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 one noteworthy recent insider buy.
At PIMCO Dynamic Income Fund (NYSE:PDI), a filing with the SEC revealed that on Wednesday, William H. Gross bought 31,134 shares of PDI, for a cost of $30.04 each, for a total investment of $935,387. Gross was up about 1.2% on the purchase at the high point of today's trading session, with PDI trading as high as $30.41 in trading on Friday. PIMCO Dynamic Income Fund is trading up about 0.7% on the day Friday. Before this latest buy, Gross bought PDI at 2 other times during the past twelve months, for a total cost of $6M at an average of $29.99 per share.
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