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.
At Ulta Salon Cosmetics & Fragrance (NASDAQ:ULTA), a filing with the SEC revealed that on Tuesday, CEO Mary Dillon purchased 5,000 shares of ULTA, for a cost of $97.35 each, for a total investment of $486,740. So far Dillon is in the green, up about 3.0% on their purchase based on today's trading high of $100.22. Ulta Salon Cosmetics & Fragrance is trading up about 1.2% on the day Wednesday.
And at Cenveo (NYSE:CVO), there was insider buying on Monday, by CEO Robert G. Burton Sr. who purchased 59,300 shares for a cost of $3.41 each, for a total investment of $202,456. Before this latest buy, Burton Sr. purchased CVO at 5 other times during the past twelve months, for a total cost of $504,606 at an average of $3.03 per share. Cenveo is trading off about 2.9% on the day Wednesday.
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