As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
At Churchill Downs, Inc. (NASDAQ:CHDN), a filing with the SEC revealed that on Wednesday, Director Richard L. Duchossois bought 16,573 shares of CHDN, at a cost of $66.97 each, for a total investment of $1.11M. Duchossois was up about 3.4% on the buy at the high point of today's trading session, with CHDN trading as high as $69.27 at last check today. Churchill Downs, Inc. is trading up about 2.6% on the day Friday. Before this latest buy, Duchossois made one other buy in the past year, purchasing $112,105 shares at a cost of $65.94 a piece.
And at Ulta Salon Cosmetics & Fragrance Inc. (NASDAQ:ULTA), there was insider buying on Wednesday, by Director Charles J. Philippin who purchased 10,000 shares for a cost of $75.44 each, for a total investment of $754,400. Ulta Salon Cosmetics & Fragrance Inc. is trading up about 1.6% on the day Friday. So far Philippin is in the green, up about 3.3% on their buy based on today's trading high of $77.90.
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