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 one noteworthy recent insider buy.
At Pennantpark Floating Rate Capital (NASDAQ:PFLT), a filing with the SEC revealed that on Tuesday, Director Samuel L. Katz bought 7,969 shares of PFLT, for a cost of $14.16 each, for a total investment of $112,871. Pennantpark Floating Rate Capital is trading off about 0.1% on the day Friday. Before this latest buy, Katz purchased PFLT at 2 other times during the past twelve months, for a total investment of $32,590 at an average of $13.98 per share.
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