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 dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
At Wet Seal, Inc. (NASDAQ:WTSL), a filing with the SEC revealed that on Monday, Director Lynda Davey purchased 62,500 shares of WTSL, at a cost of $3.19 each, for a total investment of $199,231. Wet Seal, Inc. is trading up about 2.9% on the day Wednesday.
And at Texas Industries Inc. (NYSE:TXI), there was insider buying on Friday, by Director Bernard Lanigan Jr. who purchased 1,200 shares at a cost of $59.59 each, for a total investment of $71,506. Before this latest buy, Lanigan Jr. bought TXI on 9 other occasions during the past year, for a total investment of $1.95M at an average of $52.55 per share. Texas Industries Inc. is trading down about 0.6% on the day Wednesday. Bargain hunters can grab TXI even cheaper than Lanigan Jr. did, with the stock trading as low as $57.32 at last check today which is 3.8% below Lanigan Jr.'s purchase price.
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