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.
At ITT Corporation (NYSE:ITT), a filing with the SEC revealed that on Tuesday, SVP & Pres., Mot. Tech. Luca Savi purchased 8,500 shares of ITT, for a cost of $17.62 each, for a total investment of $149,781. ITT Corporation is trading up about 4.5% on the day Wednesday.
And at Emmis Communications Corp. (NASDAQ:EMMS), there was insider buying on Monday, by Executive VP, COO/CFO Patrick M. Walsh who purchased 1,630 shares for a cost of $1.79 each, for a trade totaling $2,921. Before this latest buy, Walsh purchased EMMS on 2 other occasions during the past twelve months, for a total investment of $68,555 at an average of $1.30 per share. Emmis Communications Corp. is trading up about 4.8% on the day Wednesday. Walsh was up about 11.0% on the purchase at the high point of today's trading session, with EMMS trading as high as $1.99 in trading on Wednesday.
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