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, South Jersey Industries (SJI)'s Director, Frank L. Sims, made a $273,909 buy of SJI, purchasing 5,000 shares at a cost of $54.78 each. Bargain hunters are able to pick up SJI even cheaper than Sims did, with shares trading as low as $54.00 at last check today which is 1.4% below Sims's purchase price. South Jersey Industries is trading down about 0.1% on the day Monday. Before this latest buy, Sims purchased SJI at 3 other times during the past twelve months, for a total cost of $619,061 at an average of $57.32 per share.
And at Adobe Systems (NASDAQ:ADBE), there was insider buying on Friday, by Director Amy Banse who bought 1,740 shares at a cost of $66.45 each, for a total investment of $115,621. This buy marks the first one filed by Banse in the past twelve months. Adobe Systems is trading off about 0.6% on the day Monday.
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