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.
On Tuesday, Bob Evans Farms (NASDAQ:BOBE)'s CEO/COB, Steven A. Davis, made a $646,810 buy of BOBE, purchasing 15,000 shares at a cost of $43.12 each. Bob Evans Farms is trading up about 1.9% on the day Thursday.
And at Conns (NASDAQ:CONN), there was insider buying on Wednesday, by Director Scott L. Thompson who bought 16,100 shares at a cost of $30.89 each, for a trade totaling $497,329. This purchase marks the first one filed by Thompson in the past year. Conns is trading down about 1.4% on the day Thursday. Bargain hunters are able to bag CONN even cheaper than Thompson did, with shares changing hands as low as $29.87 in trading on Thursday which is 3.3% below Thompson's purchase price.
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