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 Esterline Technologies (NYSE:ESL), a filing with the SEC revealed that on Monday, Director James Morris bought 1,000 shares of ESL, at a cost of $57.99 each, for a total investment of nearly $58,000. Investors can bag ESL even cheaper than Morris did, with the stock changing hands as low as $55.74 in trading on Wednesday -- that's 3.9% under Morris's purchase price.
And at Media General (NYSE:MEG), there was insider buying on Monday, by Director Wyndham Robertson who purchased 10,000 shares for an average cost of $5.16 each, for a total investment of nearly $52,000. This buy marks the first one filed by Robertson in the past twelve months. Media General is trading up about 0.2% on the day Wednesday.
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