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.
On Wednesday, PIMCO Dynamic Credit Income Fund (NYSE:PCI)'s , William H. Gross, made a $4.05M purchase of PCI, buying 169,708 shares at a cost of $23.85 each. So far Gross is down about 0.5% on the buy, with the stock trading as low as $23.74 in trading on Friday. PIMCO Dynamic Credit Income Fund is trading trading flat on the day Friday. Before this latest buy, Gross bought PCI at 24 other times during the past twelve months, for a total cost of $53.8M at an average of $23.13 per share.
And also on Wednesday, Director Michael R. Hogan purchased $499,999 worth of Pulaski Financial Corp. (PULB), purchasing 45,167 shares at a cost of $11.07 each. Before this latest buy, Hogan purchased PULB on 2 other occasions during the past twelve months, for a total cost of $70,648 at an average of $10.09 per share. Pulaski Financial Corp. is trading up about 0.1% on the day Friday.
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