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 Orchid Island Capital (NYSE:ORC), a filing with the SEC revealed that on Friday, Director John Van Heuvelen bought 8,000 shares of ORC, at a cost of $12.50 each, for a total investment of $100,000. So far Heuvelen is down about 0.8% on the purchase, with shares changing hands as low as $12.40 in trading on Wednesday. Before this latest buy, Heuvelen bought ORC on 2 other occasions during the past year, for a total cost of $187,591 at an average of $12.79 per share.
And also on Friday, Director Leslie D. Michelson purchased $93,341 worth of American Realty Capital Properties (ARCP), purchasing 6,900 shares at a cost of $13.53 a piece. This buy marks the first one filed by Michelson in the past year. Michelson was up about 3.9% on the buy at the high point of today's trading session, with ARCP trading as high as $14.05 at last check today.
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