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 a noteworthy recent insider buy.
At Rexnord Corp (NYSE:RXN), a filing with the SEC revealed that on Wednesday, Director John S. Stroup purchased 9,600 shares of RXN, at a cost of $26.08 each, for a total investment of $250,332. Stroup was up about 6.6% on the purchase at the high point of today's trading session, with RXN trading as high as $27.80 in trading on Friday. Rexnord Corp is trading up about 2.2% on the day Friday. This buy marks the first one filed by Stroup in the past twelve months.
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