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 Monday, Packaging Corp of America (NYSE:PKG)'s Director, Thomas S. Souleles, made a $436,398 buy of PKG, purchasing 6,000 shares at a cost of $72.73 a piece. Souleles was up about 2.5% on the purchase at the high point of today's trading session, with PKG trading as high as $74.58 in trading on Tuesday. Packaging Corp of America is trading up about 1.9% on the day Tuesday. This purchase marks the first one filed by Souleles in the past twelve months.
And on Friday, Director William H. Hood III bought $250,000 worth of United Insurance Holdings Corp (NASDAQ:UIHC), buying 20,000 shares at a cost of $12.50 each. Before this latest buy, Hood III bought UIHC on 4 other occasions during the past year, for a total cost of $620,654 at an average of $9.06 per share. United Insurance Holdings Corp is trading up about 2.5% on the day Tuesday. So far Hood III is in the green, up about 15.5% on their purchase based on today's trading high of $14.44.
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