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 Monday, PIMCO Corporate Income Fund (NYSE:PCN)'s Bill Gross, made a $1.02M purchase of PCN, buying 63,518 shares at a cost of $16.06 a piece. Gross was up about 0.8% on the buy at the high point of today's trading session, with PCN trading as high as $16.18 at last check today. Before this latest buy, Gross purchased PCN on 4 other occasions during the past twelve months, for a total investment of $9.07M at an average of $17.12 per share.
And on Tuesday, COO Steven J. Kean bought $757,510 worth of El Paso Pipeline Partners (NYSE:EPB), buying 18,000 shares at a cost of $42.08 a piece. This buy marks the first one filed by Kean in the past year. El Paso Pipeline Partners is trading down about 0.6% on the day Wednesday.
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