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 Cabelas Inc (CAB), a filing with the SEC revealed that on Thursday, Director Reuben Mark bought 20,000 shares of CAB, for a cost of $35.04 each, for a total investment of $700,800. Mark was up about 5.3% on the buy at the high point of today's trading session, with CAB trading as high as $36.90 at last check today. Cabelas Inc is trading up about 2.5% on the day Tuesday. Before this latest buy, Mark bought CAB at 3 other times during the past year, for a total investment of $2.17M at an average of $36.23 per share.
And on Friday, President and C.E.O. Lawrence R. Dickerson bought $296,610 worth of Diamond Offshore Drilling, Inc. (NYSE:DO), buying 5,000 shares at a cost of $59.32 each. This purchase marks the first one filed by Dickerson in the past twelve months. Diamond Offshore Drilling, Inc. is trading off about 0.5% on the day Tuesday. So far Dickerson is in the green, up about 3.1% on their buy based on today's trading high of $61.19.
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