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.
On Friday, Apollo Investment Corporation (NASDAQ:AINV)'s Chief Executive Officer, James C. Zelter, made a $83,497 purchase of AINV, buying 10,000 shares at a cost of $8.35 each. Apollo Investment Corporation is trading up about 0.1% on the day Tuesday. Before this latest buy, Zelter made one other purchase in the past twelve months, buying $72,900 shares at a cost of $7.29 a piece.
And on Thursday, Chief Financial Officer Mark Schlei purchased $76,848 worth of Sparton Corp. (NYSE:SPA), purchasing 5,300 shares at a cost of $14.50 each. This buy marks the first one filed by Schlei in the past twelve months. Sparton Corp. is trading up about 1.4% on the day Tuesday. Schlei was up about 5.2% on the buy at the high point of today's trading session, with SPA trading as high as $15.25 at last check today.
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