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 Wednesday, Stanley Furniture (NASDAQ:STLY)'s Director, Michael P. Haley, made a $18,717 buy of STLY, purchasing 5,258 shares at a cost of $3.56 each. Stanley Furniture is trading down about 3% on the day Thursday. Before this latest buy, Haley bought STLY on 3 other occasions during the past year, for a total cost of $29,577 at an average of $4.40 per share.
And on Tuesday, Chief Administrative Officer Gifford R. Zimmerman purchased $12,070 worth of Nuveen Quality Income Municipal Fund (NYSE:NQU), purchasing 1,000 shares at a cost of $12.07 a piece. Nuveen Quality Income Municipal Fund is trading up about 0.4% on the day Thursday.
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