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 Tuesday, PIMCO Dynamic Credit Income Fund (NYSE:PCI)'s , William H. Gross, made a $2.32M purchase of PCI, buying 100,000 shares at a cost of $23.19 a piece. So far Gross is in the green, up about 0.2% on their buy based on today's trading high of $23.25. PIMCO Dynamic Credit Income Fund is trading up about 0.4% on the day Thursday. Before this latest buy, Gross bought PCI on 13 other occasions during the past twelve months, for a total investment of $22.57M at an average of $22.67 per share.
And also on Tuesday, William H. Gross bought $1.00M worth of PIMCO Dynamic Income Fund (NYSE:PDI), buying 30,714 shares at a cost of $32.63 each. Before this latest buy, Gross bought PDI on 11 other occasions during the past year, for a total cost of $20.13M at an average of $30.92 per share. PIMCO Dynamic Income Fund is trading down about 0.2% on the day Thursday.
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