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.
At Comverse (CNSI), a filing with the SEC revealed that on Thursday, Director Matthew A. Drapkin bought 97,945 shares of CNSI, at a cost of $23.63 each, for a total investment of $2.31M. Drapkin was up about 5.7% on the purchase at the high point of today's trading session, with CNSI trading as high as $24.97 at last check today.
And at Martin Marietta Materials (NYSE:MLM), there was insider buying on Thursday, by Director Stephen P. Zelnak Jr. who bought 4,000 shares for a cost of $129.41 each, for a total investment of $517,620. This buy marks the first one filed by Zelnak in the past twelve months. Martin Marietta Materials is trading up about 0.3% on the day Friday.
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