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.
On Thursday, Tumi Holdings Incorporated (NYSE:TUMI)'s Director, Joseph R. Gromek, made a $312,000 purchase of TUMI, buying 12,000 shares at a cost of $26.00 each. Tumi Holdings Incorporated is trading off about 0.2% on the day Tuesday. This purchase marks the first one filed by Gromek in the past twelve months.
And on Monday, VP, CIO Aaron Paul Diefenthaler bought $33,750 worth of RLI Corp. (NYSE:RLI), buying 500 shares at a cost of $67.50 each. Before this latest buy, Diefenthaler made one other buy in the past year, purchasing $7,075 shares for a cost of $70.75 each. RLI Corp. is trading up about 0.1% on the day Tuesday. Diefenthaler was up about 1.3% on the buy at the high point of today's trading session, with RLI trading as high as $68.38 at last check today.
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