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 dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Wednesday, PIMCO Corporate Income Fund (NYSE:PCN)'s , William H. Gross, made a $4.38M purchase of PCN, buying 250,000 shares at a cost of $17.53 a piece. So far Gross is in the green, up about 5.5% on their purchase based on today's trading high of $18.49. PIMCO Corporate Income Fund is trading up about 3.2% on the day Friday. Before this latest buy, Gross made one other purchase in the past twelve months, buying $278,216 shares for a cost of $13.91 each.
And also on Wednesday, Director C. Michael Armstrong bought $499,264 worth of IHS Inc (NYSE:IHS), buying 5,550 shares at a cost of $89.96 a piece. This buy marks the first one filed by Armstrong in the past twelve months. IHS Inc is trading up about 3.2% on the day Friday.
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