As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
On Wednesday, New Mountain Finance (NYSE:NMFC)'s Director, Steven B. Klinsky, made a $3.20M purchase of NMFC, buying 212,060 shares at a cost of $15.10 each. Klinsky was up about 0.8% on the buy at the high point of today's trading session, with NMFC trading as high as $15.23 at last check today. New Mountain Finance is trading off about 0.1% on the day Thursday.
And at Genuine Parts (NYSE:GPC), there was insider buying on Wednesday, by Chief Executive Officer Thomas Gallagher who purchased 5,000 shares for a cost of $84.00 each, for a trade totaling $420,000. This buy marks the first one filed by Gallagher in the past twelve months. Genuine Parts is trading up about 1.6% on the day Thursday. Gallagher was up about 1.9% on the purchase at the high point of today's trading session, with GPC trading as high as $85.62 in trading on Thursday.
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