As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
On Thursday, Pep Boys-Manny, Moe & Jack (PBY)'s CEO, R. Odell Michael, made a $49,989 buy of PBY, purchasing 5,262 shares at a cost of $9.50 a piece. Michael was up about 4.9% on the purchase at the high point of today's trading session, with PBY trading as high as $9.97 in trading on Friday. Pep Boys-Manny, Moe & Jack is trading up about 1.4% on the day Friday. This purchase marks the first one filed by Michael in the past twelve months.
And on Monday, Peter Vanderlee bought $10,340 worth of LMP Capital and Income Fund (NYSE:SCD), buying 800 shares at a cost of $12.93 each. Before this latest buy, Vanderlee made one other purchase in the past twelve months, buying $10,064 shares for a cost of $12.58 a piece. LMP Capital and Income Fund is trading up about 0.9% on the day Friday. Vanderlee was up about 1.5% on the buy at the high point of today's trading session, with SCD trading as high as $13.12 at last check today.
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