As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
On Thursday, Tri-Continental Corporation (NYSE:TY)'s , Brian Matthew Condon, made a $57,263 buy of TY, purchasing 2,855 shares at a cost of $20.06 each. Tri-Continental Corporation is trading up about 0.6% on the day Monday. Before this latest buy, Condon made one other buy in the past year, purchasing $42,771 shares for a cost of $19.94 each.
And at Miller Energy Resources (NYSE:MILL), there was insider buying on Thursday, by Director Bob G. Gower who purchased 10,000 shares at a cost of $5.25 each, for a trade totaling $52,500. Miller Energy Resources is trading up about 3.1% on the day Monday. Gower was up about 5.1% on the purchase at the high point of today's trading session, with MILL trading as high as $5.52 in trading on Monday.
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