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 Thursday, AT&T (NYSE:T)'s Director, Matthew K. Rose, made a $1.04M purchase of T, buying 30,000 shares at a cost of $34.65 a piece. So far Rose is down about 0.5% on the purchase, with the stock changing hands as low as $34.48 in trading on Tuesday. AT&T is trading up about 0.5% on the day Tuesday. This buy marks the first one filed by Rose in the past year.
And at PIMCO California Municipal Income (NYSE:PCQ), there was insider buying on Friday, by William H. Gross who purchased 51,478 shares at a cost of $14.47 each, for a total investment of $744,773. Before this latest buy, Gross purchased PCQ at 8 other times during the past twelve months, for a total investment of $2.8M at an average of $14.06 per share. PIMCO California Municipal Income is trading off about 0.2% on the day Tuesday. Thus far Gross is down about 0.7% on the buy, with the stock changing hands as low as $14.37 in trading on Tuesday.
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