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.
At MVC Capital (NYSE:MVC), a filing with the SEC revealed that on Friday, Director Robert C. Knapp purchased 176,600 shares of MVC, at a cost of $12.54 each, for a total investment of $2.21M. Knapp was up about 1.5% on the purchase at the high point of today's trading session, with MVC trading as high as $12.73 in trading on Monday. MVC Capital is trading up about 0.4% on the day Monday. Before this latest buy, Knapp purchased MVC on 8 other occasions during the past year, for a total cost of $2.29M at an average of $13.68 per share.
And at Invesco Van Kampen California Value Municipal Income Trust (NYSE:VCV), there was insider buying on Thursday, by Director Rodney F. Dammeyer who purchased 30,000 shares at a cost of $12.44 each, for a trade totaling $373,280. Invesco Van Kampen California Value Municipal Income Trust is trading up about 0.2% on the day Monday.
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