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 Thursday, Atlas Pipeline Partners (APL)'s Chairman, Edward E. Cohen, made a $302,270 buy of APL, purchasing 10,000 shares at a cost of $30.23 each. So far Cohen is in the green, up about 3.4% on their buy based on today's trading high of $31.24. This purchase marks the first one filed by Cohen in the past year.
And at Rayonier (NYSE:RYN), there was insider buying on Wednesday, by Director C. David Brown II who bought 5,000 shares for a cost of $45.20 each, for a total investment of $226,000. This buy marks the first one filed by Brown in the past twelve months. Rayonier is trading down about 0.3% on the day Friday.
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