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 cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
At Unifi, Inc. (UFI), a filing with the SEC revealed that on Tuesday, Director Kenneth G. Langone bought 4,000 shares of UFI, for a cost of $12.70 each, for a total investment of $50,799. So far Langone is in the green, up about 6.5% on their purchase based on today's trading high of $13.53. Unifi, Inc. is trading up about 0.6% on the day Thursday. Before this latest buy, Langone made one other buy in the past year, purchasing $1.13M shares for a cost of $11.88 each.
And on Monday, Edward N. McMillan purchased $42,999 worth of The Cushing Royalty & Income Fund (SRF), purchasing 2,000 shares at a cost of $21.50 each. The Cushing Royalty & Income Fund is trading up about 1.3% on the day Thursday. McMillan was up about 2.0% on the buy at the high point of today's trading session, with SRF trading as high as $21.94 in trading on Thursday.
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