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 Friday, CME Group (NASDAQ:CME)'s Director, Larry G. Gerdes, made a $548,380 purchase of CME, buying 2,000 shares at a cost of $274.19 each. Investors can grab CME even cheaper than Gerdes did, with the stock changing hands as low as $264.40 in trading on Tuesday which is 3.6% under Gerdes's purchase price. CME Group is trading up about 1.5% on the day Tuesday. Before this latest buy, Gerdes bought CME at 2 other times during the past year, for a total investment of $193,451 at an average of $273.24 per share.
And also on Friday, Director John Burville bought $200,422 worth of Selective Insurance Group Inc (NASDAQ:SIGI), buying 11,500 shares at a cost of $17.43 each. Before this latest buy, Burville made one other buy in the past year, purchasing $326,248 shares at a cost of $16.31 each. Selective Insurance Group Inc is trading up about 1.6% on the day Tuesday. Burville was up about 2.2% on the purchase at the high point of today's trading session, with SIGI trading as high as $17.81 in trading on Tuesday.
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