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 dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
At PIMCO Corporate Income Fund (NYSE:PCN), a filing with the SEC revealed that on Friday, William H. Gross bought 32,472 shares of PCN, at a cost of $16.24 each, for a total investment of $527,303. So far Gross is in the green, up about 1.0% on their buy based on today's trading high of $16.40. PIMCO Corporate Income Fund is trading up about 0.4% on the day Wednesday. Before this latest buy, Gross bought PCN at 3 other times during the past year, for a total investment of $2.34M at an average of $16.17 per share.
And also on Friday, William H. Gross purchased $364,671 worth of PIMCO Municipal Income Fund II (NYSE:PML), purchasing 31,049 shares at a cost of $11.74 each. Before this latest buy, Gross purchased PML on 4 other occasions during the past year, for a total investment of $1.82M at an average of $11.89 per share. PIMCO Municipal Income Fund II is trading up about 0.3% on the day Wednesday.
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