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 two noteworthy recent insider buys.
On Thursday, PolyOne Corp. (NYSE:POL)'s EVP & Chief Financial Officer, Bradley C. Richardson, made a $259,485 buy of POL, purchasing 7,000 shares at a cost of $37.07 each. Richardson was up about 2.4% on the buy at the high point of today's trading session, with POL trading as high as $37.95 at last check today. PolyOne Corp. is trading up about 2.1% on the day Tuesday. This purchase marks the first one filed by Richardson in the past twelve months.
And at Sotheby's (NYSE:BID), there was insider buying on Monday, by Director Domenico De Sole who bought 4,000 shares at a cost of $45.05 each, for a trade totaling $180,215. This buy marks the first one filed by De Sole in the past year. Sotheby's is trading off about 0.4% on the day Tuesday. Investors have the opportunity to pick up BID at a price even lower than De Sole did, with shares trading as low as $44.01 at last check today -- that's 2.3% under De Sole's purchase price.
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