investment of $31,425 at an average of $9.98 per share. Methode Electronics, Inc. is trading up about 0.5% on the day Monday.
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