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 GNC Holdings (NYSE:GNC), a filing with the SEC revealed that on Monday, Director Michael F. Hines purchased 30,000 shares of GNC, at a cost of $35.41 each, for a total investment of $1.06M. Hines was up about 8.0% on the buy at the high point of today's trading session, with GNC trading as high as $38.23 in trading on Wednesday. GNC Holdings is trading up about 1.2% on the day Wednesday. This buy marks the first one filed by Hines in the past twelve months.
And at Ruby Tuesday (NYSE:RT), there was insider buying on Friday, by President & Chief Executive Officer James J. Buettgen who purchased 50,000 shares for a cost of $6.08 each, for a trade totaling $304,159. Before this latest buy, Buettgen purchased RT at 2 other times during the past year, for a total cost of $869,800 at an average of $5.80 per share. Ruby Tuesday is trading off about 1.7% on the day Wednesday. So far Buettgen is in the green, up about 5.5% on their purchase based on today's trading high of $6.42.
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