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 Wednesday, Jabil Circuit (NYSE:JBL)'s Director, Steven A. Raymund, made a $499,069 purchase of JBL, buying 21,500 shares at a cost of $23.21 a piece. Investors can pick up JBL at a price even lower than Raymund did, with shares changing hands as low as $22.86 in trading on Friday which is 1.5% below Raymund's purchase price. Jabil Circuit is trading up about 0.2% on the day Friday.
And at Hornbeck Offshore Services (HOS), there was insider buying on Tuesday, by CEO Todd M. Hornbeck who bought 3,994 shares for a cost of $18.00 each, for a total investment of $71,892. Before this latest buy, Hornbeck bought HOS on 3 other occasions during the past twelve months, for a total cost of $2.33M at an average of $32.84 per share. Hornbeck Offshore Services is trading up about 2.4% on the day Friday. So far Hornbeck is in the green, up about 12.4% on their buy based on today's trading high of $20.24.
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