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 Multi-Strategy Income and Growth Fund II (NYSE:JQC), a filing with the SEC revealed that on Thursday, Vice President William Adams IV purchased 7,300 shares of JQC, for a cost of $10.00 each, for a total investment of $73,009. Bargain hunters are able to pick up JQC even cheaper than Adams IV did, with the stock changing hands as low as $9.85 at last check today -- that's 1.5% below Adams IV's purchase price. Multi-Strategy Income and Growth Fund II is trading off about 0.5% on the day Tuesday. Before this latest buy, Adams IV made one other buy in the past year, purchasing $145,500 shares for a cost of $9.70 each.
And at Alcoa, Inc. (NYSE:AA), there was insider buying on Friday, by Director Martin Sorrell who bought 2,070 shares at a cost of $8.92 each, for a total investment of $18,462. Before this latest buy, Sorrell bought AA at 2 other times during the past year, for a total cost of $54,617 at an average of $9.11 per share. Alcoa, Inc. is trading up about 0.1% on the day Tuesday.
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