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.
On Wednesday, Illinois Tool Works (NYSE:ITW)'s CFO, Michael M. Larsen, made a $519,750 purchase of ITW, buying 7,000 shares at a cost of $74.25 a piece. So far Larsen is in the green, up about 1.8% on their purchase based on today's trading high of $75.56. This buy marks the first one filed by Larsen in the past year.
And on Thursday, Director Phillip Goldstein purchased $218,039 worth of MVC Capital (NYSE:MVC), purchasing 17,182 shares at a cost of $12.69 a piece. Before this latest buy, Goldstein purchased MVC on 9 other occasions during the past twelve months, for a total investment of $2.45M at an average of $12.66 per share. MVC Capital is trading off about 0.2% on the day Monday.
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