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 First Security Group Inc (FSGI), a filing with the SEC revealed that on Thursday, Director Robert P. Keller bought 50,000 shares of FSGI, for a cost of $1.50 each, for a total investment of $75,000. So far Keller is in the green, up about 69.3% on their buy based on today's trading high of $2.54. First Security Group Inc is trading up about 2.8% on the day Monday. This purchase marks the first one filed by Keller in the past twelve months.
And at Alcoa, Inc. (NYSE:AA), there was insider buying on Friday, by Director Martin Sorrell who purchased 2,445 shares for a cost of $8.20 each, for a trade totaling $20,041. Before this latest buy, Sorrell bought AA on 3 other occasions during the past twelve months, for a total investment of $73,079 at an average of $9.06 per share. Alcoa, Inc. is trading off about 1.4% on the day Monday. Bargain hunters can buy AA at a price even lower than Sorrell did, with the stock changing hands as low as $8.07 at last check today -- that's 1.5% under Sorrell's purchase price.
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