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 Ares Multi Strategy Credit Fund (NYSE:ARMF), a filing with the SEC revealed that on Thursday, Antony P. Ressler bought 17,000 shares of ARMF, at a cost of $21.84 each, for a total investment of $371,203. So far Ressler is in the green, up about 0.4% on their purchase based on today's trading high of $21.92. Ares Multi Strategy Credit Fund is trading off about 0.3% on the day Monday. Before this latest buy, Ressler made one other buy in the past twelve months, purchasing $2M shares for a cost of $25.00 a piece.
And also on Thursday, Director E. Nelson Heumann bought $77,300 worth of Einstein Noah Restaurant Group (BAGL), buying 5,000 shares at a cost of $15.46 a piece. Before this latest buy, Heumann made one other buy in the past year, purchasing $84,885 shares at a cost of $15.68 a piece. Einstein Noah Restaurant Group is trading up about 0.4% on the day Monday. Heumann was up about 0.7% on the purchase at the high point of today's trading session, with BAGL trading as high as $15.57 in trading on Monday.
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