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 Wednesday, PBF Energy (PBF)'s Executive Chairman, Thomas D. O'Malley, made a $252,988 buy of PBF, purchasing 10,000 shares at a cost of $25.30 each. O'Malley was up about 7.9% on the purchase at the high point of today's trading session, with PBF trading as high as $27.30 in trading on Monday. PBF Energy is trading up about 0.9% on the day Monday. Before this latest buy, O'Malley bought PBF on 2 other occasions during the past year, for a total investment of $3.43M at an average of $25.83 per share.
And at Tumi Holdings (TUMI), there was insider buying on Wednesday, by Director Joseph R. Gromek who purchased 10,000 shares at a cost of $22.69 each, for a total investment of $226,923. This purchase marks the first one filed by Gromek in the past year. Tumi Holdings is trading up about 2% on the day Monday. So far Gromek is in the green, up about 6.6% on their purchase based on today's trading high of $24.19.
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