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.
At Callaway Golf Co. (NYSE:ELY), a filing with the SEC revealed that on Wednesday, CEO Oliver G. Brewer III purchased 20,000 shares of ELY, at a cost of $5.50 each, for a total investment of $110,000. Brewer III was up about 7.1% on the purchase at the high point of today's trading session, with ELY trading as high as $5.89 in trading on Friday. Callaway Golf Co. is trading up about 2% on the day Friday. This purchase marks the first one filed by Brewer III in the past twelve months.
And on Thursday, Director Paul E. Weaver bought $95,898 worth of WellCare Health Plans Inc (NYSE:WCG), buying 2,000 shares at a cost of $47.95 a piece. This purchase marks the first one filed by Weaver in the past twelve months. WellCare Health Plans Inc is trading down about 0.2% on the day Friday.
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