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 Alcoa (AA), a filing with the SEC revealed that on Monday, Director Michael G. Morris bought 30,120 shares of AA, for a cost of $16.54 each, for a total investment of $498,215. Morris was up about 2.4% on the buy at the high point of today's trading session, with AA trading as high as $16.94 at last check today. Alcoa is trading up about 1.6% on the day Tuesday.
And on Friday, Director Anthonie C. Vanekris purchased $41,832 worth of Gabelli Healthcare & Wellness Trust (GRX), purchasing 4,200 shares at a cost of $9.96 a piece. Gabelli Healthcare & Wellness Trust is trading off about 0.2% on the day Tuesday. So far Vanekris is in the green, up about 1.2% on their purchase based on today's trading high of $10.08.
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