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.
On Friday, CEO Melvin C. Payne purchased $342,060 worth of Carriage Services (NYSE:CSV), purchasing 20,000 shares at a cost of $17.10 each. Before this latest buy, Payne made one other buy in the past twelve months, purchasing $252,684 shares at a cost of $16.85 a piece. Carriage Services is trading down about 1% on the day Tuesday. Payne was up about 8.9% on the buy at the high point of today's trading session, with CSV trading as high as $18.63 in trading on Tuesday.
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