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.
At Nuveen Floating Rate Income Opportunity Fund (NYSE:JRO), a filing with the SEC revealed that on Monday, William J. Schneider purchased 8,484 shares of JRO, for a cost of $12.15 each, for a total investment of $103,080. So far Schneider is down about 0.3% on the buy, with the stock trading as low as $12.11 in trading on Thursday. Nuveen Floating Rate Income Opportunity Fund is trading up about 0.3% on the day Thursday. Before this latest buy, Schneider made one other buy in the past twelve months, purchasing $249,070 shares at a cost of $12.28 a piece.
And on Wednesday, President, CEO Gavin L. James purchased $101,780 worth of Western Asset Mortgage Capital Corp (NYSE:WMC), purchasing 7,000 shares at a cost of $14.54 a piece. Before this latest buy, James purchased WMC on 3 other occasions during the past year, for a total investment of $65,720 at an average of $18.78 per share. Western Asset Mortgage Capital Corp is trading up about 0.7% on the day Thursday.
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