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 one noteworthy recent insider buy.
At Investors Real Estate Trust (NYSE:IRET), there was insider buying on Monday, by Director Jeffrey L. Miller who bought 10,000 shares for a cost of $7.63 each, for a trade totaling $76,300. Before this latest buy, Miller made one other purchase in the past twelve months, buying $77,626 shares for a cost of $7.76 each. Investors Real Estate Trust is trading up about 0.4% on the day Friday. Bargain hunters are able to bag IRET at a price even lower than Miller did, with the stock trading as low as $7.45 in trading on Friday which is 2.4% below Miller's purchase price.
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